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Plenary invests in Aussie energy services provider

The Australian developer is making steps to bolster its renewables business by acquiring a company designed to provide energy savings with ‘little or no costs upfront’.

Plenary Group has acquired a majority stake in NuGreen Solutions, an Australian energy services provider, as part of efforts to develop its “new energy” unit. 

Established in 2011, NuGreen audits, finances, delivers and maintains energy solutions like rooftop solar systems and LED lighting for commercial, industrial and government clients across Australasia. Clients can lease, or buy, the firm’s capital expenditure, operational expenditure or fully funded energy efficiency services, which can reduce energy costs and emissions.   

Plenary acquired 75 percent of NuGreen but the amount of investment was not disclosed. Plenary had not responded to queries by press time. 

Services related to renewable energy have become ever more compelling with the public and private sectors increasingly committed to reducing carbon emissions, and with low-cost financing available to support the transition, said Plenary’s chief executive Paul Oppenheim. 

“Providing governments and industry the option to privately finance the capital works associated with these solutions ensures they incur little or no costs upfront, but gain the benefits of immediate and long-term savings on energy costs,” he added. 

NuGreen will work with Plenary’s network of public and private partners on opportunities to integrate energy solutions into new and existing projects, according to James Chisholm, the business’ chief executive.