The Total Scale Is 7.8GW! AGL Energy Plans To Acquire Energy Storage And Solar Developers

On August 14th, Australian electricity retailer AGL Energy announced that it has signed a legally binding agreement to acquire Firm Power, a developer of battery storage systems, and Terrain Solar, a developer of solar power facilities. These two companies have worked together to advance the development of multiple large-scale solar and energy storage integrated projects.

It is reported that Firm Power is currently actively developing 21 grid scale battery energy storage projects in Australia, which are widely distributed. The installed capacity of energy storage projects in New South Wales is 2.3GW, Queensland is 2.7GW, Western Australia is 500MW, and the total installed capacity of energy storage systems in Victoria and South Australia is 300MW, with a total scale of up to 5.8GW.

Meanwhile, as a company specializing in the development of large-scale solar power facilities, Terrain Solar is advancing the development of six solar power projects with a cumulative installed capacity of 1.8GW. These projects are located in Queensland (1.1GW), New South Wales (500MW), Western Australia (100MW), and South Australia (less than 100MW).

The acquisition transaction will be completed for 250 million Australian dollars (approximately 165.5 million US dollars), with funding coming from AGL Energy's cash reserves. The transaction is expected to be officially completed in 2024.

Damien Nicks, General Manager and CEO of AGL Energy, stated that this acquisition will greatly accelerate the company's project development process and ensure that the company can fully utilize market conditions, prioritize development projects with the best long-term value, and lead the trend of energy transformation.

He further elaborated, "AGL Energy is still planning to develop a series of medium-sized energy storage projects with installed capacity ranging from 200 to 500 MW and a duration of 2 to 8 hours. We believe that these projects will provide AGL Energy with rich options, with a focus on consolidating our production capacity foundation. As fossil fuel power plants gradually exit the Australian National Electricity Market (NEM), this will require us to bring more renewable energy electricity to our customer base and investment portfolio