Hanwha Energy Australia raises AU$150 million to fast-track growth

Tae Hong Kim, Managing Director and Head of Hanwha Energy Australia

Hanwha Energy Australia Pty Ltd, has secured AU$150m in investment to fast-track the development and growth of its innovative renewable energy business model within the Aussie 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 AU$150 million investment has been made by a consortium of financial institutions including Woori PE Asset Management, the Korea Development Bank (KDB) and KDB Capital.

How will Hanwha Energy Australia use the funds?

The funds 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 like solar farms and large-scale batteries to supply the National Electricity Market and support expansion and diversification of its retail presence. 

Founded in 2018 in Sydney, Hanwha Energy Australia has had a big impact on the retail electricity market, delivering affordable, greener energy solutions for Aussies through Nectr.

Established in 2019, Nectr (Hanwha’s retail division) disrupted the Aussie 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 plans to develop and invest in utility-scale energy generation and storage assets, like the existing Gregadoo and Jindera solar farm, and utility-scale battery energy storage projects to deliver renewable energy into the National Electricity Market. 

What were the executives’ thoughts on the funding?

Tae Hong Kim, MD and Head of Hanwha Energy Australia said, “This investment is a clear endorsement of the value of our business model and its attractiveness to like-minded investors in this sector. The capital injection will enable us to expand our presence in utility-scale projects, grow our retail and distributed energy client base, and continue to develop tech platforms to connect Australian consumers with reliable, affordable, renewable power.” 

Managing Director of Nectr, Andrew Butler said, “Having quickly established ourselves as an innovative provider of clean retail energy products for over 25,000 Aussies, our focus turns to the rapid growth of distributed energy platforms like solar, battery and finance bundles.”

Andrew Butler, Managing Director at Nectr

“This investment will provide a boost to the tech platforms we are developing to allow clients to interact with other energy consumers and energy providers, in new ways,” Butler said.

“This investment will ensure Hanwha Energy Australia and Nectr continue to be a disruptive force, by developing tech 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.