Wednesday, October 21, 2020
Renewable Energy News

Big Japanese bolter in contention for John Laing portfolio – The Australian Financial Review

By Staff , in Wind Power , at September 24, 2020

ENEOS’ emergence is a surprise – analysts reckon it has not been spotted kicking tyres on Australian renewables assets in the past – and a shot in the arm for the John Laing portfolio auction.

ENEOS is understood to be one of four groups still in due diligence – the other three are Australian investment managers, and the types you would normally expect to see in such an auction.

Bids pushed back

John Laing, which is advised by Macquarie Capital, is calling for bids on October 8. The bid date was recently pushed back a fortnight at the request of the bidders, who asked for extra time to help line up funding and complete documentation.

The up-for-sale assets include John Laing’s stakes in Australian wind farms including Cherry Tree in Victoria, and Granville wind farm on Tasmania’s west coast. It comes after John Laing earlier opted to withdraw its Australian solar assets from the auction, including the 255-megawatt solar farm on the border of NSW and Victoria called Sunraysia – which John Laing owns a 90.1 per cent stake in – and its 100 per cent-owned 103 megawatt Finley solar farm in NSW.

ENEOS’ emergence as an Australian renewable hopeful is another sign of blossoming interest in the local renewables sector.

Infigen Energy – long overlooked by suitors – has just emerged from a $1.3 billion bidding war which saw global energy giant Iberdrola knock off Philippines-backed UAC Energy, while Sydney-based Infrastructure Capital to in late-stage talks to acquire Engie’s assets.