Hanwha Energy Australia has secured $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.
Related article: Nectr wins top spot in Green Energy Excellence Awards
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.
Hanwha Energy Australia head and managing director Tae Hong Kim 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.”
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.
Related article: Nectr takes solar + battery offer to Australia’s capital
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.
