The energy retailer picks up two farms in NSW and Victoria
Maddocks has guided Australian energy retailer Origin Energy on its acquisition of two solar farms in NSW and Victoria.
According to executive general manager of energy supply and operations Greg Jarvis, the acquisition is part of the company’s strategy to accelerate the growth of renewable energy in its portfolio and lead the energy transition to net zero emissions through cleaner energy and customer solutions.
Under the deal, Origin gains ownership of the large-scale Yarrabee Solar Farm development project in the Riverina area of NSW. The first stage of the project is expected to comprise 450 megawatts capacity in its first phase, with the potential to increase up to 900 megawatts pursuant to the planning approval obtained from the NSW government in December 2018.
Jarvis confirmed that Origin will continue to focus on the multi-gigawatt opportunity to grow renewable energy and storage through developing greenfield sites or acquiring advanced stage pre-construction renewable projects like Yarrabee.
Origin also picks up the Carisbrook Solar Farm in central Victoria, which consists of 74 megawatts of renewable energy and storage capacity. It is set to operate in 2023, subject to a final investment decision and other required approvals.
The Maddocks team working on these acquisitions was led by partners Duncan Hall (corporate) and Peter Limbers (energy projects, transactions and regulation), as well as senior associate Bernardo Wood (corporate) and associate Alena Stirton (energy projects, transactions and regulation). They were supported by partner Alicia Albury; senior associates Jenny Lo, Suzanne Rizk and Libby Sivell; and associate Jonina Neale.