Garnaut-backed Zen Energy secures big debt package after equity raise

Zen Energy is flush with cash, with the Garnaut-family backed green electricity retailer and installation business ruling off the second tranche of its debt funding drive.

It comes six months after the company gathered $54 million in debt from investors, as reported by Street Talk, in a process jointly managed by West Australian property developer Hesperia and ASX-listed Income Asset Management. Now, Zen Energy has locked in $160 million in debt funding for its pipeline of projects.Future Group supported the debt raise alongside private debt investment manager Longreach Credit Investors and Fred Woollard’s Samuel Terry Asset Management.

Funds will be used across a range of Zen’s assets including developing its Templers Battery project about 60 kilometres north of Adelaide, adding a second battery energy storage system to its 200 megawatt solar farm Solar River in South Australia, and on future projects in western Sydney and south-east Queensland. Zen is hoping to financially close the Solar River project in the next 12 months.

Zen, which has been around since 2004, obtained its electricity licence five years ago and contracts electricity from 20 solar and wind farms. It’s installed 35,000 renewable energy systems across Australia, and counts CSIRO’s NSW sites and the SA government as its clients. It’s also sought to produce its renewable energy.

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