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Up to 12 projects will be developed over the coming years through the seventh investment of InfraRed’s fifth fund.
The 14 operating assets mark the first realisation for BlackRock’s Global Renewable Power Fund I, with GRP II 80% deployed and a third vehicle in the series earmarked for 2019.
The UK asset manager plans more “bespoke renewables portfolios” in partnership with institutional investors across the globe.
The government could also support new coal-fired power stations as PM Malcom Turnbull gives in to pressure from MPs within his own party.
Macquarie’s green infra investment arm buys the development portfolio, which contains no operational sites, in its drive to build an Asia-Pacific platform.
The new fund has a target IRR of 5% and already owns a portfolio of 12 assets purchased from a previously liquidated SPARX fund.
The Walsh & Co-managed entity has secured a 15-year PPA for 69% of Beryl Solar Farm’s output and is considering a battery installation to enhance risk-adjusted returns.
The US-based renewables developer, backed by NZ Super and Infratil, is also proceeding with the construction of the 238MW Rio Bravo wind farm in the same state.
The manager invested in the CSP sector in 2011 because it regarded it as ‘more sheltered from regulatory change’ than solar PV, which had been damaged by tariff cuts a year earlier.
The Grattan Institute finds a correction from the historic oversupply in Australia’s energy market will ensure high wholesale prices will remain for a long time.
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