AGL Energy Limited (AGL) announced that it has entered into a binding agreement for the acquisition
of 100% of the shares and units in Firm Power and Terrain Solar1
(The Group) for a total consideration of
approximately $250 million.
Firm Power is a Battery Energy Storage System (BESS) developer with 21 projects in development, and
Terrain Solar is a solar project developer with 6 projects in development.
The combined development pipeline (8.1 GW) of The Group comprises:
- 6.1 GW of grid-scale BESS projects across:
o New South Wales (2.3 GW), Queensland (2.7 GW), Victoria (0.3 GW), Western Australia (0.5
GW) and South Australia (0.3 GW)
- 1.8 GW2
of solar projects across:
o New South Wales (0.5 GW), Queensland (1.1 GW) Western Australia (0.1 GW) and South
Australia (<0.1 GW)
- 250 MW onshore wind project in New South Wales.
AGL’s Managing Director and CEO, Damien Nicks said: “Today’s announcement demonstrates our
commitment to grow and accelerate our development pipeline, which is already 6.2 GW, so that AGL is best
placed to take advantage of market conditions and prioritise developments that generate the best longterm value and be a leader in the energy transition.”
“The Group’s development pipeline includes several mid-sized BESS projects, ranging between 200 and 500
MW and two-to-eight-hours storage duration.”
“We believe this high-quality development pipeline presents strong optionality for AGL, focusing on firming
capacity which will be required to firm new renewable generation for our customer base and portfolio as
thermal baseload generation exits the NEM.”
The acquisition consideration of approximately $250 million is expected to be funded from cash on AGL’s
balance sheet.
The proposed acquisition is subject to customary conditions precedent, with completion anticipated in
2024.
Authorised for release by AGL’s Market Disclosure Committee.
