Australian Developer Secures €150 Million for 2 GW Renewable Energy Projects
The developers of Victoria’s Mortlake Energy Hub have secured a significant investment of €150 million (approximately AUD 245 million) from Mirova, a global asset management firm, aimed at accelerating the rollout of over 2 gigawatts (GW) of diverse renewable energy infrastructure across Australia.
This announcement was made by Yanara, a renewable energy developer that emerged from BrightNight’s Asia Pacific operations last year, confirming the substantial backing from Mirova, a part of Natixis Investment Managers – one of the largest asset management entities globally.
Funding for Renewable Projects Across Australia
The funds are earmarked to bolster the development of more than 2 GW of renewable energy projects in Victoria, New South Wales, and Western Australia. A significant portion of this investment is allocated for the ongoing construction of Yanara’s flagship Mortlake Energy Hub in Victoria, which will feature 450 megawatts (MW) of solar power coupled with a 600 MW/2,400 megawatt-hours (MWh) battery energy storage system (BESS), engineered to provide 600 MW for a duration of four hours.
Construction of the Mortlake Energy Hub is scheduled to commence in mid-2026, with an announcement potentially due soon.
Distinction from Existing Projects
It’s important to note that this initiative should not be conflated with Origin Energy’s Mortlake Battery Energy Storage System, which successfully connected to the national grid’s management system and commenced final testing and commissioning in March this year.
The Mortlake Energy Hub is part of Yanara’s expanding portfolio of hybrid and dispatchable renewable energy ventures, which spans beyond Australia into India and the Philippines, with a current capacity exceeding 5.1 GW across wind, solar, and battery technologies.
Significance of the Investment
This latest funding marks Yanara’s first targeted capital raise within Australia. “This investment signifies another pivotal moment in Yanara’s growth trajectory,” noted Jerome Ortiz, the CEO of Yanara.
Ortiz expressed pride in partnering with Mirova, known for its respected stance among sustainable investors. He added, “We share a mutual goal of propelling the energy transition forward through top-quality infrastructure that delivers lasting environmental, social, and economic benefits.”
He further emphasised the collaboration, stating, “Together, we will contribute to the development of the next generation of dependable and flexible renewable energy solutions for Australia.”
