Igneo Infrastructure Partners has emerged as the winner in Elliott Management Corporation’s auction for its local solar assets, called Elliott Green Power Australia.
Igneo Infrastructure Partners has emerged as the winner in Elliott Management Corporation’s auction for its local solar business, Elliott Green Power Australia.
Elliott Green Power Australia is a collection of solar generation assets that was expected to fetch $500 million odd in a sale.Elliott Green Power Australia includes three solar farms with a combined 302 MW capacity, generating 500 GWh annually to power 100,000 homes.It was put up for sale via Bank of America and Azure Capital last year, but tyrekickers endured a
The bankers shopped it around as $27.7 million a year business on an EBITDA basis, sparking hopes of a $500 million odd sale.Igneo was one of the three known bidders looking at the Elliott ahead of final bids in December. At the time, Infrastructure Capital Group and an Asia-based investor were understood to be taking a close look.
Igneo will become the 100 per cent owner of Elliott Green Power Australia around September quarter, when the transaction is expected to complete, via its Atmos Renewables arm. The sale price is understood to have been less than $500 million.
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