Shell Energy Operations Pty Ltd will acquire Powershop Australia, an online energy retailer serving more than 185,000 customers. The transaction will take place through the 100% acquisition of Meridian Energy Australia Group, the parent company of Powershop, by a consortium of Shell and Infrastructure Capital Group (ICG), an Australian infrastructure investor and manager. Under the terms of the deal, Shell will acquire Powershop and ICG will acquire MEA’s portfolio of renewable generation assets and development projects.The acquisition of Powershop is in line with Shell’s Powering Progress strategy and ambition to create an integrated power business. Powershop will form Shell’s residential power platform in Australia, extending Shell’s existing position as Australia’s largest dedicated retailer of electricity to commercial and industrial customers. Under the arrangement with ICG, Shell Energy will also acquire wind power purchase agreements (PPAs) and has agreed offtake arrangements with ICG associated with MEA’s hydro and wind assets.The acquisition is subject to regulatory approvals. It is expected to be completed in the first half of 2022.Powershop Australia is an electricity and gas retailer serving more than 185,000 customers in the residential and small business markets. It offers electricity in Victoria, New South Wales, South Australia and South-East Queensland, as well as gas in Victoria. It is Climate Active certified. The Australian Government’s Climate Active certification is awarded to businesses and organisations that have credibly reached a state of achieving net zero emissions.
Shell Energy Operations Pty Ltd will acquire Powershop Australia, an online energy retailer serving more than 185,000 customers. The transaction will take place through the 100% acquisition of Meridian Energy Australia Group, the parent company of Powershop, by a consortium of Shell and Infrastructure Capital Group (ICG), an Australian infrastructure investor and manager. Under the terms of the deal, Shell will acquire Powershop and ICG will acquire MEA’s portfolio of renewable generation assets and development projects.The acquisition of Powershop is in line with Shell’s Powering Progress strategy and ambition to create an integrated power business. Powershop will form Shell’s residential power platform in Australia, extending Shell’s existing position as Australia’s largest dedicated retailer of electricity to commercial and industrial customers. Under the arrangement with ICG, Shell Energy will also acquire wind power purchase agreements (PPAs) and has agreed offtake arrangements with ICG associated with MEA’s hydro and wind assets.The acquisition is subject to regulatory approvals. It is expected to be completed in the first half of 2022.Powershop Australia is an electricity and gas retailer serving more than 185,000 customers in the residential and small business markets. It offers electricity in Victoria, New South Wales, South Australia and South-East Queensland, as well as gas in Victoria. It is Climate Active certified. The Australian Government’s Climate Active certification is awarded to businesses and organisations that have credibly reached a state of achieving net zero emissions.
