Igneo Infrastructure Partners has bought an Australian solar business from US investment firm Elliot Management Corporation, for an undisclosed sum but believed to be about A$500m (€333m).

Igneo’s Australian renewables arm Atmos Renewables has won a bid to buy Elliott Green Power Australia (EGP).

EGP’s portfolio consists of the Childers, Susan River and Nevertire solar farms, all located in Queensland, with a combined capacity of 302MW, generating 500GWh of energy annually. Each solar farm includes co-located battery developments.

IPE Real Assets understands that construction of the first battery project is underway, and it is awaiting regulatory approval to start construction of the second battery plant. A third battery project is on the drawing board.

Daniel Timms, head of asset management, Australia and New Zealand, at Igneo Infrastructure Partners said: “This marks the fourth successful acquisition by Igneo since Atmos Renewables was established in 2020.

“The transaction delivers on our objective to create a market-leading Australian renewables business with internal management capability to deliver sustained growth and value for our investors,” he said.

Igneo, formerly known as First Sentier Investor, manages A$19.2bn worth of assets for around 120 global investors.

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