Prime Super amps up clean energy portfolio

Self-proclaimed ‘profit-to-member’ superannuation fund, Prime Super, has announced a key addition to its sustainable energy portfolio, acquiring Australia’s largest independent embedded networks platform, Active Utilities.

Prime said its takeover of the Victoria-based Active will significantly expand its market share in the utilities sector – and particularly in the sustainable energy market – across Australia’s five mainland states.

Active Utilities specialises in the procurement and supply of electricity, gas and water to multi-tenant homes and commercial properties; the company also provides end-to-end billing and support services to customers.

Active currently operates a national portfolio of around 75,000 utility meters spread over 800 high-density assets; the majority of its managed properties are located in Victoria, Queensland and New South Wales.

The proptech and utilities provider has also flagged large-scale growth plans following the Prime takeover, expecting to more than double its meters under operation to 175,000 meters over the next five years, as well as add more than 100 staff.

The takeover of Active Utilities also complements Prime’s existing investment in clean energy provider Savant Energy, which it (along with Yates Electrical Services Group) fully acquired in mid-2022.

Active notes that one of its core priorities is to “invest in long-term solutions that reduce our dependence on non-renewable energy”.

In a statement, Prime said the acquisition of the local energy networks solutions business would create “strategic opportunities… to leverage and extend the environmental benefits already provided by its existing highly complementary clean energy businesses: Savant Energy and the fund’s wind energy platform”.

Prime has recently moved to aggressively expand its clean energy portfolio. Last August, the super fund acquired both the Chepstowe and Maroona wind farms, building its wind-energy portfolio to a total of five wind farms.

Prime Super chief executive Lachlan Baird said the latest energy services acquisition will help the super fund maintain “strong returns for [its] members while helping the economy transition to greener energy solutions”.

“Prime Super is now a significant presence in this sector and by leveraging the benefits of our existing business Savant Energy and our wind energy assets, we’ll be able by 2025, to transmit green energy throughout the country and create many new jobs for people. ”

Founded in 1996 following the merger of four regional super funds, Prime manages more than $6.7 billion in retirement savings for more than 143,000 members in the agriculture, healthcare, aged care, education and recruitment industries.

Prime Super’s investment manager, PATRIZIA Infrastructure, coordinated the Active Utilities takeover.