SUSI fund buys 50% of Aussie home solar-plus-storage provider

Swiss asset manager SUSI Partners AG on Thursday said it has acquired a 50% stake in Starling Energy Group, an Australian company that provides solar-plus-storage systems to homeowners.

SUSI has made the acquisition through its Energy Transition Fund (SETF), the firm’s flagship equity fund launched in 2020. Financial details of the transaction were not disclosed.

The deal will also see SETF provide additional capital for the deployment of over 10,000 distributed solar photovoltaic (PV) and battery systems over the coming years, ensuring there are no upfront costs for customers, the fund manager said.

Through its Western Australia-based Plico Energy business, Starling offers solar panels combined with a battery and software-driven dispatch optimisation. Customers can in this way become largely energy self-sufficient in return for a contracted monthly payment. When individual systems grow in number they can also be operated as a virtual power plant (VPP).

According to SUSI, Australian energy consumers are particularly interested in investing in more affordable and cleaner energy. Energy prices in the country are high due to significant transmissions needs, because of the low population density, and the still large presence of fossil fuels in the energy mix.

SUSI previously partnered with Starling in 2019.

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