Pioneer Energy Restructures and Expands.
Following the acquisition of the Roaring Forties shareholding in the Southern Generation LP, Pioneer Energy has used the opportunity to re-align the overall Pioneer business structure to unlock the synergies of the wider generation and investment portfolios.
The hydro, wind and thermal assets from Pioneer Energy and Southern Generation have now been amalgamated into the newly formed Pioneer Energy Renewables LP (PER). To further ensure more alignment between the generation portfolio and the market, PER has acquired all shares in the Pulse Energy Alliance LP.
The long standing partnership Pioneer has with Buller Electricity has been deepened by Buller taking up a 24.2% shareholding in the newly formed Pioneer Energy Renewables LP.
Pioneer Energy has used the opportunity to position the corporate structure to enable access to new equity to fund a strong growth pipeline. The newly established Pioneer Energy Group LP will provide corporate services to partnerships, enable increased access options for new equity and will hold:
75.8% of PER
85% of Ecogas LP
50% of Lochindorb Wind LP
The substantial project pipeline across a variety of renewable energy developments.
Capability to develop new investments.
Fraser Jonker, appointed as Group CEO, says “The opportunity created through the acquisition of the Southern Generation shares from Roaring Forties has enabled a step change for Pioneer Energy in our continued strategy to diversify and grow our investment portfolio. This will enable a number of attractive options for new equity investment into this increasingly diversified portfolio.”
Peter McClean, previous GM Contracting for Pioneer, has been appointed as GM for the newly formed Pioneer Energy Renewables LP.