Hanwha Energy AustraIia Pty Ltd, has secured AU$150 miIIion in investment to fast-track the deveIopment and growth of its innovative renewabIe energy business
Sydney, September 27, 2022
Hanwha Energy Australia Pty Ltd, has secured AU$150 million in investment to fast-track the development and growth of its innovative renewable energy business model within the Australian energy sector. Hanwha Energy Australia, together with its retail energy businesses Nectr, combines utility-scale renewable energy generation, rooftop solar and home batteries, retail energy, finance and technology to offer Australians a one-stop-shop for their energy needs.
The investment has been made by a consortium of financial institutions including Woori PE Asset Management, the Korea Development Bank (KDB) and KDB Capital.
The capital will enable Hanwha Energy Australia to deliver digital platforms to connect distributed energy sources across the electricity grid via a virtual power plant, develop utility-scale renewable energy assets such as solar farms and large-scale batteries to supply the National Electricity Market and support a rapid expansion and diversification of Hanwha Energy Australia’s retail presence. Mr Tae Hong Kim, Managing Director and Head of Hanwha Energy Australia said, “This investment is a clear endorsement of the value of our business model and its attractiveness to likeminded investors in this sector. 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.”
Managing Director of Nectr Mr Andrew Butler said, “Having quickly established ourselves as an innovative provider of clean retail energy products for over 25,000 Australian consumers, our focus now turns to the rapid growth of our distributed energy platforms which include solar, battery and finance bundles for Australians. This investment will underpin that growth and provide a boost to the technology platforms we are developing to allow customers to interact with other energy consumers and energy providers, in new ways.” Founded in 2018 in Sydney, Hanwha Energy Australia has already had a significant impact on the retail electricity market, delivering affordable, cleaner, greener energy solutions for Australians through its retail energy division Nectr. Established in 2019, Nectr disrupted the Australian retail energy sector by exclusively offering 100% carbon-neutral energy plans, and recently expanded its offering to include Clean Energy Council certified installation of Solar, Solar + Battery, and Battery systems, bundled with competitive energy plans with no upfront costs or interest fees.
Hanwha Energy Australia also plans to continue to develop and invest in utility-scale energy generation and storage assets, such as the existing Gregadoo and Jindera solar farm, and utility-scale battery energy storage projects to deliver renewable energy into the National Electricity Market.
“This investment will ensure Hanwha Energy Australia and Nectr continue to be a disruptive force in the energy sector, by developing technologies that empower consumers to take control of their own energy assets, and delivering a rapid expansion of stable, renewable energy assets feeding into the grid, which will ultimately provide Australians with energy price stability,” said Andrew Butler.
Media Contacts:
Jeanne-Vida Douglas – jv.douglas@nectr.com.au or +61 400 567677
About Hanwha Energy Australia
Founded in 2018 to disrupt the Australian energy sector by delivering a clean energy future through brilliantly simple solutions that empower Australian consumers to connect to renewable energy. Hanwha Energy Australia is developing technology platforms and 100% renewable energy assets that will empower Australians to take control of their energy future. Hanwha Energy Australia is backed by Hanwha Energy Corporation, which is affiliated with the Hanwha Group, one of top 7 conglomerates in Korea.
About Nectr
Nectr is Hanwha Energy Australia’s energy retailer, and is committed to delivering affordable, cleaner, greener energy solutions for Australians. Nectr offers Solar, Battery and Solar + Battery systems, all bundled with competitive energy plans with no upfront costs or interest fees and Clean Energy Council certified installation. Established in 2019, Nectr has disrupted the Australian energy industry, offering 100% carbon-neutral energy plans as standard – and challenging other retailers to do the same.
About our investors
Woori PE Asset Management
Woori PE Asset Management is a subsidiary of Woori Financial Group, one of the biggest financial groups in Korea. Established in 2006, it has grown steadily and currently manages AU$ 2.3 billion.
The Korea Development Bank (KDB)
KBD is South Korea’s state-owned development bank and was founded in 1954 to help develop Korean industries and the country’s economy. The bank’s products and services include corporate loans, equity investments, public/corporate bonds and debt and payment guarantees. The bank is heavily involved in the Asia-Pacific project finance market.
KDB Capital
KDBC is a subsidiary of Korea Development Bank, registered with the Financial Supervisory Commission to provide investment, corporate loans, lease services, auto finance and commercial credit cards. KDB Capital currently has AU$330 million paid-in capital invested globally.
