With two leading C&I solar businesses, Epho and Solgen Energy Group, under its belt and plans to add 850 MW of large-scale battery storage to its portfolio by 2024, AGL is working hard to establish its relevance in a brave renewably-powered world.
Nonetheless, the energy giant was ranked Australia’s biggest polluter by the Clean Energy Regulator just over a fortnight ago, revealed to have emitted more than 42 million tonnes of carbon emissions last year. February continued to prove harsh for the energy provider, with AGL announcing a statutory loss of $2.87 billion after tax for the period ended December 31, 2020.
Keen to shake its ugly past, the acquisition ventures to get 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,” AGL’s CEO & Managing Director, Brett Redman, said in statement today.
“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 Energy Group
Established in 2008, Solgen’s wholesale distribution, engineering, procurement and construction (EPC) business has delivered more than 15,000 projects in the past decade.
Solgen Energy Group CEO David Brown said the acquisition will afford the company new growth.
“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,” he said in a statement.
Formed in 2014, Epho specialises in the construction and maintenance of large-scale systems and has delivered more than 400 projects nationwide.
Epho also co-developed the proprietary technology Bright Thinkers Power Station™ which allows large roof-top solar systems to be connected both behind-the-meter and also as an independent, market registered power station; creating a virtual power plant.
“The acquisition of the Epho Group by AGL presents a tremendous opportunity to advance the purpose of Epho and its role in the energy transition in the Corporate and Industrial sector,” Epho’s Managing Director, Oliver Hartley, said in the statement.
“Now backed by AGL, Epho can provide the full suite of on- and off-site renewable energy retail solutions required by our clients to achieve their environmental commitments.
Over the last seven years, Epho has provided solar solutions to much of corporate Australia including ALDI, Coles, Woolworths, DHL, Brisbane Airport, and large industrial landlords such as Goodman, Dexus and ESR.
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Hi Bella. I would like to ask if there are any potential anti-competition issues with this acquisition of AGL. I would appreciate your comments. Thanks.
Hi Charles, great question. I haven’t seen anyone flagging the issue, nor have the ACCC responded. I’m not a lawyer so this isn’t coming from a vast education base but my guess is the acquisition doesn’t fall into the realm of anti-competition because of the different forms of energy generation, especially given rooftop solar is largely used where it is captured and signals more of a stepping away from the grid than a greater control of it. But, again, my understanding of the legality around business acquisitions is limited.
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