April 23 - Following the acquisition of Pacific Energy Limited (ASX: PEA) by alternatives asset manager QIC in November 2019, several changes have been made to the Board to reflect the Company’s new ownership and strategy.
Non-executive board members Ross Israel, QIC's Brisbane-based Head of Global Infrastructure and Stephen Cake, a Sydney-based executive with deep international experience in the energy sector, were appointed immediately following the acquisition. Cliff Lawrenson remains independent non-executive chairman and Jamie Cullen remains Chief Executive Officer.
In addition, the Company has now appointed Perth-based infrastructure executive Ms Megan McCracken to the board as an independent non-executive director. Mr Lawrenson said Ms McCracken's experience complements the strengths of the existing board extremely well as the Company continues its push into renewable energy solutions.
“Our recent board appointments add considerable leadership skills and resource sector experience which will be most valuable in a growing company seeking to diversify into the renewable energy space," Mr Lawrenson said.
"We now look forward to drawing on Megan's skill set as we embark upon our recently awarded high-profile project to supply cleaner and cheaper electricity to the town of Esperance. We are delighted and excited to be part of Esperance’s future in this way."
In January 2020, regional electricity provider Horizon Power awarded Pacific Energy subsidiary, Contract Power Group, a 20-year power purchase agreement to build, own and operate a state of the art microgrid power facility, reducing the carbon footprint of power to Esperance by almost 50% per annum.
A new renewables hub will be constructed as part of the project, which will include two 4.3MW wind turbines, a new 4MW solar farm comprising more than 10,000 solar panels and a battery energy storage system, all integrated with a high-efficiency gas power station.
Notes to editors:
- Brisbane-based QIC, formerly known as Queensland Investment Corporation, is a global diversified alternatives investment manager with over A$83 billion in assets under management and over 1,000 staff. Contact QIC manager communications and content Sara Bradford re QIC on [email protected] and +61 7 3020 7260.
- QIC acquired former ASX-listed Pacific Energy Ltd (ASX: PEA) in November 2019, valuing the company at $A470 million.
- Esperance is a town in the Goldfields-Esperance region of Western Australia, on the Southern Ocean coastline approximately 720 kilometres from the state capital, Perth. Contract Power will supply the town's electricity from January 2022, with construction due to begin in September 2020.
Pacific Energy CEO Jamie Cullen is available for media comment on +61 419 838 814.
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