Mirova backs Yanara with $171m for Australian renewables
Renewable developer Yanara has secured €150m from Mirova to build a hybrid solar and battery hub in Victoria, marking a significant influx of foreign capital into Australia's shift away from coal power.
Renewable energy developer Yanara has secured €150m ($171.4m) from Mirova, an affiliate of Natixis Investment Managers. The capital injection will fund the expansion of more than 2GW of utility-scale renewable infrastructure across Victoria, New South Wales and Western Australia. This transaction marks Yanara's first capital raise in the Australian market.
A significant portion of the funds is earmarked for the Mortlake Energy Hub in Victoria. The facility will pair 450MW of solar generation with a 600MW/2,400MWh battery energy storage system across two stages to maximize grid utility. Once fully operational, the project is expected to generate sufficient electricity for roughly 200,000 homes while cutting 880,000 tonnes of annual carbon emissions.
The investment highlights growing institutional appetite for assets that combine generation with firm, dispatchable capacity. As Australia retires aging coal-fired plants, its electricity grids require new infrastructure that can guarantee power delivery regardless of weather conditions. "Australia is one of the most compelling markets globally for the energy transition, supported by strong renewable resources, decommissioning of the coal-fired power plant, growing electrification needs and an increasing demand for firm, dispatchable clean power," said Raphael Lance, Mirova private assets global head.
Yanara is preparing to break ground on the first phase of the Mortlake project. The initial construction phase is projected to create over 300 jobs and deliver broader economic benefits to surrounding regional communities. For Mirova, the deal represents a concrete deployment of capital toward critical energy infrastructure that supports a transition to a more resilient, low-carbon system in a key Asia-Pacific market.
The Australian raise establishes a beachhead for Yanara, supplementing a broader global pipeline exceeding 5.1GW of hybrid projects across India and the Philippines. "This investment marks yet another defining milestone in Yanara's growth journey," said CEO Jerome Ortiz. He noted that the partnership would help build the next generation of reliable and dispatchable renewable energy solutions for Australia.
EY acted as financial adviser to Yanara, while Lazard Australia advised Mirova. Legal counsel for the transaction included Ashurst, White & Case, Van Doorne, and Loyens & Loeff. Alvarez and Marsal provided tax advice, and Infravue served as technical adviser for Mirova.
