Inpex, a Japanese oil and gas exploration and production company, has agreed to acquire a 50 per cent stake in the Australian operations of Italian utility Enel. Inpex will purchase a stake in Enel Green Power Australia and Enel Green Power Australia Trust (collectively EGPA) as part of the acquisition. These two businesses are wholly owned by Enel Green Power, a division of Enel. With debt of about €140 million, the acquisition values EGPA at about €400 million.
Enel stated that the purchase aligns with its strategy of forging new alliances across certain businesses and geographies to improve value creation. Inpex will acquire EGPA via its newly formed subsidiary Inpex Renewable Energy Australia. When the transaction is completed, Enel Green Power and Inpex will jointly control EGPA, which will continue to ramp up its installed capacity. By continuing to develop its project pipeline, EGPA aims to support Australia’s energy transition towards net zero. EGPA operates three solar plants totaling 310 MW in installed capacity along with a 76 MW wind project in construction and a 93 MW solar project in execution stages.
In March 2023, Inpex purchased a 16.7 per cent interest in the UK’s Moray East offshore wind farm. The transaction was completed through an agreement between Inpex Renewable Energy Europe (INPEX Renewable) and Diamond Generating Europe, a UK subsidiary of Mitsubishi Corporation (DGE). This agreement was executed to transfer stock in Diamond Generating Europe Investments from DGE to Inpex Renewable.