Australia’s AGL Energy said it would take full control of Australia’s largest coal power station, buying out Japan’s Tepco and investment funds for A$448 million ($480m), in a deal that will boost earnings from fiscal 2013.
AGL already owns a one-third stake in the Loy Yang A power station and an attached coal mine. Loy Yang produces 30 percent of the southeastern state’s power needs and is the country’s biggest single carbon emitter.
Reuters reports that the company plans to raise A$1.5bn through a bond sale and share sale to help fund the deal, which includes taking on $1.3bn in debt.
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