KUALA LUMPUR: Petroliam Nasional Bhd's clean energy solutions arm, Gentari Sdn Bhd, has completed its acquisition of Wirsol Energy and its assets from Wircon GmbH's group of companies.
In a statement, Gentari said the acquisition, made via its affiliated entity Gentari Renewables Australia (Solar) Pty Ltd, marks its maiden entry into the Australian renewable energy market.
The purchase increases Gentari's overall renewables portfolio to about 1.6GW of installed capacity in Malaysia, India, UAE and Australia. This puts the company en route to achieving a target of 30 to 40GW in renewable energy capacity by 2030.
Wirsol Energy is a leading renewable energy solutions provider in Australia, with integrated solar and battery energy storage system (BESS) capability, comprising 422MW in operating capacity and 765MW potential capacity in projects under development.
Gentari said Wirsol will be a key building block for its first presence and portfolio in Ausralia, which represents a strategic market for Gentari to grow its solar capacity and BESS capability, as well as position intself as a green hydrogen producer.
“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 CEO Sushil Purohit.
According to Gentari, Australia's 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.
