ACEnergy has mandated Azure Capital to sell a stake in the Australian renewables developer, according to three sources familiar.

ACEnergy, which is unrelated to similarly named ACE Power and ACEN Renewables, is developing 3 GW of batteries and over 1 GWp of solar farms, according to the LinkedIn profile of Richanand Mishra, General Manager of ACEnergy.

The Victoria-based company’s 250 MW/1GWh Joel Joel battery and the 350 MW/1.4GWh Little River battery – both in Victoria – were among the winners of the CIS tenders announced on Tuesday (16 September).

One of the sources said that he expects the sale to focus on ACEnergy’s most advanced projects.

Last month, ACEnergy signed an agreement with Chinese battery maker CATL to supply and integrate batteries for Joel Joel, Little River and the Yanco battery in the Riverina region of New South Wales.

Collectively, the batteries will generate around 3 GWh, according to an announcement at the time, which noted that all three projects are shovel ready.

The projects are being financed, with construction expected to begin in early 2026 and commercial operation planned for Q4 2027, the announcement added.

CIS winners

Several of the CIS winners have already been at least partially financed.

Equis’ Calala battery and Akaysha’s Ulinda Park have already been debt financed. Atmos’ Teebar will be added to the developer’s portfolio financing, a source familiar said.

Equis is seeking an injection of equity and Akaysha anticipates returning to the market for more expansion capital next year. Atmos just received an investment of more than AUD 400m from a group of Australian super funds.

Stonepeak-backed AMPYR, which debt financed its Wellington battery, renamed Bulabul, earlier this year, was awarded CIS agreements for its Bulabul 2 and Swallow Tail batteries.

The developer will likely raise debt soon for the projects, according to one of the original three sources. It has also been exploring equity options, as previously reported.

Azure also approached the market with a possible sale of TotalEnergies Australian assets in May. TotalEnergies’ Kiamal battery was another winner in Tuesday’s CIS tender.

Spokespeople and officials at ACEnergy, Azure, Atmos and AMPYR either declined comment or did not respond to requests for comment.