SYDNEY/SINGAPORE :Malaysia's Petronas is finalising its first acquisition of an Australian renewable energy business, set to pick up German firm Wirsol's solar farms and a large development pipeline, two people involved in the transaction said.
The potential deal comes as Petronas looks to build a renewables business through its company Gentari, formed last year, which aims to have 30-40 gigawatts of renewable energy capacity, particularly in solar, by 2030.Wirsol, owned by Wircon GmbH, put its Australian renewables business up for sale last year after scrapping plans to publicly list the business.
A banker familiar with Wirsol's previous attempt to sell its Australian assets said based on a rough calculation, the operating assets are worth around A$700 million.
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