ENERGY DEVELOPMENTS ACQUISITION DRIVES GROWTH

Written on the 23 April 2014

ENERGY DEVELOPMENTS ACQUISITION DRIVES GROWTH ENERGY Developments Limited (ASX:ENE) has finalised its acquisition of New South Wales-based power station company, Envirogen.

ENE’s total installed generation capacity will increase to more than 850MW, after securing the alternative to fossil fuels provider.

Managing director Greg Pritchard says the deal forms part of the company’s growth plans and affirms its market position.

“It makes use of funds raised as part of the successful $50 million equity placement concluded in February this year, in addition to other available sources of funding, which has also funded the upstream LNG (liquefied natural gas) Assets announced in February.”

He says the full year combined earnings per share accretion is expected to be more than six per cent.

The strategic move will expand ENE’s waste coal mine gas power generation capacity to more than 250MW, making the company a top player in the clean energy and methane abatement sector.

ENE will also be able to take advantage of Envirogen’s existing ties with blue chip global miners, Glencore Xstrata Coal and Vale.

“We see further potential for growth in the waste coal mine gas sector, because we offer customers unparalleled solutions for methane abatement, clean embedded power solutions and network support services and we look forward to working with Glencore Xstrata Coal and Vale,” Pritchard says.

Envirogen has four WCMG stations, including Oaky Creek Coal Mine in Queensland and Tahmoor Colliery, Teralba Colliery and Glennies Creek Coal Mine in New South Wales.

Latest News

BUNNINGS BOSS JOHN GILLAM QUITS WESFARMERS

THE man behind Bunnings' home improvement domination has resigned from his role in charge of the retailer.

...

NOVOTEL SALE REFLECTS HOT BUYERS' MARKET

AFTER two decades in the hands of a private syndicate, The Novotel Melbourne Glen Waverley has been sold to the Sy...

SUPERLOOP ONE STEP CLOSER TO BIGAIR ACQUISITION

BIGAIR (ASX:BGL) shareholders have given Superloop (ASX:SLC) the green light to acquire the telecommunications com...

RINEHART-BACKED OIL AND GAS EXPLORER SUES VICTORIA FOR $2.7 BILLION

AN oil and gas explorer backed by Gina Rinehart (pictured) is suing the Victorian state government for more than $...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter