South Australia-based Yes Group has received a major boost to its plans to roll out up to 30 small solar and battery projects in regional Australia, in a $70 million investment deal with the APAC Sustainable Infrastructure Fund, or A-SIF.
The investment marks the first from a fund founded by Patrizia MBK Fund Management, a joint venture infrastructure fund management venture of German-based Patrizia and Japanese conglomerate Mitsui & Co.
Patrizia, a leading partner for global real assets, and Mitsui, one of the world’s largest trading and investment companies, launched A-SIF earlier this year. Patrizia’s largest ever infrastructure strategy dedicated to the Asia Pacific market, A-SIF is aiming for up to $US1 billion in assets under management.
The investment deal includes acquisition of an equity interest in Yes Group together with a commitment to fund the development of a portfolio consisting predominantly of sub-5MW solar and battery storage projects throughout regional Australia.
Yes Group expects the new portfolio will be capable of delivering over 150MW of capacity and abate over 335,000 tonnes of CO2 each year while delivering green power to approximately 65,000 households.
The focus on sub-5MW projects is designed to ensure diversification across the distribution network, promise shorter and predictable construction times, minimise transmission loss, and reduce regulatory risk.
Focusing on these smaller projects will also allow assets to target sites with higher solar irradiance, guaranteeing greater energy generation.
Projects will also aim to target under-utilised or redundant land, helping create value for regional communities, while at the same time generating local and skilled employment opportunities over the 30-year lifecycle of the projects.
Patrizia and Yes Group have already been in collaboration since late-2020 to deliver over 60MW of renewable energy and storage projects to regional Australia for leading Australian superannuation fund clients.
“We are thrilled to expand our working relationship with Patrizia and welcome the injection of capital … to capture the growth potential for our company” said Mark Yates, Yes Group CEO.
“The energy transition is creating enormous opportunity to expand our business, and to combine our energy expertise with Patrizia and Mitsui deep capital and corporate expertise will enable us to deliver on the potential.”
