Oz AGL to Sell Small Generation Assets

Leading Australian energy retailer AGL has agreed to sell a portfolio of small generation and compressed natural gas refuelling assets, known to the company as the National Assets, to a consortium led by Whitehelm Capital, AGL said April 23.

The portfolio of assets, which includes 18 small generation operations located throughout Australia with a combined capacity of 81 MW, including landfall gas, biogas and biomass generation and co-generation, in additional to compressed natural gas refuelling, will be sold to the consortium Sustainable Energy Infrastructure, it said.

The National Assets were recorded in AGL’s accounts for the six months ended December 2017 with a carrying value of A$74mn ($56.82mn), AGL said, adding that the sale was part of its strategy of divesting non-core assets. AGL continues to operate Australia’s largest electricity generation portfolio. It said it will record the profit of the transaction when financial close occurs.