- Mergers & Acquisitions
Gentari completes acquisition of WIRSOL Energy
Gentari Sdn. Bhd., through its affiliated entity Gentari Renewables Australia (Solar) Pty Ltd, has completed its acquisition of WIRSOL Energy and its assets from WIRCON GmbH’s group of companies, effective February 13, 2023.
Gentari Sdn. Bhd. is a new entity created last year by Malaysia’s state-owned oil and gas company, PETRONAS, to accelerate the adoption and commercialisation of clean energy. The new entity aims to deliver a suite of renewable energy, hydrogen and green mobility solutions that are safe, responsible, cost-optimised, and emissions-abated by applying an integrated approach across the clean energy value chain for customers globally.
WIRSOL Energy is a leading renewable energy solutions provider in Australia, with integrated solar and battery energy storage system (BESS) capability, comprising 422 megawatts (MW) in operating capacity and 765 MW potential capacity in projects under development.
This acquisition marks Gentari’s maiden entry into the Australian renewable energy market. It is also the latest milestone in the path towards Gentari achieving its target of 30 to 40 gigawatts (GW) in renewable energy capacity by 2030, increasing its overall renewables portfolio to approximately 1.6 GW of installed capacity in Malaysia, India, the United Arab Emirates (UAE) and Australia.
Gentari’s roadmap includes plans to grow its solar capacity and BESS capability, and to position itself as a green hydrogen producer, with Australia as a strategic market to achieve these goals. WIRSOL Energy will therefore be a key building block for Gentari’s first presence and portfolio in the country.
“Australia offers strong market potential, underpinned by supportive government policies and a robust financing ecosystem, making the investment into WIRSOL Energy a natural choice for Gentari. This addition to Gentari’s portfolio will enable us to continue our efforts in building capacity for delivering integrated sustainable energy solutions, to help customers make the journey to net zero emissions,” said Gentari’s Chief Executive Officer Sushil Purohit.
In Australia, the national electricity market is transitioning away from coal-fired generation, which currently contributes 66% of all electricity traded through the market, as existing power stations reach end-of-life. The Federal Government has an economy-wide emissions reduction target of 26-28% by 2030, based on 2005 levels, with the Renewable Energy Target’s scheme to promote renewable electricity generation.