Energy Bay, a distributed renewable energy company supported by investors Scott Farquhar and Kim Jackson through Skip Capital, has secured a significant boost to its embedded networks strategy with a new senior debt facility valued at $215 million. This funding, contributed by both domestic and international banks—including the Commonwealth Bank of Australia, Westpac, and Sumitomo Mitsui Banking Corporation—will accelerate the company’s efforts to expand its renewable energy solutions across Australia.
The financial injection aims to strengthen Energy Bay’s balance sheet and facilitate the installation of additional solar panels and battery energy storage systems at various real estate precincts nationwide. These embedded networks are increasingly utilized in major retail developments, such as those operated by Stockland and Westfield, allowing them to generate renewable energy and offer it to retailers at prices lower than those provided by larger energy companies.
Founded in 2016, Energy Bay specializes in distributed energy solutions designed for large businesses, property owners, and developers as they transition towards renewable energy sources. Its portfolio includes notable brands such as Solar Bay, which focuses on behind-the-meter asset ownership and operation, and Diamond Energy, a green electricity retailer.
Other players in the renewable energy sector include Prime Super’s Active Utilities and Arc Energy, both of which are also vying for a share of the growing market.
The advisory role for Energy Bay in this transaction was handled by Barrenjoey, a financial services firm that specializes in investment banking and advisory services. The acquisition of a stake in Energy Bay by Skip Capital’s Essential Infrastructure Fund in 2021 further emphasizes the growing interest in sustainable energy solutions.
The funds from this new facility are expected to significantly enhance Energy Bay’s capacity to meet the increasing demand for renewable energy infrastructure, aligning with global efforts to reduce carbon emissions and promote sustainable energy practices. By investing in embedded networks, Energy Bay is well-positioned to play a pivotal role in Australia’s transition to cleaner energy sources, ensuring that both businesses and consumers benefit from more affordable and sustainable energy solutions.
