EnergyAustralia aims at 100% ownership of solar installer Echo Group

Energy retailer EnergyAustralia today said it plans to take full ownership of domestic solar installer Echo Group in a bid to expand on the commercial and industrial (C&I) energy market.

Set up in 2012, Victoria-based Echo Group is involved in the installation of solar photovoltaic (PV) systems, battery storage and energy monitoring facilities and is also a supplier of LED lighting solutions. Its solar installation services are provided under the Cherry Energy Solutions and Eko Energy brands, while the Littil brand unites its other offerings.

EnergyAustralia already owns 49% of Echo Group after acquiring shares in the company almost a year ago in a move it then said sought to make energy-saving and reliability-boosting technologies more available to businesses and households.

Provided that it takes full control of the company, Echo Group will continue to operate under its local brand offerings. Currently, the company has more than 70 employees.

“EnergyAustralia’s investment in Echo Group will allow for continued innovation in energy efficiency solutions, accelerating the clean energy transformation for all,” the buyer said. The acquisition by EnergyAustralia is subject to approval by the Foreign Investment Review Board (FIRB).

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