Malaysian clean energy company Gentari has closed its acquisition of Wirsol Energy and its assets from the Australia-based Wircon Group.
Wirsol Energy currently has 422MW of operational capacity across solar and battery energy storage system (BESS) assets, as well as 765MW of potential capacity under development.
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The deal marks Gentari’s entry into the Australian renewable energy market.
Gentari CEO Sushil Purohit said: “Australia offers strong market potential, underpinned by supportive government policies and a robust financing ecosystem, making the investment into Wirsol Energy a natural choice for Gentari.
“This addition to Gentari’s portfolio will enable us to continue our efforts in building capacity for delivering integrated sustainable energy solutions, to help customers make the journey to net-zero emissions.”
The deal is intended to help Gentari meet its target of having up to 40GW of renewable energy capacity by 2030.
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By GlobalDataIt will also expand the company’s overall renewable portfolio by nearly 1.6GW across Malaysia, India, the UAE and Australia.
Gentari is looking to increase its solar and BESS capacity and position itself as a green hydrogen producer, with Australia being a strategic market for it to achieve its targets.
Australia’s national electricity market is transitioning away from coal-fired generation, which currently accounts for 66% of all the power traded on the market.
The country’s Federal Government aims to reduce its emissions by 26-28% from their 2005 levels by 2030.
Founded in 2017, Wirsol Energy owns and operates renewable energy and storage projects across New South Wales, Victoria and Queensland.
Last November, the company signed a 30MW power purchase agreement (PPA) with Australian energy company Flow Power.
Under the PPA, Wirsol Energy will supply 34% of the clean energy from the Clermont Solar Farm in Queensland, Australia, to Flow Power.
The PPA covers a period of 8.5 years and is expected to generate almost 180GWh of renewable energy a year.
