Quinbrook sells Energy Locals to Palisade Impact consortium
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The news: Investment manager Quinbrook Infrastructure Partners has agreed to sell its portfolio company Energy Locals to a consortium led by Australian fund manager Palisade Impact.
The numbers: Quinbrook invested in Australian community energy network and green energy retailer Energy Locals in 2018, and now has over 260,000 contracted or active retail and business customers in NSW, Victoria, Queensland, ACT and Tasmania.
The context: Energy Locals is a community energy network, providing access to energy-efficient infrastructure and advanced technologies for occupants of multi-dwelling properties.
It aims to make sustainable energy solutions more affordable for residents and businesses given that all customers pay a price for their electricity that is at or below the government-set default offer.
What they said: “Quinbrook identified very early the key role community energy networks play in accelerating the energy transition through enabling new approaches to energy distribution and sustainability, and the journey of Energy Locals is a testament to Quinbrook’s commitment to active management and value creation," said Quinbrook co-founder and managing partner David Scaysbrook.
Palisade Impact co-founder and CEO Steve Gross said: "It [Energy Locals] has all the characteristics we look for in a business — 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."
The source: Quinbrook media release
