Australian renewable energy business Hydro Tasmania has completed its purchase of Momentum .
Momentum is a rapidly growing accredited GreenPower renewable energy retailer, based in Melbourne. They specialise in business customers who are located in Victoria, SA, and NSW.
In order to complement its electricity generation activities and create a strong renewable energy leader in Victoria, Hydro Tasmania purchased an initial 51 % share in the business in August 2008. This action reduced Hydro Tasmania’s risk exposure in the National Electricity Market and ensured the business remained profitable in an increasingly competitive market.
The completion of the purchase of the remainder of Momentum was going to occur later this year, in September. However, shareholders agreed to an early completion in September 2009, which reflected Hydro Tasmania’s confidence in Momentum’s capacity to attract and keep renewable energy customers.