Korea Zinc’s Australian affiliate will purchase a 100 percent stake in solar and wind producer Epuron. Ark Energy will buy 4.2GW of early-phase development projects throughout NEM (National Electricity Market) states, with an emphasis on solar and wind power in Queensland, New South Wales, as well as Tasmania, after the transaction closes in the very first half of the year 2022.
Ark Energy will also purchase a 4.8-gigawatt investigation pipeline and continue to deliver 5.86 gigawatts of projects under current joint development deals with high-quality counterparties.
The deal will bring together one of Australia’s “most experienced and successful” early-stage development groups, which consists of 24 professionals with experience in all areas of renewable energy growth, including pre-construction, final development, feasibility, identification, scoping, early development and community engagement.
Ark Energy will also possess and operate 7MW of completely contracted off-grid solar production investments in the Northern Territory, as well as a 50 percent stake in the Fulcrum3D, which is a renewables technology & data company which provides alternatives for monitoring and predicting renewable energy sources, as a result of the acquisition.
Epuron has created nearly 3,000MW of the renewable energy capacity, with 1,000MW of the capacity now operational or in the works. In 2019, it sold to Italian oil and gas firm Eni a solar-plus-storage facility in Australia’s Northern Territory, which was developed alongside UK-based Island Green Power.
This “friendly acquisition allows us to expedite Korea Zinc Group’s energy transformation and adds to Ark Energy’s long-term objective to establish a new green energy export gateway from Australia to South Korea,” said Yun Choi, who is the chairman of the Ark Energy as well as vice chairman of Korea Zinc.
“We will use our parent company’s strong balance sheet to be able to expand Epuron’s existing business model, and we will use the group’s internal demand for green non-ferrous metals production, as well as our own demand for green hydrogen power generation, to be able to quick-track the build-out of the Epuron’s development portfolio,” he added.
Kathy Danaher, vice chairperson of Ark Energy, noted that the Epuron team’s strong track record in a wider array of expertise in renewables and energy storage from scoping locations to pre-construction was a crucial attraction for Ark Energy.
“With the energy revolution advancing, it’s a really exciting move for us to be joining a group with Ark Energy’s track record and shared goal to ramp up investment in the renewable energy production in Australia,” said Epuron co-founder Martin Poole. To date, we have made a substantial contribution to Australia’s energy transition, and we look forward to achieving even more with Ark Energy in the future.”