May 6 (Renewables Now) - Australian power group Pacific Energy said today it has acquired compatriot Hybrid Systems Australia, a renewable energy solution provider specialising in solar and battery microgrids.
The remote energy company, owned by funds advised by domestic alternatives investment firm QIC, expects the acquisition to help it expand its presence in the emerging integrated renewables market. More specifically, it will provide it with a “strong foothold” in the market for stand-alone power systems (SPS) and microgrids and also support its power solutions business for miners in remote locations.
Set up in 2015, Hybrid Systems has developed a standardised off-grid hybrid power product range consisting of self-contained battery and inverter packages coupled with solar and a back-up generator. It is supplying those systems to government-owned Western Power for serving customers at remote locations.
“This transaction delivers a talented and cutting-edge team experienced in the integrated renewables market, where decentralisation, decarbonisation and cost reductions are generating significant new growth opportunities,” CEO Jamie Cullen said. He added that the newly-acquired business is “highly complementary” to Pacific Energy’s core activities.
Following the purchase, Hybrid Systems’ brand name will be kept.