AGL Limited Aquires Solgen Energy Group
Anchorage Capital Partners (“ACP”) is pleased to announce that it has completed the sale of 100% of Solgen Energy Group to AGL Limited.
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Solgen is the market leading commercial and industrial solar business in Australia. Solgen operates a large wholesale distribution, engineering, procurement and construction business and has delivered more than 15,000 projects in the past decade, including some of Australia’s most iconic solar projects.
ACP acquired Solgen in 2015 as an opportunity to capitalise on and further improve its strong solar installation platform and implement a range of operational improvement opportunities. Under ACP’s ownership, through investment in people, processes and systems, Solgen has developed a market leading, integrated solar platform that is unrivalled in Australia with a list of blue-chip client relationships and a reputation for high quality service and products. Solgen’s revenue tripled under ACP’s ownership and it was recognised by independent energy consultancy SunWiz as the No. 1 commercial solar business in Australia for 2017, 2018, 2019 and 2020.
The sophistication of Solgen’s platform is difficult to replicate, resulting in Solgen enhancing its dominant position in the C&I solar market and making it an attractive acquisition opportunity.
Phil Cave, ACP Managing Director said “we are proud to have worked with the Solgen team to develop Australia’s largest commercial solar company. We are delighted that AGL recognised the strategic benefit of Solgen and look forward to following its continued growth under AGL’s ownership”.
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