One of Australia’s landmark renewable energy “gen-tailers,” Flow Power, is reportedly up for sale, with its major shareholder alongside its founder said to be shopping around for buyers.
The Australian Financial Review reports that Canadian pension fund OPTrust has asked Lazard Australia to sell off its majority stake in Flow Power, which it bought eight years ago.
The AFR cites a marketing flyer that says both OPTrust and founder Matthew van Linden want to sell the company, and its $20 million profit before interest, taxes, depreciation and amortisation (EBITDA) for the year to June 30, by Christmas.
Melbourne-based Flow Power has been a pioneer, in Australia, of coordinating cheap renewable power supply deals – initially for business and industry, but more recently for households, too – starting back in 2017 with a “first-of-its-kind” PPA with Ararat wind farm in Victoria.
In 2021, Flow graduated from a business model based on power purchase agreements (PPAs) to developing some of its own projects, starting with a couple of sub-5 megawatt (MW) solar projects in South Australia.
