Germany’s Pelion Green Future has hired Lazard Australia to sell its 80% stake in Australian developer, ACE Power, according to two sources familiar.

The management team, led by Andy Scullion, a former Wirsol executive, will continue with the company.

The developer boasts a 10 GWp portfolio of solar, wind, battery and hybrid projects, according to the company’s website.

Construction of the 200 MW/400 MWh Yabulu Battery Energy Storage System (BESS) west of Townsville, near Queensland, and the 103 MW two-hour Kerang BESS in Victoria are due to start before the end of this year.

ACE Power has already negotiated Joint Development Agreements (JDAs) with Igneo, CIP and Osaka gas, one of the sources said, arguing that the strength of ACE’s JDA counterparties speaks to the strength of the business.

In 2023, Osaka Gas and ACE agreed to jointly develop 500 MW of solar and battery portfolios.

Pelion and Island Green Power have also been selling two New Zealand solar farms that they are jointly developing, as reported on 23 August last year.

Officials and spokespeople at ACE, Lazard and Pelion did not respond to requests for comment, or declined to comment.