UK businessman Sanjeev Gupta has followed up his purchase of the struggling Arrium steelworks in Whyalla with acquring a controlling stake in Adelaide-based battery storage provider Zen Energy.
Zen, which is chaired by climate economist Ross Garnaut, has focussed on home solar and battery storage, but will now move into larger scale projects as a result of the tie-up with Gupta.
Gupta’s company GFG Alliance now has 50.1 percent of Zen, but the sale details were not disclosed. The Garnaut family are understood to be the largest shareholders in the company, which will now be renamed Simec Zen Energy, reflecting GFG’s UK interests.
A key taks will be to improve energy security for GFG and reduce its cost of power, and also roll out these services to other corporates.
Simec has an established track record for developing renewable energy projects, and already has 600 MW of assets in the UK with another 400 in development. These range across a diverse number of renewable technologies, from solar to wind and hydro plus biomass.