According to the Sumitomo Corporation website, Sumitomo Corporation via its wholly-owned subsidiary Summit Southern Cross Power Holdings Pty Ltd (SSCPH), an electric power holding company in Australia, has acquired 100% of the shares of Infinite Energy Holdings Pty Ltd, which develops/sells distributed solar power systems, sells/installs storage batteries, and engages in electricity retailing, effective January 24, 2019.
As Australia’s population increases and electric vehicles (EVs) grow in popularity, a robust increase in electric power demand is anticipated. Falling prices for solar panels as well as the availability of support at the federal and state level has jump-started small distributed solar power projects that make use of the rooftops of residential and commercial properties, resulting in lower retail power prices for households and business users. Introducing solar power systems in Western Australia, where power prices are high due to the costs incurred in transmitting power through areas of low population density, makes particularly good sense due to the significant sunshine the state receives.
IE holds the top share in sales of solar power systems in Western Australia, and ranks fourth in sales across Australia as a whole. In addition to selling and installing solar power systems, IE serves as an electricity retailer, selling electric power procured through solar power systems and the wholesale electric power market to users via existing power grids. Adding to its high customer recognition and brand strength, IE has established strategic partnerships with major companies locally and secured sales channels by collaborating with partners in a broad range of industry sectors.
SSCPH acquired business interests in the Kwinana Power Plant in 2009 and the Bluewaters Power Plant in 2013, making it an important player in Australia’s electricity generation business. These two power plants supply about 30% of the electric power used by Western Australia’s power grid (enough to power about 800,000 households). Bringing its considerable corporate resources to IE’s existing business operations, SSCPH will help construct a platform for electricity retailing that utilizes distributed solar power generation and battery storage in Australia. It will also leverage the Sumitomo Corporation Group’s wealth of business line know-how and networks to create new business domains that combine electric power with other businesses.
By engaging in these efforts to utilize clean power drawn from renewable energies, Sumitomo Corporation is extending and expanding its business along electric power value chains from upstream to downstream. It will continue to respond to the needs of communities and customers, and contribute to meeting electric power demand worldwide.
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