AGL Acquires Aussie Renewables Firms, Expands 8.1-GW Pipeline

• AGL Energy Ltd boosts renewable energy portfolio with AUD 250 million acquisition of Firm Power Pty Ltd and Terrain Solar, expanding development pipeline to over 14 GW.

AGL Energy Ltd has agreed to acquire two Australian renewable energy developers, Firm Power Pty Ltd and Terrain Solar, in a AUD 250 million deal. This acquisition will increase AGL's development pipeline to over 14 GW, with 8.1 GW coming from the projects of the two companies. The projects include battery energy storage, solar farms, and a wind project in New South Wales.

AGL's Managing Director and CEO, Damien Nicks, stated that the acquisition will provide strong optionality for the company as it focuses on firming capacity to support new renewable generation. The utility plans to finance the deal with its own cash resources and expects it to be completed by the end of the year, pending customary conditions.

How will AGL Energy's acquisition of Firm Power and Terrain Solar impact its renewable energy portfolio?

• The acquisition of Firm Power and Terrain Solar will significantly increase AGL Energy's renewable energy portfolio, adding over 8.1 GW of development pipeline.
  
• AGL's focus on firming capacity to support new renewable generation will be strengthened with the addition of battery energy storage projects from the acquired companies.
  
• The acquisition will also diversify AGL's renewable energy projects, with solar farms and a wind project in New South Wales being part of the deal.
  
• AGL's Managing Director and CEO, Damien Nicks, sees the acquisition as providing strong optionality for the company as it continues to expand its renewable energy offerings.
• The AUD 250 million deal will be financed with AGL's own cash resources and is expected to be completed by the end of the year, pending customary conditions.