Tokyo-listed energy giant Electric Power Development Co, better known as J-Power, is wasting no time shuffling the deck at Australian renewables developer Genex Power, which it acquired for $380 million in July.
Street Talk can reveal J-Power has commenced an equity partnership process for about 50 per cent of Genex’s 775-megawatt Bulli Creek Stage 1 project in southern Queensland, which is expected to be Australia’s largest solar farm when it is up and running.
Sources say Azure Capital’s renewables dealmaker Harrison Moore is running the sale process. In tandem, Azure has been tasked with finding non-recourse project financing for Bulli Creek, whose capital requirements are expected to top $1.5 billion.
J-Power had owned 53.9 per cent of Bulli Creek until July 31, when it moved to 100 per cent ownership as its takeover of ASX-listed Genex Power was bedded down. The ambitious project wants to exceed 2 gigawatts in combined capacity across solar and batteries over time but is starting with 775 megawatts.
The final investment decision is expected to be made by the end of the year, and construction is due to begin early next year.
Read the full story tomorrow and more on the Street Talk page.
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The Australian sharemarket rallied on Tuesday, setting a fresh record for a second session, amid mounting speculation that the US Federal Reserve will kick off its easing cycle with a jumbo rate cut later this week.
