Based in Perth, the acquired company is currently the largest solar business in Western Australia, ranking fourth in the country in terms of sales. It develops and sells distributed solar photovoltaic (PV) systems and batteries to both household and commercial customers and also operates as an electricity retailer.
Through the acquisition, Sumitomo will seek to build a platform for electricity retailing that uses both distributed solar power and battery storage, encouraged by the expected “robust” increase in electric power demand and the booming rooftop solar market, it said.
The firm was acquired through Sumitomo’s Australian subsidiary Summit Southern Cross Power Holdings Pty Ltd. The value of the deal was not disclosed.