AGL Energy Limited (AGL) announced today that it has acquired the Australian wind farm interests of Allco Finance Group Limited (Allco).
Under the agreement, AGL will acquire Allco’s seven development projects in Queensland, New South Wales and South Australia for a price of $12.5 million.
AGL Managing Director Michael Fraser said the transaction was consistent with AGL’s strategy of developing a diverse pipeline of renewable projects to meet its long-term obligations under the Mandatory Renewable Energy Target (MRET) scheme. On 9 July 2008 AGL announced an investment in Torrens Energy Limited and the development of its geothermal exploration licences.
“The Federal Government has confirmed its commitment to a 45,000 GWh target by 2020 and AGL’s portfolio of current renewable generation and potential development opportunities positions us well under the expanded MRET scheme,” Mr Fraser said.
“The development portfolio we have acquired from Allco effectively represents an early entry option for us over potential future wind sites which should become increasingly valuable as the expanded MRET is deployed over time. It would also deliver further diversity across our renewable portfolio,” Mr Fraser added.
| Location |
Toowoomba QLD |
Armidale NSW |
Adelaide SA |
Burra SA |
Armidale NSW |
Eudunda SA |
Armidale NSW |
| Potential Capacity |
150MW |
Up to 150MW |
Up to 450MW |
180MW |
21MW |
Up to 150MW |
20MW |
| Permit Status |
Permitted |
Ready to lodge |
N/A |
Permitted |
In progress |
In progress |
Permitted |
| Wind Resource |
Indicative1 range of approximately 6.5 to 8.5 m/s |
| Capacity Factor |
Indicative1 range of approximately 30% to 40% |
1 Subject to further testing / monitoring.
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Further enquiries:
Media
Nathan Vass Senior Adviser Media
Direct: + 61 2 9921 2264
Mobile: + 61 (0) 0405040 133
e-mail: nvass@agl.com.au
Analysts & Investors
Graeme Thompson, Head of Investor Relations
Direct: + 61 2 9921 2789
Mobile: + 61 (0) 412 020 711
e-mail: gthompson@agl.com.au
About AGL
AGL is one of Australia's leading integrated energy companies. Drawing on 170 years of experience, it includes retail and merchant energy businesses, power generation assets and an upstream gas portfolio. AGL has Australia's largest retail energy and dual fuel customer base. This includes customers supplied with gas and electricity through AGL's joint venture partnership with ActewAGL. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass. One of Australia’s largest renewable energy producers, AGL is looking to further expand this position by exploring a suite of low emission and renewable energy generation development opportunities.
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