Palisade expands renewables platform with double acquisitions

Palisade Investment Partners has acquired 100% interest in two renewable energy projects in Australia via its Intera Renewables business.

The firm has acquired the Monogorilby Renewable Energy Park (MREP) from LP Renewable Projects (LPRP).

The second is the Winton Renewable Energy Storage and Stability Terminal (WRESST) from Celero Infrastructure.

Both projects are in development stage.

MREP is being developed as an integrated renewable energy facility comprising up to 600 megawatts (MW) of wind generation and a co-located 400-megawatt alternate current (MWac)/1600-megawatt hour (MWh) battery energy storage system (BESS).

Located approximately 250km northwest of Brisbane, the project was originated by LP Renewable Projects, which commenced initial feasibility assessments in late 2022.

Meanwhile, WRESST is a 400MWac/1600MWh BESS development project located about 10km northeast of Benalla in Victoria, adjacent to the Glenrowan Terminal Station. The project lodged its development application in June.

The acquisitions follow the recruitment of Intera's growth and development team from Squadron Energy, where the team led the core development function for establishing a 10 gigawatts (GW) project pipeline, progressing more than 1.2GW of renewable energy projects from development into delivery.

Intera is the principal investment of Palisade's Renewable Energy Fund, which holds 50% interest in the platform alongside Palisade's Diversified Infrastructure Fund (PDIF), Aware Super and HESTA.

Palisade partner Simon Parbery said the acquisitions place Intera in a good position for further growth.

"We are pleased to announce the acquisition of the first two large-scale wind and storage development assets secured through Intera's recently established growth and development team," Parbery said.

"These projects represent an important step in Intera's growth strategy, and we look forward to working with LPRP and Celero to progress them for the benefit of our investors, host communities and Australia's broader energy transition."

Intera head of growth and development Edward Mounsey noted both Palisade and Intera's capabilities provide a compelling proposition for development partners seeking to unlock value from their projects.

"Palisade and its development partners are committed to responsible development and to working closely with host communities to maximise the long-term benefits and opportunities these projects can deliver," Mounsey said.

Both LP Renewable Projects and Celero Infrastructure will continue to provide development services for their respective projects through to financial close. Palisade Integrated Management Services will undertake asset management activities once completed.