Sumitomo buys W Australia solar player Infinite Energy
Sumitomo Corporation, via its wholly-owned subsidiary Summit Southern Cross Power Holdings Pty Ltd (SSCPH), an electric power holding company in Australia, has acquired 100% of the shares of Infinite Energy Holdings Pty Ltd (IE), which develops/sells distributed solar power systems, sells/installs storage batteries, and engages in electricity retailing, effective January 24, 2019.
SSCPH acquired business interests in the Kwinana Power Plant in 2009 and the Bluewaters Power Plant in 2013, making it an important player in Australia’s electricity generation business. These two power plants supply about 30% of the electric power used by Western Australia’s power grid (enough to power about 800,000 households).
Bringing its considerable corporate resources to IE’s existing business operations, SSCPH will help construct a platform for electricity retailing that utilizes distributed solar power generation and battery storage in Australia. It will also leverage the Sumitomo Corporation Group’s wealth of business line know-how and networks to create new business domains that combine electric power with other businesses.
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