Octopus acquires Golden Plains Wind Farm 2 in $2bn-plus deal
Renewable energy investor Octopus has agreed terms to acquire the second stage of Victoria’s Golden Plains Wind Farm in a transaction valued at more than $2 billion, according to sources cited in the report.
The deal would give Octopus 100 per cent ownership of Golden Plains Wind Farm 2 and provide an exit for majority owner TagEnergy. TagEnergy’s shareholders include Paris-based private equity firm Impala SAS and Natixis-backed green investment manager Mirova.
Octopus is backed by institutional investors including Japan’s Government Pension Investment Fund and Dutch pension investor APG, adding further large-scale international capital to Australia’s renewable energy sector.
Major Victorian wind asset changes hands
Golden Plains Wind Farm is located about 60 kilometres north-west of Geelong, near Rokewood.
Stage 2 comprises 93 wind turbines and has an installed capacity of approximately 574MW, according to project information accompanying the report. Construction began in mid-2024 and is expected to take about three years.
Once operating, the stage is expected to generate enough electricity to power more than 315,000 homes.
The broader project also includes the 756MW first stage, which began initial operations in 2024. Together, the first two stages are expected to supply about 9 per cent of Victoria’s energy needs.
Financing for the project has involved Commonwealth Bank, the Clean Energy Finance Corporation, Japan’s Mizuho and Deutsche Bank, among other lenders. Lazard Australia has historically advised TagEnergy.
Third stage could add up to 1GW
Golden Plains is planned as a three-stage development extending across areas west, south and south-east of Rokewood.
A proposed third stage could add between 700MW and 1000MW of wind generation and include as many as 129 turbines.
That stage is preparing for environmental and planning approvals, with construction targeted to begin in late 2028.
The potential expansion would substantially increase the scale of the overall development if approvals are secured and the project proceeds.
Octopus expands Australian clean energy investment
The acquisition follows reports that Octopus had secured backing from Japan’s Government Pension Investment Fund for its Australian pipeline of wind, solar and battery developments.
The Japanese public pension fund, reported to manage about $1.8 trillion, was said to be investing about $200 million through the Octopus Sustainable Investment Fund.
Other major investors in Octopus include APG, Australian superannuation fund Hostplus and the Clean Energy Finance Corporation.
Octopus has also been acquiring large battery assets in Australia. In February, it bought the Hanworth battery project in the NSW Southern Tablelands in a transaction valued at more than $2 billion, followed by the $1 billion Dunmore battery project in Queensland.
The Golden Plains transaction extends that investment activity into one of Victoria’s largest wind developments, while the planned third stage provides the project with scope for further generation capacity if it advances through approvals and construction.
SOURCE ATTRIBUTION:
Based on reporting by The Australian Financial Review Street Talk.