PEP buys 30% of Grok Ventures-backed Energy Bay
What's the deal? Pacific Equity Partners (PEP)Dealroom has a profile for this one. Try Dealroom → has agreed to acquire a 30% stake in Australian renewables business Energy BayDealroom has a profile for this one. Try Dealroom →, mostly through a primary share issuance, according to sources with knowledge of the transaction. The deal value was undisclosed.
What does Energy Bay do? Founded in 2016 by chief executive James Doyle, it sells on-site energy to large businesses, property owners, and developers under long-term contracts. Its clients include StocklandDealroom has a profile for this one. Try Dealroom →, with partnerships spanning BlackRock, ColesDealroom has a profile for this one. Try Dealroom →, Coca-ColaDealroom has a profile for this one. Try Dealroom →, LendleaseDealroom has a profile for this one. Try Dealroom →, and the CSIRODealroom has a profile for this one. Try Dealroom →.
Why now? The funding will bankroll Energy Bay's capital-intensive contract pipeline across embedded networks, rooftop solar, and battery energy storage. In February, the company was hunting for an institutional investor willing to put in between $150 million and $500 million.
Who else is backing it? PEP joins a roster that includes Kim Jackson and Scott Farquhar's Skip CapitalDealroom has a profile for this one. Try Dealroom →, Mike Cannon-Brookes' Grok VenturesDealroom has a profile for this one. Try Dealroom →, and SolettoDealroom has a profile for this one. Try Dealroom →, the family office of billionaires Paul and Sandra Salteri. PEP was advised by JardenDealroom has a profile for this one. Try Dealroom →; Energy Bay had Barrenjoey.
By the numbers: Energy Bay reported $182.2 million in revenue for the 2025 financial year, up from $116.4 million. But a rising cost of sales — $161 million — left gross profit flat at about $21 million, per the latest filings.
As of June 30, the company had 78 operational embedded networks, 228MW of operational and under-construction solar PV, and 42MW of battery energy storage. Last week it signed a 30-year, $430 million deal with CenturiaDealroom has a profile for this one. Try Dealroom → to deliver 70MW of solar and 300MWh of storage across up to 240 properties.
The signal: PEP's arrival extends a long line of energy bets, after backing IntellihubDealroom has a profile for this one. Try Dealroom →, Zenith EnergyDealroom has a profile for this one. Try Dealroom →, and embedded networks player WINconnectDealroom has a profile for this one. Try Dealroom →. Its stake in Energy Bay points to deepening private capital interest in Australia's on-site renewables rollout.
Read more: afr.com
Image credit: John Englart (Takver)
