Renewable project developer innogy SE has agreed to acquire project rights in two Australian solar power plants with a combined planned capacity of approximately 462 MW from Overland Sun Farming Pty Ltd.
Although the German solar developer did not disclose financial details of the transaction, the total investment on the projects, including project rights, is expected to be more than €400 million at the time of completion, according to a Feb. 14 news release.
Construction is expected to start in the second quarter of this year at the 347-MW Limondale solar farm and in the third quarter at the 115-MW Hillston solar facility. Full commercial operation at both sites is scheduled to begin by the end of 2019.
BELECTRIC, a solar and battery storage firm acquired by innogy, a subsidiary of RWE AG, in January 2017, will be in charge of construction at the site, once the transaction is completed in the latter half of 2018.
The acquisition is subject to standard approvals, including by the Australian Federal Treasurer and a review by Australian Foreign Investment Review Board.