Thursday, 30 July 2026

Green Squares Energy is selling 46 MW of operating distributed solar and battery assets, sited at roughly 240 locations in Australia, to Igneo Infrastructure Partners under a binding agreement, ESS News reported.

Of that total, 34 MW sits behind the meter, while the remaining 12 MW covers small utility-scale front-of-meter solar farms paired with battery storage developments, according to ESS News. Completion depends on clearance from FIRB and the ACCC.

The portfolio will anchor Vertis Energy, an Igneo unit that builds, owns and operates onsite solar and battery systems sold to commercial and industrial customers through power purchase agreements, ESS News reported. Jason Willoughby, who previously ran CWP Renewables and Squadron Energy, heads the business.

Commercial and industrial rooftops account for a fraction of Australia's installed distributed solar. IEEFA figures cited by ESS News put national residential capacity at about 22 GW against 5.6 GW in the C&I segment.

Subsea 7 raised its full year 2026 Adjusted EBITDA margin guidance to approximately 24%, up from 23% previously, after second quarter Adjusted EBITDA climbed 31% year on year to USD 471 million.

The quarterly margin reached 24%, compared with 21% in the second quarter of last year, according to the company's results release published by GlobeNewswire.

Order intake in the quarter totalled USD 2.1 billion, equating to a book to bill of 1.1x for the period. Backlog stood at USD 13.6 billion, of which USD 3.9 billion is scheduled for execution in 2026 and USD 5.6 billion for execution in 2027. The company described the backlog as high quality and said the 2026 portion provides high revenue visibility.

Stuart Fitzgerald, chief executive of Subsea 7, said the proposed merger with Saipem "remains on track" and that "integration planning is advancing well".