Solco launches national finance business

Solco Ltd has established a national finance business, which leases products for solar retailers and installers servicing SMEs and residential property owners.

In two separate acquisitions, Solco has purchase the assets of ZincFinance from Australian Finance Group (AFG) and the solar lease assets of Bright Generation Holdings. The two businesses’ operations and processes will be integrated into a new entity, Solco Finance, from July 2013, which will operate under its own Australian credit licence.

“We are committed to changing the way people buy their power,” said Solco CEO Anthony Coles. “Distributed generation, supported by the new economics of solar power, is now competitive with traditional sources of power in many parts of Australia.

“By bundling energy and finance services together, we want to be able to bring new products to new customers, in a post-solar-rebate Australian energy market.”

Solco says the downturn in the wholesale sector over the past two years due to global oversupply prompted its change in strategic direction.

As a result of the restructure of its wholesale activities, Solco says it will achieve a 2012/13 turnover of approximately $10.3 million.