WA solar business gets $4m in funding

Plico Energy has locked in $2.4 million from investors while also agreeing to a $1.6 million debt facility with a major lender, with the funds to go towards its WA marketing initiatives.

Based in Perth, Plico is the unlisted retail arm of Starling Energy Group and provides solar and battery storage systems to households and businesses across the state.

Plico said the equity component of the capital raising, led by recently merged Euroz Hartleys, drew strong support from existing shareholders and Euroz subsidiary Westoz Funds Management.

Westoz executive director Dermot Woods said the business had been searching for an investment opportunity in renewables.

“We believe the Plico model provides a win-win solution for customers wanting affordable and reliable clean energy, and for state governments wishing to lower reliance on fossil fuels while maintaining a reliable transmission network,” he said.

“As investors, we believe there is huge growth potential for this sector, as customer and government awareness and acceptance grows.”

Plico chief executive Nuno Carneiro said the capital raised would go towards local marketing initiatives.

“Plico has taken an iterative approach to rolling out our renewable solutions to date, allowing us to prove the technology, implementation process and savings potential,” he said.

The raising follows a $50 million investment from Swiss infrastructure fund manager SUSI Partners late last year, used to fund Plico’s first roll-out of residential rooftop solar PV panels and battery storage systems.

That project allowed for the aggregation of individual systems into a virtual power plant (VPP), aimed at supporting the local grid.

Plico recently installed its 200th system, Mr Carneiro said.

“… We’ve now achieved good market penetration, been able to verify the disruptive model and have strong support, setting the stage for a significant growth phase for the company,” he said.