Origin Energy and Caisse de dépôt et placement du Québec (CDPQ) have reportedly pulled out of the race to acquire CWP Renewables, an Australian renewable energy company.

The withdrawal of the consortium leaves CWP Renewables with at least two potential buyers, reported Reuters, citing two undisclosed sources having information on the matter.

As per the sources, the estimated value of the renewable energy developer is nearly A$4bn ($2.7bn).

Origin Energy, which is an Australian electricity and gas retailer, and the Canadian pension fund CDPQ have been working together to bid for the company. However, the duo couldn’t meet the 2 December deadline for final bids.

Last month, Origin Energy itself expressed interest in accepting a takeover bid worth around $12bn for the company by Brookfield Asset Management and MidOcean Energy.

The winning bidder for CWP Renewables is expected to be revealed this week, as per one of the sources.

The remaining contenders for the company are reportedly Iberdrola and Tilt Renewables, in which AGL Energy owns a stake.

CWP Renewables was founded as a joint venture between Continental Wind Partners and Wind Prospect Group in 2007. Almost a decade later, CWP Renewables forged a partnership with Partners Group to incorporate the Grassroots Renewable Energy Trust for creating a significant renewable energy portfolio in Australia.

In 2020, CWP Renewables and Grassroots Renewable Energy Trust were combined with the former retaining its name. Partners Group continued as a majority investor.

CWP Renewables’ assets include the 270MW Sapphire wind farm, the 134MW Crudine Ridge wind farm, the 244MW Bango wind farm, the 414MW Uungula wind farm, the 400MW Jeremiah wind farm, the 700MW Spicers Creek wind farm, the 180MW Sapphire solar farm, and others, all located in Australia, and in different stages of development.