Renewables developer and independent power producer (IPP) TagEnergy has acquired Australian developer ACE Power, adding 6GW of energy storage and renewables projects to its portfolio.
The integration of ACE Power’s portfolio will create a combined portfolio exceeding 10GW across Australia. The deal brings a 27-strong development team into the TagEnergy fold, taking the company’s total Australian staff to more than 60.
Financial details of the transaction were not disclosed. Still, the acquisition comes after ACE Power’s majority owner, investment firm Pelion Green Future, sought capital to grow the business earlier this year and planned to sell its 80% stake.
TagEnergy said it had also acquired the remaining 20% stake from several minority stakeholders, completing a full acquisition of ACE Power.
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Battery storage focus emerges as key driver
Battery energy storage system (BESS) projects are prominent in the acquisition strategy. TagEnergy confirmed that it plans to prioritise battery storage developments from both companies’ portfolios in the immediate term.
TagEnergy will likely focus its efforts on completing the second stage of the 1,333MW Golden Plains wind plant in Victoria, while simultaneously developing its own 150MW/600MWh Golden Plains BESS later this year.
The acquisition brings several significant battery storage projects into TagEnergy’s portfolio, including ACE Power’s 900MW/3,600MWh Nebo and 500MW/2,000MWh Raglan battery energy storage projects in the Isaac and Gladstone regions of Queensland, respectively. Both of these projects recently secured Environment Protection and Biodiversity Conservation (EPBC) Act approval.
ACE Power is also looking to develop a 1,000MW/8,000MWh BESS in New South Wales, named the Eastern Hub Firming Battery. It is being pursued in the Northern Tablelands region, near Salisbury Plains, approximately 11km southeast of Uralla and 465km north of Sydney.
These large-scale battery storage projects align with TagEnergy’s growing focus on storage solutions. At the end of last year, the company launched construction of what it claims will be France’s largest BESS when it’s complete: a 240MW/480MWh system being built in the commune of Cernay-lès-Reims, in the department of Marnes.
The current largest BESS in France was brought online earlier this month by developer Harmony Energy. The 100MW/200MWh Cheviré BESS is located at the port of Nantes Saint-Nazaire Harbour and is claimed to be the first large-scale 2-hour duration BESS in France by Harmony Energy.
Adding experience in early-stage project development
TagEnergy CEO Franck Woitiez said Australia is one of the most exciting and promising places in the world to deliver the energy transition, whilst emphasising that ACE Power’s early-stage development experience will help TagEnergy capitalise on this opportunity.
“We’re integrating ACE Power’s deep expertise in early-stage development with our capabilities in commercialisation, delivery and long-term investment, underpinned by a clear energy management strategy that focuses on delivering greater value for the market, our customers and partners,” Woitiez said.
“ACE Power has built a strong reputation as an agile and trusted local developer, and we’re thrilled to welcome their talented team into TagEnergy.”
ACE Power founder and managing director Andy Scullion will lead TagEnergy’s development function in Australia. Current head of fevelopment Théo Imbert will move into a new strategy and integration role.
For TagEnergy, White & Case provided legal counsel on the transaction, while EY delivered tax and financial advisory services. Aurecon conducted technical due diligence, and Willis Towers Watson and BMS handled insurance matters jointly. Premier Strategy advised on the deal’s community engagement aspects.
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