(EnergyAsia, August 1, Friday) — Australia’s AGL Energy Limited (AGL) said it has acquired the Australian wind farm interests of Allco Finance Group Limited (Allco) for A$12.5 million to help meet compulsory renewable energy targets. (US$1=A$1.03). The assets include seven development projects in the states of Queensland, New South Wales and South Australia.

AGL managing director Michael Fraser said the transaction was consistent with its strategy of developing a diverse pipeline of renewable projects to meet its long-term obligations under the Mandatory Renewable Energy Target (MRET) scheme.

Last month, the company announced an investment in Torrens Energy Limited and the development of its geothermal exploration licences.

“The Federal government has confirmed its commitment to a 45,000 GWh target by 2020 and AGL’s portfolio of current renewable generation and potential development opportunities positions us well under the expanded MRET scheme,” Mr Fraser said.

“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 deployed over time. It would also deliver further diversity across our renewable portfolio.”