Charging Up Local Energy Choice In Tasmania
Foresight asset Tas Gas has become Solstice Energy, a diversified energy company based in Tasmania, Australia. A new local energy business, it is set to provide homes and business with real choice and real competition.
Foresight’s managed fund, the Energy Infrastructure Trust (EIT) invested in the organisation in 2019, managing 100% of Tas Gas through a combination of EIT’s ownership via separately managed accounts. The first step of its transformation will see the retail business, now Solstice Energy, to begin selling electricity to Tasmanian households and small businesses in early 2024.
Foresight Joyce Lai, Associate Director, Institutional Investor Relations:
"Through our partnership with Tas Gas we've helped navigate its pathway to decarbonise. This includes a shift to energy retail and assisting its customer base to transition toward renewable fuels. We're looking forward to seeing what is next for Solstice Energy as it continues to diversify within this expanding market."
Solstice Energy CEO, Phaedra Deckart:
"For the past 20 years, we have played a key role in Tasmania’s energy security as the leading local natural gas company. In that time, we have built up local knowledge and expertise and supported local business and industry, along with local charities and sports.The energy market is changing, nationally and internationally, so we are changing with that. But what we’re not changing is our strong commitment to Tasmania. We will continue to pursue new projects, such as bio-fuels and green, renewable gases, using our pipeline expertise and reputation.”
Launched in 2005, Foresight's Energy infrastructure Trust (EIT) is an unlisted unit trust. It has created a low volatility income-oriented portfolio and invests in core and super-core assets in the infrastructure sector across Australia and Europe. This provides institutional investors with stable and attractive risk-adjusted returns.
Read more about Solstice Energy here.
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