Malaysian-based Gentari, a subsidiary of energy major Petronas, has unveiled plans to expand its renewable energy presence in Australia by more than 10-fold by 2030. This ambitious vision follows the company's acquisition of Australian renewables firm Wirsol Energy for a reported $1 billion earlier this year.
Substantial plans
Gentari has substantial plans across Asia, aiming to amass a renewables portfolio between 30GW and 40GW by 2030. Additionally, the company aims to command 10% of the electric vehicle infrastructure market, equating to some 25,000 charging points.
Gentari chief renewables officer Kian Min Low indicated that while the current focus is on large-scale solar energy, the firm is also eyeing growth opportunities in wind and potentially hydrogen.
While the exact amount allocated for local expenditure remains undisclosed, it is speculated to run into several billion US dollars given the scale of Gentari's ambitions.
The company currently holds 422MW of installed capacity and has projects adding another 765MW in the pipeline. It is developing the Maryvale solar and energy storage project in New South Wales and the Barnawartha solar and energy storage project in Victoria, with a combined capacity exceeding 500MW. Both are expected to reach a final investment decision soon.
Open to investment
Low said Gentari would not restrict itself geographically and is open to early stage investment and to acquisitions. The company also hinted at significant foreign direct investment in the Australian market.
On the policy front, Low praised Australia's 2050 net-zero commitment but called for conducive frameworks at the state and local levels.