Processing timeline
4
days
Filed
10 July 2026
Decision Due
21 Aug 2026
Est decision date: 13 Aug 2026. Based on 34 decided Professional & Business Services notifications.
Acquirer(s)
The Trustee for Energy Bay Kappa Fund ABN - 37 949 909 024
Target(s) or Vendor(s)
CENTURIA FUNDS MANAGEMENT LIMITED ABN - 11 607 153 588
Other parties
None listed
Energy Bay Kappa Fund is acquiring energy infrastructure assets and embedded network operating rights across 239 sites from various subsidiaries of the Centuria Capital Group. This asset sale involves Energy Bay, a distributed energy infrastructure company, taking over embedded network operations from property investment and management firm Centuria Capital Group members.
Energy Bay Kappa Fund Pty Ltd as trustee for the Energy Bay Kappa Fund (Energy Bay) proposes to acquire from various subsidiaries of the Centuria Capital Group (the CCG Members): energy infrastructure assets and the exclusive right to operate existing embedded networks at 45 sites, energy infrastructure assets and the exclusive right to install and operate embedded networks at a further 194 sites, and first and last rights of refusal to acquire analogous rights in respect of any further sites of the kind described in the transaction documents provided as part of the application. Energy Bay is part of Energy Bay Group, which is a distributed energy infrastructure company operating embedded networks at large commercial and industrial sites owned by third parties in New South Wales (NSW), Australian Capital Territory (ACT), Western Australia (WA), Victoria (VIC) and Queensland (QLD). Energy Bay Group also owns Diamond Energy Pty Ltd, an electricity retailer that operates in all National Electricity Market jurisdictions. The CCG Members are subsidiaries of the Centuria Capital Group, which is comprised of Centuria Capital Limited and Centuria Funds Management Limited. The CCG Members invest in and manage properties for investment funds. As part of that primary business activity, in each of NSW, ACT, VIC, QLD, South Australia, and WA, they currently: operate embedded network infrastructure at some of their sites, engage in behind the meter generation or storage at their sites, and supply and sell electricity to their commercial tenants connected to their embedded networks. Unlike Energy Bay the CCG Members do not, and do not plan to, operate embedded network infrastructure owned by third parties and/or at properties owned/occupied by third parties on behalf of those third parties.
The ACCC has prepared a questionnaire on the Acquisition. Submissions or information in response to the questionnaire should be provided by 17 July 2026 via email to mergers@accc.gov.au with the title Submission re: Energy Bay – Centuria Capital. The ACCC’s ability to give detailed consideration to submissions received after this time may be limited.