Australian-owned Quinbrook Infrastructure Partners announced it has signed agreements to sell community energy network and clean energy retailer Energy Locals to a consortium led by infrastructure investor Palisade Impact.
Melbourne-headquartered Energy Locals supplies power to more than homes and businesses across New South Wales, Victoria, Queensland, South Australia, the Australian Capital Territory and Tasmania.
The retailer claims it does not profit from usage. Instead, the provider gives customers access to fixed wholesale electricity rates for a fixed monthly membership fee.
Quinbrook, which acquired the company in 2018, said that under its ownership Energy Locals has grown its customer base 11.8 times and now has more than 260,000 contracted or active retail and business customers.
David Scaysbrook, co-founder and Managing Partner of Quinbrook, said the growth is a testament to Quinbrook’s commitment to active management and value creation.
“From concept to this pivotal agreement we have worked closely with the management team to develop a unique business model that is well positioned to continue to grow and deliver a cleaner energy future for its customers,” he said.
“The consortium led by Palisade Impact are natural stewards to drive the company into its next phase and we wish them continued success.”
Palisade Impact co-founder and CEO Steve Gross said Energy Locals] has all the characteristics the fund manager looks for in a business, including environmental impact, a strong management team and robust infrastructure characteristics.
“We look forward to working with the Energy Locals’ team and clients in continuing to grow the business and ensuring more Australians can access more affordable green energy,” he said.
The transaction is expected to reach financial close by the end of 2024.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.