Under the new ownership structure, HD Renewable Energy and ZEF Holding will jointly advance ZEBRE’s existing solar, battery storage and electricity market projects. ZEBRE will continue to operate under its existing independent governance and management framework.
ZEF Holding is backed by funds managed by Future Group Investment Management, along with Australian institutional investors Samuel Terry Asset Management and Income Asset Management. Future Group focuses primarily on sustainable and responsible investment. As of April 2026, it oversaw more than AUD 13 billion in funds and served over 400,000 members.
HD Renewable Energy expects the addition of local investors to expand ZEBRE’s financial capacity for project development, acquisitions and energy asset operations while strengthening its access to Australia’s capital markets.
Several projects within ZEBRE’s portfolio are progressing. In South Australia, the Solar River hybrid solar and battery storage project is in discussions with data centre operators regarding long-term agreements for reliable, low-carbon electricity supply.
The operational Templers battery energy storage system ranked first in South Australia for revenue per megawatt for four consecutive weeks in January 2026. The project has also secured a 20-year tolling agreement and a government power purchase agreement, creating a revenue model that combines contracted income with returns from electricity market participation.
Another major project, the Dartmoor battery energy storage system, was selected in the first tender round of the South Australian Government’s Firm Energy Reliability Mechanism, or FERM.
Dartmoor is planned to have a nameplate capacity of 144 MW and 576 MWh. Of this total, 50 MW and 400 MWh have been committed under the FERM agreement. The facility will be required to dispatch electricity continuously for at least eight hours during periods of tight supply and system stress. By providing long-term contractual support for part of the project’s revenue, the mechanism is intended to reduce developers’ reliance on irregular electricity price spikes.
Beyond renewable energy asset development, HD Renewable Energy plans to extend its Australian strategy into the data centre sector. The company intends to combine ZEBRE’s solar and storage assets with the electricity trading, smart dispatch and risk management capabilities of its subsidiary, Star Exchange.
Together, these resources are expected to support data centre electricity supply and carbon management solutions with a target scale of approximately 2 GW. The figure represents a development objective rather than confirmed operating capacity, and implementation will depend on factors including long-term power agreements, project development and customer partnerships.
Regarding HD Renewable Energy’s previous investment in Australian electricity retailer ZEN Energy, the company said the share transfer process remains underway and will be handled in accordance with applicable accounting standards and regulatory requirements.
Following ZEN Energy’s departure from ZEBRE’s management structure, the new investor has assumed its role in the platform. HD Renewable Energy said ZEBRE’s existing projects and operating plans will proceed as scheduled and that the ownership restructuring is not expected to have a material impact on the group’s overall operations, financial structure or core business activities.
