Stokes sells local energy business
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Kerry Stokes has sold Malaga-based Landfill Gas and Power to a subsidiary of DUET Group for an undisclosed sum.
DUET subsidiary Energy Developments has announced the acquisition of Perth-based LGP, which owns and operates a five megawatt landfill site in Tamala Park and a 4MW site in Red Hill, along with a 1MW diesel peaking station in Kalamunda.
The Tamala Park and Red Hill sites are underpinned by long-term exclusive gas access agreements with the Mindarie Regional Council and the Eastern Metropolitan Regional Council.
The value of the acquisition was not disclosed.
LGP was previously owned through Mr Stokes’ private company Australian Capital Equity, and was chaired by ACE's finance and investments director Brian O'Donnell.
“The acquisition is a bolt-on to Energy Development’s existing 84MW Australian landfill gas business, which it has been operating successfully for over 25 years, and provides a number of synergies with the group,” Energy Developments said in a statement.
Energy Developments managing director Greg Pritchard said the acquisition of LGP consolidated the company’s position as a leader in the LFG generation in Australia.