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CBRE Investment Management to invest in Green Peak Energy

By November 30, 2021April 26th, 2022News

Green Peak Energy (the “Company”) announces that it has completed a capital raising transaction pursuant to which CBRE Investment Management (“CBRE IM”) will invest in the Company’s Australian behind-the-meter renewable energy platform.

As part of the transaction, which remains subject to further regulatory approvals, CBRE IM will become a shareholder in the Company in addition to providing a line of credit to fund working capital as well as the capital costs associated with developing new rooftop solar PV and energy storage projects.

Commenting on the transaction, the Company’s CEO, Myles Carrucan, stated: “This is a huge moment for Green Peak Energy and an endorsement of the problem that we set out to solve in lowering the energy costs of commercial and industrial businesses in a way which is environmentally sustainable. CBRE IM’s investment in the business brings on board both a financial and strategic partner that will help accelerate the rollout of Green Peak Energy’s high quality on-site clean energy projects across Australia and the region.”

The Australian C&I solar market is estimated to be a multi-GW opportunity. Many of Australia’s – and the world’s – leading corporates are turning to renewable energy to solve their power needs whilst pursuing impactful, ESG-driven strategies. The Company was established in 2017 and until now has been funded by private investors and with the support of mission-aligned providers of debt financing.

Asif Hussain, a Managing Director with CBRE IM in its Toronto office commented: “The investment in Green Peak Energy provides an attractive opportunity to invest in the burgeoning behind-the-meter solar space for commercial & industrial clients in Australia and the broader APAC region. We see strong tailwinds in this sector with C&I customers increasing their focus on lowering their carbon footprint and adopting behind-the-meter renewable energy solutions. The Green Peak Energy team has built a strong business delivering PPA solutions to help lower the energy costs of their customers. We are excited to partner with Green Peak Energy and believe that a partnership with CBRE IM can help accelerate their growth delivering on-site clean energy solutions for businesses and property owners.”

“This is a watershed moment for Australia’s behind-the-meter solar market”, commented John Sheehy, CEO of Pottinger, with the emergence of a strategic partnership between Green Peak Energy and CBRE IM that combines the track record, relationships and quality of Green Peak Energy with the institutional capital and long-term focus of CBRE IM in order to radically accelerate the greening of Australian commercial and industrial businesses.”

Pottinger acted as sole financial advisor to Green Peak Energy. Allens and Hamilton Locke acted as legal advisors to Green Peak Energy, while Herbert Smith Freehills acted as legal advisor to CBRE IM.