Street Talk

QIC’s remote power player Pacific Energy seeks growth capital

Sarah Thompson, Kanika Sood and Emma Rapaport

Feb 24, 2025 – 10.09am

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Alinta remote power, Zenith Energy and now QIC’s Pacific Energy – the wave of investor capital chasing remote power providers to West Australian miners has found a new target.

Sources say QIC is in the final stages of securing a sizeable equity injection for Perth-based Pacific Energy, which it plucked off the ASX boards in 2019 for about $420 million after locking horns with a bidder consortium including Canada’s OPTrust and Infrastructure Capital Group (since acquired by and renamed Foresight Group).

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.