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

BABY STEPS FOR BELLAMY'S IN TURNAROUND

GREEN shoots are appearing in the Bellamy's Organic (ASX: BAL) business in the early days of its turnaround.

T...

LOSSES MOUNT AT SLATER AND GORDON

SLATER and Gordon's losses continue to mount following its disastrous entry in to the UK market. The compa...

NVC PLAYS A DIFFERENT GAME, AND WINS

AS its profits rise, National Veterinary Care's (ASX: NVL) focus on training over retail is proving to be a wi...

SUPERLOOP $2M LOSS DOES LITTLE TO KILL SLATTERY'S CONFIDENCE

BEVAN Slattery (pictured) is optimistic that Superloop's (ASX: SLC) financial position is promising, despite t...

Related News

HOW TO TAKE CONTROL OF YOUR CAREER THROUGH TRAINING

GIG economy, remote working, and freelance Friday are more than just buzz terms; our workforce is changing, and so...

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter