Out-Law News | 17 Mar 2021 | 1:11 am |
ASX listed energy provider AGL is to acquire two Australian solar power companies, Epho and Solgen Energy Group.
The acquisition means AGL will have the systems and technologies in place to deliver more tailored and innovative energy solutions for businesses and deliver over 70MW of commercial solar each year, becoming the largest commercial solar provider in Australia, according to a statement.
AGL operates the largest electricity portfolio in Australia’s interconnected electricity system National Electricity Market (NEM) and is frequently reported as one of the country's largest greenhouse gas emitters. These acquisitions will help AGL achieve its climate statement commitments, which include a target of net zero emissions by 2050, it said.
Eliza Danby of Pinsent Masons, the law firm behind Out-Law, said: “The consolidation of these businesses signifies a necessary shift for AGL, required to keep up with consumer driven demand."
Solgen Energy Group was established in 2008 and delivers engineering, procurement and construction services for solar projects. Epho was formed in 2014 and focuses on construction and maintenance of large-scale solar systems.