Australian vitality agency AGL Power Restricted is totally buying two renewable vitality firms for 165.38 million (AUD 250 million).
AGL has entered right into a binding settlement for the acquisition of 100% of the shares and models in Agency Energy and Terrain Photo voltaic, the Sydney-based firm stated in an announcement on the Australia Securities Change.
Agency Energy is a battery vitality storage system (BESS) developer with 21 tasks in improvement, whereas Terrain Photo voltaic is a photo voltaic undertaking developer with six tasks in improvement. The 2 renewable undertaking firms have a mixed improvement pipeline of 8.1 gigawatts (GW). This contains 6.1 GW of grid-scale BESS tasks throughout New South Wales (2.3 GW), Queensland (2.7 GW), Victoria (0.3 GW), Western Australia (0.5 GW) and South Australia (0.3 GW), in addition to 1.8 GW of photo voltaic tasks throughout New South Wales (0.5 GW), Queensland (1.1 GW), Western Australia (0.1 GW), and South Australia (beneath 0.1 GW). The pipeline additionally features a 250 megawatt (MW) onshore wind undertaking in New South Wales.
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AGL Managing Director and CEO Damien Nicks stated, “Right this moment’s announcement demonstrates our dedication to develop and speed up our improvement pipeline, which is already 6.2 GW, in order that AGL is greatest positioned to make the most of market situations and prioritise developments that generate one of the best long-term worth and be a frontrunner within the vitality transition”.
“The group’s improvement pipeline contains a number of mid-sized BESS tasks, ranging between 200 and 500 MW and two-to-eight-hours storage period,” Nicks continued. “We imagine this high-quality improvement pipeline presents robust optionality for AGL, specializing in firming capability which might be required to agency new renewable technology for our buyer base and portfolio as thermal baseload technology exits the NEM [National Energy Market]”.
The acquisition consideration of roughly AUD 250 million is anticipated to be funded from money on AGL’s stability sheet, in line with the discharge. The proposed acquisition is topic to customary situations precedent, with completion anticipated throughout the yr.
AGL operates Australia’s largest personal electrical energy technology portfolio throughout the Nationwide Electrical energy Market, comprising coal and gas-fired technology, renewable vitality sources resembling wind, hydro and photo voltaic, batteries and different firming expertise, and storage property. The corporate stated it’s certainly one of Australia’s main personal buyers in renewable vitality.
In associated developments concerning the vitality transition entrance, the Australian authorities awarded new permits for offshore gasoline exploration and carbon seize and storage (CCS) exploration. Gasoline is required to again up renewable vitality and assist the financial system as Australia makes the transition to web zero emissions, in line with an earlier information launch from the Ministers for the Division of Trade, Science and Sources.
Minister for Sources and Northern Australia Madeleine King will finalize permits for Esso and Seaside Power within the Otway and Sorrell Basins, with any found gasoline to assist the home east coast market. Exploration permits may also be finalized for Chevron, INPEX, Melbana, and Woodside Power on Australia’s west coast, supporting vitality safety in Western Australia.
Additional, 10 permits might be finalized for CCS exploration, in line with the discharge.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
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