The company recorded energy sales of $100.7 million in the 12 months to December 31, but revenues of $52.2 million due to a loss on power purchase agreements it had already signed. In all, it was an $11.3 million operating loss for the year, with a massive hit on derivatives hedges sending GPG Australia to report a total loss of more than $144 million.
It has more than $1.4 billion of plant and equipment on the books.
Naturgy, which started life as a Barcelona-headquartered gas utility, would have a good grasp of the Australian sector. One of its largest shareholders is IFM Australia, which invests on behalf of local industry superannuation funds. It owns some 13.4 per cent of the company at last filing.
IFM had attempted to secure a 23 per cent stake in 2021, offering $8 billion, but faced competition from Naturgy’s largest investor, Criteria Caixa.
While the CWP sale remains the absolute blockbuster in the renewable energy space, there’s been plenty of action in the sector.
Earlier this month, Street Talk reported that Palisade Investment Partners was in the market attempting to raise $1 billion for its Intera Renewables platform, which already counts Aware Super and HESTA as backers. It told potential investors that it had $2 billion in up-and-running assets, and saw a pathway to have some $7 billion in the next three years as demand rose.