Retailer secures $150 million expansion investment from South Korea

‘The first terawatt of solar PV installed globally took some 70 years to achieve, while the second will likely take only three’ Lettura Retailer secures $150 million expansion investment from South Korea 2 minuti Prossimo Queensland warned more work needed to deliver energy transition

27 set 2022

https://www.pv-magazine-australia.com/2022/09/27/retailer-secures-150-million-expansion-investment-from-south-korea/

Hanwha Energy Australia, owner of retail energy business Nectr, has secured $150 million in investment to fast track its Australian growth, including deploying VPPs and developing utility-scale generation projects.

SEPTEMBER 27, 2022 BELLA PEACOCK

Hanwha Energy Australia’s Managing Director, Tae Hong Kim, called the investment a “clear endorsement of the value of our business model.”

Image: AGL

Nectr owner Hanwha Energy Australia received the $150 million from a consortium of South Korean financial institutions including Woori PE Asset Management, the Korea Development Bank and KDB Capital.

The company says the capital will enable it to connect distributed energy sources via virtual power plants, diversify its retail presence, and develop utility-scale generation assets.

Hanwha Energy already has development approval to build two solar farms in New South Wales, including a 43 MW (AC) project at Gregadoo near Wagga Wagga, and 120 MW (AC) solar + 30 MW / 60 MWh battery at Jindera, close to Albury.

Hanwha Energy Australia’s Managing Director, Tae Hong Kim, called the investment a “clear endorsement of the value of our business model.”

“The capital injection will enable us to significantly expand our presence in utility-scale projects, grow our retail and distributed energy customer base, and continue to develop technology platforms to connect Australian consumers with reliable, affordable, renewable power,” he added.

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BELLA PEACOCK

Bella completed her MA in English Studies at the Freie Universität Berlin, living and working in Berlin and Sarajevo for four years before returning home to Australia in 2019. She joined pv magazine Australia in 2020, after 18 months working as a digital producer for Nine, and has since become completely engrossed by the world of renewable energy, technology and sustainability.