New York, New York – 25th August 2021 — Enernet Global Inc., a distributed energy service company that provides tailored energy solutions for commercial, industrial, remote community and utility customers, announces AUD75 million in project equity committed from Solar Bay, an Australian Renewable Investment Fund. Enernet finances, builds, owns and operates microgrids and distributed energy resources on a global basis.
With operations in Australia, the Philippines, the Caribbean and, most recently expanding to Sub-Saharan Africa, Enernet deploys distributed on- and off-grid generation projects that include renewable energy, battery storage, cogeneration and existing thermal or grid supply.
Selling energy and services through power purchase agreements, systems are delivered at no capital cost to customers and tailored to their specific energy needs. This lowers customer costs, adds energy resilience and independence, and dramatically reduces emissions for commercial and industrial, mining, hospitality, remote, island community, and
utility customers.
The AUD75 million of project equity will be specifically targeted on Enernet’s projects in Australia.
“This capital enables us to rapidly deploy projects in Australia and to realise our commitment to the customers we work with and the communities we serve. This is the latest in many steps we have taken this year to drive a sustainable, renewables-based energy transition,” said Paul Matthews, Enernet’s CEO.
James Doyle, Investment Director at Solar Bay, commented: “We are excited to partner with Enernet for their Australian operations and assist in reducing their customers carbon footprints. The energy solutions Enernet design and construct provide Australian businesses with an efficient methodology to deploy renewable energy, without the significant capital outlay that is typically required.”
About Solar Bay (“Solar Bay”)
Solar Bay is a Renewable Energy Fund, founded in 2016 with the core goal of bridging the gap between organisations seeking to go green at scale and the requirement of capital to do so.