APA Group should have the first big deal of reporting season when it hands down its numbers on Wednesday.
The deal reduces its reliance on gas distribution.Gas pipelines owner APA Group is set to make its biggest investment in electricity generation and battery storage assets, advancing its transformation into a broader Australian energy infrastructure group.
Both sides were preparing to seal terms late on Tuesday. It is slated to be announced on Wednesday morning, in time for the listed APA Group’s 2023 financial results.APA Group is expected to ask shareholders to help fund the bid via an equity raising. APA Group’s strategy is to be the infrastructure partner of choice for the energy transition, and wants to be involved across contracted renewables and firming, electricity transmission, gas transport and future energy technologies. Alinta Energy’s Pilbara portfolio ticks three of those boxes, and is also about servicing the resources sector and big resources clients which APA Group knows well.A to expand beyond its gas pipeline roots before.
However, the portfolio is also about growth. It was shopped to potential buyers with 900 megawatts worth of renewables and storage products under development, 1 gigawatt of long-term development opportunity, and 300 kilometres of planned high-voltage transmission lines to add to the 200 kilometres it already has,APA Group was a logical acquirer.
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