AGL has signed off on acquiring Epho and Solgen Energy Group from Anchorage Capital Partners, two of the nation’s biggest commercial solar businesses.
These acquisitions complement and strengthen AGL’s existing solar capabilities, enabling AGL to deliver more tailored and innovative energy solutions for businesses.
AGL CEO and Managing Director, Brett Redman, said that on completion of the acquisitions, AGL will become the largest commercial solar provider in Australia.
“These acquisitions are another step in AGL’s energy transition and a clear example of how we are responding to the accelerating market forces of customer demand, community expectation and the development of technology,” Mr Redman said.
“With these acquisitions, we will have the systems and technologies in place to deliver more than 70MW of commercial solar each year, providing a combined revenue of over $150 million per annum.
“This part of the energy sector has seen significant growth over the last ten years, as businesses right across Australia seek out solar offerings to help them decarbonise, reduce costs and create sustainable operations.
“AGL has achieved good growth in this part of our business over recent years, already offering our business customers a range of options including solar installations, energy storage, microgrids, standalone power systems and other energy efficient technologies.
“We can now provide even more options, value and convenience for our business customers.
“AGL will continue to evolve and innovate in energy and other essential services to enhance the way Australians live and drive a cleaner energy future.
“Renewable acquisitions, such as Epho and Solgen, contribute to AGL’s progress toward achieving its Climate Statement commitments which includes a target of net zero emissions by 2050.
“AGL has the expertise and capabilities to deliver the best commercial energy solutions in the market and we are looking forward to working with customers right across the country.”
Established in 2008, Solgen operates a large wholesale distribution, engineering, procurement and construction (EPC) business, delivering more than 15,000 projects in the past decade.
Solgen Energy Group CEO, David Brown, said AGL and Solgen Energy Group strategies are well aligned, creating an exciting opportunity 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,” Mr Brown said.
Anchorage Capital Partners Chairman, Phil Cave, said they are proud to have worked with the Solgen team to develop Australia’s largest commercial solar company.
“We are delighted that AGL recognised the strategic benefit of Solgen and look forward to following its continued growth under AGL’s ownership,” Mr Cave said.
Epho, which was formed in 2014, specialises in the construction and maintenance of large-scale systems and has delivered more than 400 projects nationwide.
In addition, Epho has co-developed proprietary technology known as 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.
Epho’s Managing Director, Oliver Hartley, said over the last seven years, Epho has become a leading provider of solar solutions to corporate Australia including ALDI, Coles, Woolworths, DHL, Brisbane Airport, and large industrial landlords such as Goodman, Dexus, ESR and many others.
“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,” Mr Hartley said.
“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.
“We can make a material difference to the carbon foot-print of corporate Australia.”