Yanara lands $268m backing for Australian renewables

Yanara has secured a €150 million (AUS $268m) investment from sustainable asset manager Mirova to accelerate the development of more than 2GW of utility-scale renewable energy projects across Australia.

The investment, announced alongside a new strategic partnership between the two firms, will support the rollout of renewable energy infrastructure across Victoria, New South Wales and Western Australia, with a focus on hybrid solar wind and battery energy storage system (BESS) projects.

Yanara chief executive Jerome Ortiz said the investment marked a significant milestone for the renewable energy developer as it expands its Australian footprint.

"This investment marks yet another defining milestone in Yanara's growth journey," Ortiz said.

"Mirova is one of the world's most respected sustainable investors, and we are proud to welcome them as our partner in Australia. We share a common vision of accelerating the energy transition through high-quality infrastructure that delivers long-term environmental, social and economic value. Together, we will help build the next generation of reliable and dispatchable renewable energy solutions for Australia."

A substantial portion of the funding will be directed towards Yanara's flagship Mortlake energy hub in Victoria, a hybrid renewable energy project comprising a 450MW solar farm and a 600MW/2,400MWh battery energy storage system across two stages.

According to Yanara, the project is expected to generate enough renewable electricity to power around 200,000 homes while avoiding an estimated 880,000 tonnes of carbon emissions annually. The first stage is preparing to enter construction and is expected to create more than 300 jobs.

Mirova global head of private assets Raphael Lance said Australia remained one of the world's most attractive renewable energy markets.

"Australia is one of the most compelling markets globally for the energy transition, supported by strong renewable resources, decommissioning of the coal-fired power plant, growing electrification needs and an increasing demand for firm, dispatchable clean power," Lance said.

"Our investment in Yanara reflects Mirova's long-term commitment to supporting the development of critical energy infrastructure that can accelerate Australia's transition to a more resilient and low-carbon energy system."

Yanara currently has more than 5.1 GW of renewable energy projects under development across Australia, India and the Philippines.

The Australian investment represents the company's first dedicated capital raise for its local operations and comes as demand for firmed renewable generation continues to increase alongside Australia's transition away from coal-fired power.