Rinnai Australia acquires solar and energy storage retailer

Rinnai Australia says the acquisition represents a “significant step forward for both companies, enhancing their capabilities and offerings in the renewable energy sector”. Interest in Australia’s rooftop solar sector has been growing steadily, with consultancy SunWiz revealing that 302MW had been installed across the country in July 2024.

The acquisition will also help Rinnai Australia build a one-stop shop for decarbonisation solutions, particularly with its current portfolio of technologies such as green hydrogen. Green hydrogen for heating has already been explored in Japan, and the company plans to potentially use this clean energy carrier in the Australian market.

Rinnai Australia also offers other decarbonisation technologies such as heat pumps and a geothermal system that provide heating, cooling and hot water generated from renewable energy. The addition of Smart Energy Group to its ranks will help it add additional renewable energy assets to its portfolio, such as solar photovoltaics and battery storage systems.

Lucas van Raay, Managing Director of Rinnai Australia, said the move will enable it to offer fully integrated solutions to homes and businesses looking to reduce their carbon emissions.

“This strategic move allows us to accelerate the deployment of renewable energy technologies across Australia, delivering fully integrated solutions that combine energy efficiency with home comfort and convenience,” Mr Raay said.

The acquisition will be completed for an undisclosed amount.

Japanese influence continues to spread into Australia

Rinnai Australia’s acquisition of Smart Energy Group comes just days after Japanese energy company J-Power announced it had agreed to acquire Genex Power, an Australian renewable energy and energy storage developer, in a deal worth A$351 million ($229 million).

As disclosed last week (July 31), J-Power has acquired 1,278,187,135 shares at a price of AUS$0.275 and plans to expand its operations in Australia as it seeks to capitalise on growing interest in renewable energy and net zero emissions.