Korea Zinc unit to buy Aussie renewables developer Epuron

Wind turbines. Photo by: City of Melbourne (http://www.melbourne.vic.gov.au).

December 23 (Renewables Now) - An Australia-based unit of Korea Zinc (KRX:010130) is preparing to take over Aussie renewables developer Epuron Holdings Pty Ltd in a move that will give it access to 4.2 GW of early-stage projects and a further investigation pipeline of 4.8 GW.

Ark Energy Corporation Pty Ltd said on Thursday it will acquire 100% of the target company’s stock without disclosing the value of the planned investment.

The deal is aligned with Korea Zinc’s energy transition strategy and backs Ark Energy’s plan to set up a green hydrogen production base in Queensland and create an export corridor to South Korea.

“We will leverage our parent company’s strong balance sheet to expand Epuron’s existing business model and leverage the group’s internal demand from the production of green non-ferrous metals, and our own demand from green hydrogen production, to fast-track the build-out of Epuron’s development portfolio,” said Yun B Choi, chairman of Ark Energy and vice chairman of Korea Zinc.

According to the statement, Sydney-based Epuron owns 4.2 GW of wind and solar projects in the early development stages, mostly in Queensland, New South Wales and Tasmania, as well as a pipeline of potential projects totalling 4.8 GW. The target also has contracts to deliver 5.86 GW of projects through joint development agreements with “high-quality counterparties.” Additionally, it holds 50% of renewables monitoring and forecasting technology provider Fulcrum3D.

To date, Epuron has developed over 3 GW of wind and solar projects, of which roughly 1 GW are in operation or under construction. Among the commissioned ones are the 165.5-MW Gullen Range and 175-MW White Rock wind farms in New South Wales, now owned by Goldwind Australia, and the 75-MW Clermont solar park in Queensland, which was sold to Wirsol Energy in 2017.

The acquisition is pending regulatory clearance and is expected to be wrapped up in the first half of 2022.

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