Prime Super now owns the nation’s largest independent embedded networks platform
Prime Super has announced its acquisition of Active Utilities, a vertically integrated local energy networks solutions business that positions the fund as the largest independent provider in Australia and brings together the ownership of Active Utilities and Prime Super’s existing investment, Savant Energy.
Active Utilities procures and supplies electricity, gas and water, and provides end-to-end billing and customer support services. It currently operates a national portfolio of 75,000 utility meters spread over 800 high-density assets, with the majority of buildings located in the populous states of Victoria, Queensland and New South Wales. Plans are in place for Active Utilities to expand significantly over the next five years to operate 175,000 meters and employ over 100 staff.
The acquisition of Active Utilities provides Prime Super with a significant market share across five states in Australia as a provider of utilities services offering good value, reliability and efficiency in the supply of electricity, gas and water.
Significantly, the acquisition of the local energy networks solutions business creates strategic opportunities for Prime Super to leverage and extend the environmental benefits already provided by its existing highly complementary clean energy businesses: Savant Energy and the fund’s wind energy platform.
Lachlan Baird, Chief Executive Officer of Prime Super said: “It’s an exciting day for our members as we announce Prime Super’s latest energy acquisition which will help us continue delivering strong returns for our members while helping the economy transition to greener energy solutions. Prime Super is now a significant presence in this sector and by leveraging the benefits of our existing business Savant Energy and our wind energy assets, we’ll be able by 2025, to transmit green energy throughout the country and create many new jobs for people.”
The acquisition announced today was made in conjunction with PATRIZIA Infrastructure, Prime Super’s investment manager.
