Plenti (ASX:PLT): Offering investors exposure to the energy transition, but without the high capex

Plenti (ASX:PLT) is not just another small cap lender – it could be the best way to gain exposure to the energy transition. Because it is a lender focused on lending to renewable energy, as well as to consumers for automotives and personal loans. But it is the first of these that has won it favour with investors recently.

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Introduction to Plenti

Plenti began in 2014, then known as RateSetter Australia. It was a peer-to-peer lending platform open to individual investors, built on technology superior to the major banks. Within 3 years, it had facilitated A$200m in loans, a figure that was $800m by mid-2020. At this point, it restructured and changed its name to Plenti ahead of its IPO which occurred in August of 2020.

In September 2020, it had A$286m in originations (i.e. loans written) and its market cap was just below that.

The rollercoaster ride takes a turn for the better

The company floundered as interest rates rose; as did many of its peers in this space like Humm (ASX:HUM) and Pepper (ASX:PPM). Demand for lending slowed down, but investors were concerned that defaults would rise. Consider that interest rates rose 12 times, well ahead of how much lenders giving money in mid-2020 would’ve used as an interest rate buffer’.

But the wheel began to turn in late 2023. The company reported its annual results and investors were impressed. It has a total portfolio of $2bn, up 29%, and originations were $624m, up 12%). Revenue was $97m, up 52%, its NPAT was $1.5m, up 10%, and its net loss rate was 0.99%.

About this time, the company entered a strategic partnership with NAB whereby the pair would help to create EV loan products and it also provided for NAB to acquire up to 15% of the company. The product was launched in June 2024, initially to NAB’s own employees and then to NAB’s own customers. Plenti would provide the technology to be used for credit assessment and loan settlement, and NAB would provide the funds.

Also in June 2024, Plenti was chosen by the Clean Energy Finance Corporation (CEFC) as the inaugural financier for its first investment under its $1bn Household Energy Upgrades. The company received a grand total of $60m. Customers accessing through the scheme would get up to a 2.74% p.a. discount from its standard loan rate, a further 0.6% discount if they signed up to a Virtual Power Plant (VPP) and could get loan terms of up to 15 years (5 years longer than typically available).

2025 has been another stellar year

In February 2025, Plenti was a part of the first deal to price in the Australian securitisation market in 2025. It was involved in a $509m transaction, taking its total public securitisation programs to over $3.4bn. In other words, investors put their money into a pool for Plenti to lend to its consumers, trusting they would get a return.

In June 2025, Plenti won an open tender to become administrator and financier for WA’s Australian Residential Battery Scheme – a scheme enabling a government rebate and up to $3,800 for the installation of batteries (dependant on their size and their energy company) as well as no-interest loans of up to $10,000.

Quarterly update after quarterly update showed continually growing originations as well a continuing shrinking of credit losses. The most recent came in July 2025 for the quarter ended June 30. It was another record of total originations – $437m – but there was also 110% growth in the car loan product it has with NAB. The total portfolio was $2.7b (nearly double 3 years ago) and 90+ day arrears were just 49 basis points.

Conclusion

Plenti is aiming for its loan book to reach $3bn by March 2026 and to deliver $25m in efficiency as its book reaches that point. It has also told investors it would continue to drive ‘meaningful Cash NPAT growth’.

We’ve been impressed with the company’s growth in the last few years. It is a solid choice for investors wanting exposure to the growth in renewable energy and EVs, but without the high capex that manufacturers typically have.