Aug 20, 2020, 10:00 EST
Bronx, United States, Aug 20, 2020, 10:00 /Comserve / -- EnergyAustralia, one of the leading energy retailers of Australia is now planning to acquire a 100% stake in the solar energy efficiency company, Echo Group.
Melbourne, August 18, 2020: EnergyAustralia, one of the leading energy retailers of Australia is now planning to acquire a 100% stake in the solar energy efficiency company, Echo Group. A year ago, the company has already acquired a 49% stake of Echo Group and today it announced the acquisition of the remaining 51% of its stake. Through this acquisition, Energy Australia aims to increase its share in the Australian Energy service market and to increase the availability of energy-saving and reliability-boosting technologies to households and enterprises.
Echo Group is one of the largest installers of rooftop solar systems in Australia. Established in the year 2012, the company also provides smart, integrated energy-saving and waste management solutions and is a leading supplier of battery storage systems, LED lights, Solar PV systems, and energy monitoring equipment. After the acquisition, the group will continue to operate under local brand offerings that include ‘Cherry Energy Solutions’, ‘Littil LED’, and ‘Eko Energy’.
Erik Zimmerman, the CEO of Echo Group, stated that the company has performed exceptionally well in delivering solar and energy-efficient technologies under the 49% ownership of EnergyAustralia. He further added that the company will continue to cater to the needs of its customers in delivering clean and innovative energy-saving solutions.
EnergyAustralia, on the other hand, reported a decrease in its half-yearly earnings due to the coronavirus pandemic. The retailer’s earnings before interest, tax, and fair value adjustments were down by 20% to USD 252 million in the six months ended 30 June 2020 compared to the same period a year ago. However, the company will continue to invest in customer support segment to help its customers in dealing with the hardships during such unprecedented times.
Nevertheless, EnergyAustralia will continue to invest in modernizing Australia’s energy system. Recently, it got regulatory approval for the construction of the Tallawarra gas-fired power plant in New South Wales and for the commissioning of a modern 30-Megawatt turbine at the Hallett power station in South Australia.
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