SIMEC Energy Acquires ZEN

Indian-origin business tycoon Sanjeev Gupta’s UK-based GFG Alliance’s energy division SIMEC Energy reached an agreement to acquire a majority stake in Australia’s ZEN Energy as part of a strategic partnership.

SIMEC ZEN Energy, the new joint venture, will work to improve energy security and reduce the cost of power for GFG Alliance and other businesses in Australia. There main focus will be on renewable energy.

Building on its experience in designing and installing solar and battery storage solutions for residential and commercial customers, ZEN offers power supply solutions to large industrial customers. It works closely with some of Australia’s largest energy users to reduce costs, increase reliability, and increase the amount of low-emissions energy used in industry.

ZEN uses a combination of energy sourced from new and existing power plants, demand management technologies and energy storage to deliver energy supply solutions at a competitive price. It also manages the development of new renewable energy projects.

SIMEC ZEN Energy will become a member of the GFG Alliance and will work closely with SIMEC Energy’s existing global energy team which already has 600 MW of power generating assets in the UK with another 400 MW under development, ranging from solid biomass and liquid bio fuels, to hydro and tidal, to wind and solar, and also cutting-edge waste-to- energy projects.

ZEN Energy will partner with SIMEC to deliver cheaper, more reliable and environmentally sustainable energy for SIMEC’s mining operations in Australia.

SIMEC ZEN Energy will also project-manage the development of SIMEC Energy Australia’s new large scale energy projects, including solar PV, battery storage and pumped hydro facilities.