About
Merit Advisory is Sally Torgoman and David Leitch. Between them: a lawyer and electrical engineer who has built, financed and negotiated the assets, and an investment analyst who has covered the sector for three decades.
We formed Merit Advisory to do the work ourselves. We both attend every engagement, from the scoping conversation to the final document. Nothing is handed to a team you have not met.
We hold no development pipeline, no trading book and no success fees on transactions, which means there is nothing in our advice working for someone else. Where an engagement touches a prior relationship, we say so before it starts.
Director
sally.torgoman@meritadvisory.com.au · +61 447 244 621
Sally has 25 years in energy and is dual qualified in law and electrical engineering. She has worked in private practice and in-house at Origin Energy, EnergyAustralia and BlueScope Steel, was Global General Counsel of EEW Limited — a private equity backed renewable energy developer and operator — and was a partner at KPMG leading the energy practice.
She has advised boards across the energy sector on strategy, commercial structuring and major infrastructure transactions. Her transactional experience covers the drafting and negotiation of renewable and gas infrastructure agreements including SPAs, EPC contracts, O&M agreements and PPAs.
Sally has worked on projects in Australia, Papua New Guinea, the Philippines, Indonesia, Korea, China, Egypt, Israel, Chile, the European Union, the United Kingdom and the United States.
Principal
david.leitch@meritadvisory.com.au · +61 412 519 001
David has 33 years of investment banking research experience covering the Australian electricity, gas and renewables sectors. He has provided investor education on IPOs and secondary market transactions for listed energy and infrastructure issuers, and published analysis and valuation opinions on ASX-listed utility, infrastructure and building materials stocks throughout that period.
He has presented investment ideas to fund managers in Australia, Asia, the United States and Europe, and presented at the UBS utilities conferences in Boston, London and Shanghai. Alongside the research career he has advised energy users, generators, network businesses and state investment bodies on contract value, generation economics and firming.
David maintains a NEM-wide electricity database updated every five minutes, and a full linear-program model producing half-hourly price forecasts to 2045. He originated and co-hosts the EnergyInsiders podcast.
Board facilitation, due diligence, market intelligence and risk — from the two people who will do the work.
