CIMIC’s Pacific Partnerships business is seeking to sell down its renewable projects, according to two sources familiar.

The builder has decided it makes financial sense to retain the engineering, procurement and construction (EPC) and operations and maintenance (O&M) contracts but divest the underlying assets, they added.

The seller has not retained an adviser, the sources said.

Pacific Partnerships Energy has finished the 130 MWdc Glenrowan solar farm in Victoria, which has a 10-year offtake with the Victorian government. It was commissioned and started operating in February.

In February 2023, Pacific Partnerships retained Sydney boutique investment bank, ICA Partners, to sell equity and raise debt linked to Glenrowan.

The latest sale includes all of the firm’s renewables projects, one of the sources said, and ICA does not have a role.

In August 2023, it bought the 300 MWdc Hopeland solar project in Queensland, which is due to be co-located with a 175 MW/350 MWh battery. The project, which is due to be commissioned in 2026, received development approval earlier this year.

More recently, Pacific Partnerships bought the development rights for the 700 MWac Cobbora solar farm and co-located battery project 55km east of Dubbo in New South Wales.

CIMIC is owned by German-listed construction company Hochtief, which is majority-owned by Spanish builder ACS.

A CIMIC spokesperson did not respond to a request for comment.