GE Capital today announced that it had provided QEnergy, a leading Australian electricity retailer for small to medium-sized businesses (SMEs), with a $10 million financing facility.
The facility, which will increase in line with anticipated growth in the business, will help QEnergy expand its major operations in Queensland and New South Wales into Victoria, as well as continuing to grow in South Australia and the Northern Territory.
GE Capital A&NZ Managing Director, Corporate Finance, Paul McCann said: "Our industrial heritage and deep knowledge of the energy sector - from financing expertise to our equipment and maintenance capability - means we're well placed to assist QEnergy not only with a flexible financing facility, but in responding to business and energy industry challenges, such as greater scrutiny of the electricity sector, rising prices and an increased regulatory focus.
"By utilising an asset-based lending approach, we have been able to provide a unique and tailored working capital solution for a growing utilities retailer operating in a highly regulated industry," Mr McCann said.
QEnergy's Managing Director, Kate Farrar, said: "As an electricity retailer, there is always a significant call on QEnergy's balance sheet to provide prudential bonds to participate in our industry. This relationship with GE will provide QEnergy with funding to support the rapid growth our business is experiencing across Australia, allowing us to provide service to more SME customers in the way that this sector deserves."
Operating since 2010, QEnergy is a privately owned Australian electricity retailer specialising in providing SMEs cost-effective ways to save on electricity charges. The company's approach delivers tailored solutions to businesses based on power usage and tariff structures that help their customers significantly reduce business costs.
Emma_ Rugge-Price
VP Communications
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