Publicly listed Australian energy company AGL Energy Ltd will acquire 2 commercial and industrial (C&I) solar businesses in the country to complement and strengthen its existing solar capabilities. The move will enable AGL to 'deliver more tailored and innovative energy solutions for businesses'.
It will acquire Epho and Solgen Energy Group from Anchorage Capital Partners under agreements signed. While Epho specializes in the construction and maintenance of large scale systems, Solgen offers EPC services for the C&I segment.
Once the transaction is complete, AGL said it will become the 'largest' commercial solar provider in Australia. For the year 2019-20, the country's Clean Energy Regulator (CER) named AGL as the 'largest' carbon emitter in the country in its annual National Greenhouse and Energy Reporting (NGER) data, thanks to the amount of coal fired power plants in its portfolio.
"With these acquisitions, we will have the systems and technologies in place to deliver more than 70 MW of commercial solar each year, providing a combined revenue of over AUS 150 million per annum," said AGL CEO and Managing Director Brett Redman, and added, "We can now provide even more options, value and convenience for our business customers."
AGL aims to become a net zero emitter by 2050, and targeting private businesses for its solar power business seems to be a timely strategy to work upon, as the latter go about adopting solar to meet their cost reduction as well as sustainability goals.