TagEnergy, the firm creating Australia’s largest wind and battery project, for the time being, has secured a major cash boost from 3 large French investors to grow its renewable project pipeline.
Tag was founded in 2019 by the former CEO of Neoen Australia, Franck Woitiez, one of the country’s most successful wind, solar, and battery storage investors, with the goal of replicating that success.
Impala SAS, a shareholder in Neoen, has already backed the company, and it has now secured €450 million from Impala and two additional owners, Mirova and Omnes.
In the most recent funding round, each company contributed €150 million. Impala will retain ownership of the company, along with the leadership team, while Omnes and Mirova will each hold a significant minority stake.
The new investment, according to Woitiez, will support a pipeline of about 2.7GW of renewable power and storage projects, the majority of which are wind-related and three-quarters of which are in Australia.
Wotiez claims it has additional wind and battery ventures in Queensland and is investigating battery storage abroad. TagEnergy said in February that it had purchased a big share in the Golden Plains wind and battery facility in Victoria, the country’s largest of its kind.
“Australia has a lot of growth potential, and we have a strong track record here,” said Woitiez, who now shares his time between Portugal and Australia.
“It’s a market geared toward IPPs (independent power producers), and also by the fact that Australia is a great place to do business if you’re not looking for massive subsidies. For initiatives that are competitive, the market works effectively.
“Unlike what you can accomplish in Europe, where projects are tiny or take a decade to build, you can deliver incredibly large initiatives in Australia.”
Woitiez said the additional funds will be used to fund its equity stake in projects like Golden Plains, which is expected to break ground this year, as well as other projects.
TagEnergy is concentrating on projects similar to Golden Plains, in which it collaborates with the original developers, takes ownership holdings, and provides EPC contracts, project financing, and grid connections expertise.
“We have a methodology that is different from what we’ve done in the past — we prefer to work in partnerships,” Woitiez explained.
The capital raise is timed to support TagEnergy’s expansion at a key period of transformation in the renewable energy industry, according to Jacques Veyrat, co-founder and chairman of TagEnergy and founder of Impala SAS.
Mirova manages around €28 billion in assets, with about €2 billion invested in energy transition infrastructure through five funds. Over 300 storage, biomass, wind, photovoltaic, hydro, and low-carbon mobility projects have been funded in Europe.