AGL Energy Limited (AU:AGL) has released an update.
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AGL Energy Limited is set to strengthen its position in the energy sector with the strategic acquisition of Firm Power and Terrain Solar for $250 million, expanding its development pipeline to 8.1 GW of energy projects. This move is aimed at enhancing AGL’s capability in battery energy storage and solar power development, as the company continues to lead the transition to renewable energy amidst the decline of traditional thermal baseload generation. The purchase, which leverages AGL’s existing cash reserves, will include a range of projects across various regions in Australia, with completion expected within 2024.
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