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UPDATE 1-Australia's Genex Power gets sweetened $243 mln buyout bid

·1 min read

(Adds details, background)

Aug 17 (Reuters) - Renewable energy developer Genex Power Ltd said on Wednesday it received a sweetened buyout offer of about A$346.3 million ($243.10 million) from a consortium led by Atlassian co-founder Scott Farquhar.

The consortium, which includes Farquhar's Skip Essential Infrastructure Fund and Stonepeak Partners, raised its offer to 25 Australian cents per share from 23 Australian cents apiece. The latest bid represents a 13.6% premium to Genex's last close.

Genex said its board would recommend the proposal if the private equity firms make a binding offer.

The company is the only pure-play renewable energy and storage firm listed on the Australian bourse at a time when the country is trying to speed up the transition from a coal-dominated grid to wind and solar, backed up by energy storage.

Genex, which had earlier given the consortium limited due diligence, will now provide full access in hopes of getting a binding offer.

($1 = 1.4245 Australian dollars) (Reporting by Harshita Swaminathan and Jaskiran Singh in Bengaluru; Editing by Aditya Soni)