According to The Australian Financial Review, a reinvigorated AGL Energy has flagged a smaller-than-expected drop in earnings this coming year and announced $250 million of battery and solar acquisitions as it seeks to accelerate its build-out of clean energy and prepare for the exit of coal power.
Betashares responsible investments director Greg Liddell said the acquisitions of battery developer Firm Power and solar farm developer Terrain Solar “shows the transition to clean energy will create a range of opportunities across the energy sector”. The acquisitions will boost AGL’s pipeline for potential projects by 8.1 gigawatts of capacity, with the most promising projects in Queensland and NSW. It will help AGL towards its target to deliver 12GW of new clean energy supply – split roughly equally between renewables and firming – by 2036. https://www.afr.com/companies/energy/resurgent-agl-sprints-into-the-black-as-profits-surge-20240809-p5k151
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