KUALA LUMPUR, Malaysia – 16 February 2023
– Clean energy solutions provider Gentari Sdn Bhd (Gentari)
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 13
February 2023.
WIRSOL Energy is a leading renewable
energy solutions provider in Australia, with integrated solar and
battery energy storage system (BESS) capability, comprising 422 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 GW in renewable energy
capacity by 2030, increasing its overall renewables portfolio to
approximately 1.6 GW of installed capacity in Malaysia, India, 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.
Gentari’s Chief
Executive Officer, Sushil Purohit commented:
“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.”
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.