Another tech billionaire adds renewables stake to the trophy room

Another billionaire has moved into the renewables market with Atlassian founder Scott Farquhar revealing he has snapped up an 11 per cent stake in renewable energy company Genex.

Mar 02, 2022, updated Mar 02, 2022
Atlassian co-founder Scott Farquhar. His Skip Infrastructure holds 19.9 per cent of Genex . (Image: Supplied)

Atlassian co-founder Scott Farquhar. His Skip Infrastructure holds 19.9 per cent of Genex . (Image: Supplied)

His Atlassian co-founder and billionaire, Mike Cannon-Brookes has also reportedly bought into the company, which is building the north Queensland pumped hydro project and the Rockhampton battery.

However, Cannon-Brookes has not registered as a significant shareholder, which would mean that if he has a holding in Genex it is below the 5 per cent level.

Cannon-Brookes has also teamed up with Brookfield in a bid for AGL with a strategy to bring forward the closure of its coal fired power stations and replace them with a mega battery.

Perth billionaire Andrew “Twiggy” Forrest also bought up a $3 billion renewables project, near Rockhampton, through his private company, Squadron Energy.

Farquhar notified the ASX today that his private company, Skip Enterprises, now had 150 million shares in Genex after spending $15 million recently on snapping up 100 million shares.

Farquhar was likely to have bought into the company in last month’s $40 million capital raising to finance the Bouldercombe battery project, which reached financial close this week.

While the Brookfield and Cannon-Brooke bid for AGL was rejected it may still have some life.

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Van Eck, a major shareholder in AGL, said the price offered by the pair was too low while others have said another $1 billion would be needed.

Investment advisory firm Motley Fool said there was a lot going on with the AGL share price right now.

“Yes, AGL shares have shed 0.54 per cent or thereabouts so far today at $7.38 a share. But that’s not the most exciting happening with this company,” it said.


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