AGL Energy Limited has significantly expanded its clean energy development pipeline by 8.1 GW through the acquisition of solar projects developer Terrain Solar and its sister company, battery energy storage systems (BESS) developer Firm Power. This acquisition, valued at approximately AUD 250 million, brings AGL’s total development pipeline to 14.3 GW, including 1.8 GW of solar projects across New South Wales, Queensland, Western Australia, and South Australia, as well as 6.1 GW of grid-scale BESS projects in various stages of development.
The deal also includes a 250 MW onshore wind project in New South Wales and several mid-sized BESS projects ranging from 200 MW to 500 MW, with storage durations of 2 to 8 hours. AGL plans to fund the acquisition from its existing cash reserves as part of its strategy to add 12 GW of new renewable energy generation and firming capacity by 2035, coinciding with its exit from coal power generation.