Petronas among Wirsol bidders, as contest draws to a close

Wirsol was placed up for sale this year after attempts to sell the solar power operator through an initial public offering several years ago. Picture: Loic Venance/AFP

The $800m Australian solar farm owner Wirsol is said to be close to signing a deal with a buyer as its Azure Capital-advised sale process reaching a conclusion.

One of the parties in the competition had been the Malaysia government’s oil and gas company Petronas, believed to be advised by Rothschild & Co, but another suitor was also thought to be in the mix in the final stages of the competition.

It is believed that final bids were due this week.

Wirsol was placed up for sale this year after attempts to sell the solar power operator through an initial public offering several years ago.

The process kicked off around May, and market conditions have substantially changed, so getting a bidder to write a cheque for $800m or more could be consister a tough ask.

Apparently, some suitors had earlier dropped out after establishing the group’s development pipeline had not been as lucrative as they had initially expected.

This month, Petronas announced its net-zero carbon emissions strategy by 2050 and is allocating 20 per cent of its capital spending for decarbonisation projects and expansion into cleaner energy solutions from 2022 to 2026.