Australia’s Genex Power Claimed Its Bid Has Fallen Through Which Was to Be Bought Out by a Consortium

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Australia’s Genex Power, a renewable energy developer, has announced that a consortium led by Atlassian co-founder Scott Farquhar had withdrawn its proposal to buy the company.

A spokesperson for the consortium said they were disappointed not to be able to find “an acceptable path forward” despite their increased offer of 25 Australian cents per share. This proposal would have valued the company at A$346.3 million ($233.06 million).

The consortium had entered into a binding agreement with Genex Power in August with an offer to buy out its shares at 23 Australian cents each. Furthermore, the consortium was prepared to provide Genex Power with a A$50 million loan facility as part of a more comprehensive strategic partnership and collaboration within the renewable energy sector.

This offer from the consortium was seen as an essential step in helping Genex Power reach its goal of becoming Australia’s leading integrated renewable energy player and providing support for regional jobs and communities. Unfortunately, despite extensive negotiations between both parties, a satisfactory outcome wasn’t achieved, and the consortium ultimately withdrew its bid.

On behalf of the consortium, Scott Farquhar said, “We remain long-term investors in clean energy technology and are keenly pursuing new opportunities which align with our core values of sustainability and social impact.”

Genex Power is the only pure-play renewable energy and storage firm listed on the Australian stock exchange. It has led the way in developing solar, storage and other clean energy solutions for Australians. The company has a portfolio of large-scale solar and pumped hydro projects across Australia.

Genex had said, “Our board would recommend the proposal if the private equity firms made a binding offer.”

It remains hopeful that it can find a suitable partner who shares its vision of providing clean, reliable, affordable energy solutions. In the meantime, the firm will continue developing its existing projects while exploring new ones with potential partners.

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