AGL buys Allco & #39;s wind assets for & #36;12m

AGL buys Allco's wind assets for $12m AGL Energy Ltd (AGL) said it has snapped up the Australian wind farm interests of Allco Finance Group Ltd for $12.5 million. Australia's largest gas and electricity supplier said under the agreement it will acquire Allco's seven development projects in Queensland, New South Wales and South Australia. AGL managing director Michael Fraser said the transaction was consistent with the company's strategy of developing a diverse pipeline of renewable projects. He added this will help the energy company meet its long-term obligations under the Mandatory Renewable Energy Target (MRET) scheme. "The development portfolio we have acquired from Allco effectively represents an early entry option for us over potential future wind sites which should become increasingly valuable as the expanded MRET is... [read full story]