Yates Electrical Services and Prime Super join forces to acquire Savant Energy

Two SA energy companies have merged in a move aimed at boosting the supply of renewable energy to apartments, offices and other multi-tenancy buildings.

Riverland-based renewable energy company Yates Electrical Services (YES Group) has partnered with a $6.3bn super fund to take over specialist energy provider Savant Energy.

Savant operates “embedded utility networks” across South Australia, Victoria, NSW and Queensland, developing and managing the cabling, switchboards, metering and other infrastructure that enables it to purchase utilities in bulk, and then supply to individual occupants within multi-tenancy buildings such as apartments, offices and shopping centres.

The Adelaide-based company also invests in behind the meter infrastructure such as solar systems, batteries and electric vehicle chargers.

Backed by Prime Super, YES Group’s acquisition of Savant creates a “vertically integrated renewable energy business”, enabling Savant to connect more of its 9000-plus customers with renewable energy sources.

The renewable energy will be sourced from a portfolio of solar and battery systems, along with the installation of on-site solar, batteries, EV chargers and meters by YES Group.

YES Group managing director Mark Yates said the deal would result in the opening of a new office in Adelaide, with all 10 Savant staff to be retained and added to his company’s existing workforce of 40 employees.

“Our business has existing solar, battery and EV charging capability, and we are also accredited meter installers,” he said.

Yates Electrical Services managing director Mark Yates. Picture: Tom Huntley

“When coupled with our large portfolio of solar and battery farm assets distributed across the National Energy Market, we can turn Savant into a vertical embedded network solution which is a unique selling point which will support growth.

“This is an exciting long term strategic relationship with great potential as the energy market continues to evolve through its transition to renewables.

“Meeting growing energy demand with technical solutions such as EV charging and electric hot water backed by solar and storage will result in Savant having a competitive advantage.”

YES Group was established by Mr Yates in 2004, and over the past five years has developed and built more than 100 solar farms in the sub-5MW market, managing 100 per cent of the renewable energy generated through its YES Energy retail business.

It has also developed and built numerous other renewable projects across the country, including wind and solar farms and high-voltage substations.

Last year it won a $36m contract to build five solar and battery farms across regional South Australia.

Prime Super has more than 130,000 members and has invested in a range of infrastructure assets globally, including renewable energy, waste-to-energy, energy storage and cogeneration.

Its infrastructure portfolio is managed by global investment manager Patrizia.

Patrizia head of infrastructure Australia and Asia, Saji Anantakrishnan, said the deal with Savant would enable the combined group to grow the embedded network model across more apartment complexes, retirement villages, shopping centres, offices and industrial parks.

“In line with Patrizia’s and Prime Super’s approach to sustainable investing and supporting local communities, we will deliver renewable energy solutions to developers and end consumers,” he said.

“The acquisition of Savant is typical of our mid-market infrastructure strategy.”

Originally published as Yates Electrical Services and Prime Super join forces to acquire Savant Energy