Three years after Zen Energy was purchased by Sanjeev Gupta’s Simec group of companies, Australian economist Ross Garnaut has reclaimed ownership of the project development company in what has been referred to as a “friendly” de-merger.
Zen Energy is an Australian provider of solar panels, solar power systems and retail energy. Founded in 2004, Zen Energy merged into Gupta’s Simec Energy Australia in 2017, according to Renew Economy. Garnaut cited the reason for the merger was differences in goals for the company.
“We are interested in playing a role in making Australia a super-power in a low-carbon world,” said Garnaut. “I will continue to give him [Gupta] good advice. We remain friends.”
With the move, the majority shareholding of Zen Energy will transfer back to Garnaut through the Sunshot Energy business he has established with business partner Raymond Spencer.
Garnaut noted Sunshot is working on a number of new development pr
