Igneo raises A$400m to support growth of Australian renewables platform, Atmos Renewables

Sydney, 12 August 2025: Igneo Infrastructure Partners (Igneo), a global infrastructure investment manager, has announced two new investments for its Australian renewable energy platform, Atmos Renewables (Atmos) – the financial close of the 100MW/400MWh Merredin Battery Energy Storage System (BESS) and the acquisition of the remaining interest in the 316MW Hornsdale Wind Farm.

To support these investments, Igneo has successfully conducted a strategic capital raise from existing clients including Cbus Super, MLC and AMP Super – via co-investments into Atmos.

These additions bring Atmos’s portfolio to over 1.5GW across 18 operational and under-construction projects in wind, solar and battery storage, with a further 5GW under development.

Merredin BESS (MEB) project reaches financial close
The MEB project is a landmark achievement for Atmos as its first greenfield development to reach financial close. Located approximately 220km east of Perth, Western Australia (WA), the 100MW 4-hour battery will play a critical role in supporting the regional grid and enhancing energy security in the wholesale electricity market. The project has been awarded a Federal Government Capacity Investment Scheme Agreement supporting long term revenue generation.

Developed in partnership with Nomad Energy, the A$220 million project will be delivered by Tesla and WA-based contractor GenusPlus Group, with operations expected to commence by mid- 2027.

Daniel Timms, Managing Director at Igneo said: “Reaching financial close on the Merredin BESS marks a major milestone for Atmos, as its first greenfield development to enter construction. This achievement demonstrates Atmos’s capability to successfully commercialise early-stage projects, reinforcing our confidence in the delivery of its 5GW development pipeline”.

Buy out of remaining interest in Hornsdale Wind Farm
Atmos has agreed to acquire the remaining interest in the 316MW Hornsdale Wind Farm from Neoen Australia, increasing its ownership from 23.4%¹ to 100%. Located 200km north of Adelaide, South Australia, the wind farm has been operational since 2017, with revenue underpinned by a 20-year power purchase agreement with the ACT Government.

The acquisition strengthens Atmos’ long-term contracted revenues and is expected to complete and be fully integrated into the business in Q4 2025.²

Strategic investment from Igneo managed clients
Equity funding for both investments will be provided by existing Igneo funds and clients – Cbus Super, MLC and AMP Super – through co-investments into Atmos. To date, Igneo has raised over A$400 million in equity from existing clients via co-investments and continues to manage 100% of Atmos on their behalf.  

Debt funding will be provided by an extension of the existing Atmos portfolio financing facility.

The combined debt and equity will fully fund the MEB construction, the Hornsdale Wind Farm acquisition and provide liquidity to advance Atmos’ development pipeline toward financial close.

Danny Latham, Head of Igneo Australia said: “Atmos is a great example of our mid-market platform strategy and offering co-investment opportunities to Cbus Super, MLC and AMP Super to support value-accretive growth. This collaboration highlights the quality of the Atmos platform and our commitment to assisting clients in meeting their investment and responsible investment goals.”

Atmos aims to deliver over 1GW of renewable energy projects from its development pipeline within the next two to three years - representing more than A$3 billion in investment, which will be targeting support by funds managed by Igneo, its existing clients, co-investors, and debt partners.  

¹ Combined across the three stages.
² Subject to customary completion conditions