Under the deal, OGEO makes its first utility-scale renewable investment in Australia since 2009
Norton Rose Fulbright (NRF) has advised ACE Power on a joint venture agreement with Osaka Gas Energy Oceania Pty Ltd (OGEO).
The agreement involves developing a portfolio of utility-scale solar and battery projects with a collective capacity exceeding 500MW across NSW and Queensland. This deal represents OGEO’s first utility-scale renewable investment in Australia since 2009, when it made a wind renewable investment in SA’s Hallet 4.
According to OGEO, the joint development activities, dubbed Project Genesis, will concentrate on the portfolio’s development at the outset, with an outlook for extended collaboration in the future.
In an OGEO media release, OGEO director Yo Otsuka added, “The partnership with ACE launches our revived focus on renewables investments, in line with our carbon neutral vision which has significant strategic synergies with our long-term e-methane goals.”
The NRF team that worked on the transaction was led by energy partner Kate Muller, who received support from senior associate Tarrant Sewell, associate Diarmuid O’Carroll and international trainee Emily Allison on the core transaction documents. Real estate partner Michael McKee and senior associate Dan Humpage supported Muller in handling the tenure arrangements..
“Early-stage joint venturing is becoming more prevalent as renewable energy developers partner with others proactively managing their decarbonisation and energy transition strategies,” said Kate Muller, energy partner at NRF.
ACE Power develops renewable energy projects, working with local communities on clean energy projects. OGEO is an Australian subsidiary of Osaka Gas Co., Ltd. that owns energy infrastructure and renewable investments in the country.