(Adds deal details, background) Dec 28 (Reuters) - Australia's...

(Adds deal details, background)

Dec 28 (Reuters) - Australia's Genex Power (GNX) said on Wednesday that a consortium led by Atlassian TEAM.O co-founder Scott Farquhar had dropped its proposal to buy the renewable energy developer for A$346.3 million ($233.06 million).

The consortium, which includes Farquhar's Skip Essential Infrastructure Fund and Stonepeak Partners, had recently raised its offer to 25 Australian cents per share from 23 Australian cents offered in August.

Genex had

said

that its board would recommend the proposal if a binding offer was made by the private equity firms.

Genex is the only pure-play renewable energy and storage firm listed on the Australian stock exchange.

A spokesperson for the consortium said the group was disappointed of being unable to find "an acceptable path forward". ($1 = 1.4859 Australian dollars)