Beijing Energy International Looks To Diversify Portfolio With Acquisition of Retailer

Sydney, Australia | Beijing Energy International (Australia) (BJEI Australia) today announced it had entered into a Scheme Implementation Agreement with TPC Consolidated Limited (ASX:TPC) to acquire all shares in the business.

Subject to regulatory and TPC Shareholder approval, the acquisition will be undertaken by BJEI Australia’s wholly-owned subsidiary, Wollar Solar Holding Pty Ltd (WSH).

Chairman of the Australian Board, The Hon Warwick Smith AO, said: “The proposed acquisition of TPC would further strengthen and diversify the company’s position in Australia and underpins our continued commitment to the Australian renewable energy market.

“TPC, through their retailer CovAU, have a well-established client network with excellent opportunities to scale up over the coming years, providing the market with greater competition, which helps to place downward pressure on consumer prices.”

“Acquiring a well-established energy retail business is part of our longer-term strategy to diversify and de-risk the revenue portion of the business and we look forward to continuing to deliver value to TPC’s customer’s and the wider market.”

“Today’s announcement is another important step in our aim of building a renewable energy business that has the potential to be taken to the Australian Securities Exchange so that the Australian public can share in the long-term success of the company moving forward.”

TPC’s current customer base includes a mix of residential, commercial and industrial contracts spread across Australia’s east coast.

Integrating TPC’s existing customers with BJEI Australia’s green energy resources will help to deliver renewable energy to more consumers across Australia.

Today’s announcement follows the Beijing Energy International group’s announcement in December last year that WSH had, pending regulatory approval, acquired five Lightsource bp assets.

The acquisition of the TPC retail business and the Lightsource bp assets, builds on the Beijing Energy group’s more than A$1.5 billion worth of investment in the Australian renewable energy market since 2014.

Over nearly a decade of operation in Australia, the Beijing Energy group has delivered, connected and under-construction solar and wind projects in New South Wales and Victoria. It also reinforces the Beijing Energy group’s commitment to supporting the Australian Government’s target of 82% renewables to the grid by 2030.

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