AGL Energy has agreed to acquire two leading C&I solar businesses, Epho and Solgen Energy Group, as part of the Australian utility's plan to establish its relevance in a renewably powered world.
Nonetheless, the energy giant was ranked Australia’s biggest polluter by the Clean Energy Regulator in February, as it emitted more than 42 million tons of carbon last year. AGL also announced a statutory loss of AUD 2.87 billion ($2.2 billion) after tax for the year to Dec. 31, 2020.
Keen to shake its ugly past, the acquisition will give AGL a foothold in rooftop solar’s increasingly lucrative commercial segment.
“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 $150 million per annum,” said AGL CEO and Managing Director Brett Redman. “This part of the energy sector has seen significant growth over the last 10 years, as businesses right across Australia seek out solar offerings to help them decarbonise, reduce costs and create sustainable operations.”
Solgen, established in 2008, is a wholesale distribution, engineering, procurement and construction (EPC) business. It has delivered more than 15,000 projects over the past decade. Solgen Energy Group CEO David Brown said the acquisition will help the company to grow.
“This will allow us to provide more customers with best-in-market commercial energy solutions throughout Australia – this group will play a leading role in the future of the broader, national solar energy market,” Brown said.
Epho, formed in 2014, specializes in the construction and maintenance of large-scale systems. It has delivered more than 400 projects nationwide. It has also developed its proprietary Bright Thinkers Power Station technology, which allows large rooftop solar systems to be connected behind the meter.
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