CWP Renewables keeps suitors warm, auction due early July

Australian renewable energy investor CWP Renewables and its owner Partners Group have been warming up suitors ahead of an auction due to get underway in the coming fortnight.

It is understood CWP met a bunch of interested parties in a round of calls last week, updating them on the group’s financials, development pipeline and views of recent developments in the electricity market. Suitors were told CWP’s auction would be underway in early July, with first round bids likely to be due in mid to late August.CWP told them it needed time to finalise its Uungala wind farm deal with Snowy Hydro, announced last week, while it was also taking longer than expected to come up with market forecasts following recent industry developments.CWP already has a field of potential suitors signed to confidentiality agreements, awaiting the information memorandum and the auction’s first stage.

Potential bidders include the likes of Canada’s CDPQ, APA Group, Brookfield, Global Infrastructure Partners and European utilities that have been scratching around for a big entry into Australia’s renewables market.

co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.

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