We are Aeris Capital

Aeris’ expertise includes solar PV, central thermal plants, embedded networks, co and tri-generation and water recycling.


Assist clients develop and implement new projects


Value add the commercial returns from existing assets


Produce a return on investment from these assets

Our Process

To illustrate what we do, we have set out a description of our typical project process.



We work with our client and their appointed consultants to assess:

  • electrical,  space cooling/heating and hot water loads of the building or development
  • base building and tenant/resident energy demands
  • possible connection of adjoining property energy loads
  • the energy efficiency of the selected technologies
  • the client’s commercial drivers and intentions with respect to energy and water plant



  • Establish a commercial model which maximises our client’s commercial return and sustainability outcomes
  • Consider what changes can be made to an existing building or new building design in order to create or increase value – this may include embedded generation, thermal and electrical networks


We produce:

  • detailed operational modelling of energy loads, the plant’s design, the means by which the plant meets the building’s (or precinct’s) load, and the plant’s energy input requirements
  • detailed financial modelling including the preparation of current and forecast profit & loss, balance sheet and cash flow statements taking into account separate rates of inflation for the various plant inputs and plant outputs

Our analysis is more thorough than most engineering or sustainability consultants and we are able to use our own IP to provide higher certainty around our modelling work.

The conclusion of our modelling process is typically a valuation of the energy and water assets.


Business Case

We typically then produce:

  • a plan for the sale or on-sale of thermal energy, electricity and gas to connected end-users
  • a plan for the procurement of gas and electricity inputs
  • a commercial model describing how the business plan can be implemented and how the client’s return on investment can be realised

Aeris’ early involvement in a project’s planning phase allows us to work alongside our clients to prepare more valuable and complete energy infrastructure plans.




  • draft terms sheets for the various contracts needed to support an energy project
  • lead the document negotiation (or re-negotiation) process. This includes thermal energy supply agreements, precinct power agreements, embedded network agreements, etc.

Our commercial advisory skills are unique and sought after by our clients in particular for documentation processes.


Value Extraction

Depending on the client’s objectives, we may:

  • source finance for the project
  • run a tender for the sale of the plant (own and operate)
  • run a tender for the lease of the plant (lease and operate)
  • run a tender for the operation of the plant

Our commercial advisory skills are unique and sought after by our clients in particular for documentation processes.

Our Services

Advice on the inclusion of privately owned energy or water infrastructure is obtained from engineering consultants, quantity surveyors and legal advisers.  We do not compete with these consultants and advisers, but support them by working in a collaborative manner alongside the developer or property investor with the aim of maximising the commercial return from such assets – this is our key point of difference and why our clients chose to work with us over the longer term as a trusted partner.

Our commercial and financial advisory services fill a critical gap in this exciting and rapidly changing regulatory landscape, where the choice of adopting privately owned embedded networks and decentralised utility infrastructure is becoming increasingly attractive.

Our services include


Sourcing and arranging debt, equity, lease finance, receivables funding, securitisation structures.


Turning plant and equipment into a business through implementing the necessary contracts including those with customers and suppliers.


Reforming poor or non-performing plant equipment. Optimising the plant within agreed constraints to make it a working, valuable business unit.


Acquiring an asset, project or company.


Selling an asset, project or a company.


Tenders or letting concessions

Project Leader

Acting as a project leader on behalf of a client where internal human resources are unavailable or not suited to the task.

Our Track Record

We have a track record which includes working on a number of large and complex transactions, financings and property developments.

We have built a reputation for being a trusted adviser and through our focus on attention to detail and our ability to create value for clients. 

Highlights of our relevant experience include:

  • Detailed business case for reforming an existing central in a large social infrastructure PPP
  • Commercialisation and sale of the central plant at Frasers’ award winning Central Park development
  • Commercialisation and lease of the central plant at a large Sydney mixed use development
  • Acting as commercial and financial adviser to Parramatta Council in its tender for a party to build own operate and transfer a central energy plant at its iconic Parramatta Square development
  • Procuring EUA financing for the central plant at Frasers’ Central Park development
  • Feasibility study into the inclusion of embedded networks and utilities in four large, prestigious, Sydney residential developments
  • Running a pre-sale EOI process for embedded networks and utilities in four large, prestigious, Sydney residential developments
  • Procuring equipment (rental) finance for a sub-metering company
  • Procuring debt finance for a new solar PPA company
  • Operational and financial modelling for a new PPA product for an electricity retail
  • Solar PPA product documentation
  • Pre-feasibility study into centralising plant at a major health precinct
  • Project operational and financial modelling for a recycled water utility
  • Embedded Network financial modelling and business establishment
  • Establishing two new EUA financing trusts (ANZ and NAB and CEFC)
  • Working with NSW and VIC state Governments to amend LGA to create EUA product
  • Provision of leverage, mezzanine and subordinate debt finance for many companies

Latest News

  • By Jesse Warburg
  • Posted October 9, 2015

The future of distributed energy in Australia

Pat Dale from Aeris Capital believes we will see a significant increase in thermal precincts, embedded energy networks and embedded generation, as well as non-conventional renewables such as geothermal power.

  • By Jesse Warburg
  • Posted August 26, 2015


Aeris has develop a suite of unique modelling tools that are both operational and financial in their focus and outputs. Here is an example of our Tri-Gen modelling for a forecast year of electricity demand and engine production to supply that demand.

Aeris can model your prospective or existing building’s energy systems and then find new, optimal outcomes.

We can fine-tune the analysis down to an hourly level and make specific and often counterintuitive recommendations like “scheduling the gas engine to start at 8 AM in winter and 7 AM in summer should save you upwards of $50,000 per year while increasing engine efficiency”


About Us

Patrick Dale B. Eng (Chem) Managing Director
  • 18 years banking and finance experience including 7 years of environmental, power, and renewable energy finance experience
  • Previously worked at Citibank, AMP Capital and National Australia Bank
  • Originally a chemical engineer with work experience in the minerals processing industry
Jesse Warburg BASc, (Econ) Principal Consultant
  • 9 years experience in Australian energy market with a focus on electricity and gas retail and wholesale markets
  • Previously worked at Australian Power & Gas; provided commercial advice to Macquarie Bank, Hydro Tasmania
  • Expert modeller

Contact Us

We are here and ready to help, feel free to contact our consultants.

Patrick Dale

Jesse Warburg

Janine Ryan