Michael Fraser, managing director of AGL, said that the transaction was AGL’s aim to develop a pipeline of renewable projects under the expanded Renewable Energy Target (RET) scheme.
“There is going to be demand for projects to meet the federal government’s RET and this transaction is with our strategy of acquiring a pipeline of projects that will be at the bottom-end of the cost curve and benefit from future uplifts in pricing.”
Earlier in July 2008, AGL announced that it has acquired the Australian wind farm interests of Allco Finance Group Limited (Allco). Under the agreement, the company will acquire Allco’s seven development projects in Queensland, New South Wales and South Australia for a price of $12.5 million.
AGL is an Australian energy company and is taking action toward creating a sustainable energy future for investors, communities and customers. AGL operates retail and merchant energy businesses, power generation assets and an upstream gas portfolio.
The company has a power generation portfolio including base, peaking and intermediate generation plants, spread across thermal generation as well as renewable sources including hydro, wind, landfill gas and biomass.
