- Petronas to acquire Wirsols for $690m.
- Wirsol has a development pipeline of about 700 MW.
The Australian renewable energy assets of the German business Wirsol are about to be acquired by Petroliam Nasional Bhd, also known as Petronas, in a deal that might be valued up to AUD 1 billion, according to Reuters.
According to informed sources, the proposed agreement comprises Wirsol’s Australian solar photovoltaic (PV) parks as well as a sizable project pipeline. One of them estimated that the target assets may fetch between AUD 900 million and AUD 1 billion at auction.
In addition to operating utility-scale solar parks totaling 746 MW over seven locations, Wirsol, a member of the German Wircon Group, also has a development pipeline of about 700 MW. According to a banker cited by Reuters, the German company has been attempting to offload the platform since last year but has so far been unsuccessful because of grid congestion problems affecting several of its projects.
By the end of the decade, Petronas aims to attain between 30 GW and 40 GW of installed renewable energy capacity, primarily solar, through the creation of a new platform to offer renewable energy, hydrogen, and green mobility solutions.