TRUenergy has signed an agreement with the New South Wales (NSW) Government, Australia, to acquire energy assets in the state for $2bn.
The firm will buy EnergyAustralia Retail, the Delta Western GenTrader Bundle for the Mount Piper and Wallerawang coal-fired power stations, and three power station development sites.
EnergyAustralia Retail is the third largest electricity retailer in Australia's National Electricity Market (NEM), retailing 21 terawatt-hours (TWh) per annum of electricity and nine petajoule (PJ) of natural gas per annum.
The Delta Western GenTrader Bundle comprises long-term exclusive off-take contracts to control the dispatch and buy the output of the black coal-fired power stations of Delta Electricity at Mount Piper and Wallerawang.
The Mount Piper power station has a power generating capacity of 1,400MW and the Wallerawang power station has a capacity of 1,000MW.
TRUenergy managing director Richard McIndoe said that the acquisition adds significant national scale to its existing business.
The transactions, expected to be completed by March 2011, will bring TRUenergy's portfolio of generation assets to 5,446MW.