Global investment management firm Palisade Investment Partners has established a new renewable energy company in Australia, bundling its solar and wind energy assets into Intera Renewables, securing superannuation funds HESTA and Aware Super as co-investors along with the Clean Energy Finance Corporation (CEFC).
Palisade says it has transferred 5 of its operational renewable energy assets out of 6 wind farms and 1 solar farm it manages and operates in Queensland, South Australia, Victoria and Tasmania, to Intera. This 1 GW portfolio includes Ross River Solar Farm in Queensland.
Palisade Renewable Energy Fund (PREF) and Palisade Diversified Infrastructure Fund (PDIF) will co-own Intera with the other investors. "The ability to manage Intera as a single business rather than as individually managed assets, will allow for a greater suite of business and growth opportunities, as well as increased ability to optimize the performance of the existing portfolio through synergies and economies of scale," said CEO and General Manager of Renewables at Palisade Integrated Management Services (PIMS) Darren Sexton.
PIMS will provide operational management services to Intera assets. The new entity will seek organic growth to develop and construct new renewable energy projects with an aim to provide 'stable income returns' to its investors 'underwritten by its existing, high-quality portfolio of operating assets'.
"We are delighted to be announcing the launch of Intera at a time of unprecedented momentum within the energy sector," said Palisade CEO Roger Lloyd. "This momentum is being driven by a combination of the inevitable retirement of fossil fuel generation, coupled with ambitious net zero targets across the Australian economy, requiring significant investment in renewable energy generation, storage and transmission."