APA Group (ASX:APA)
has announced it will acquire the remaining 50 percent of the Diamantina Power Station project that it does not already own.
APA will purchase the stake from project partner AGL Energy for $151 million, funding the acquisition via a mix of existing cash and available undrawn committed corporate debt facilities.
APA Managing Director, Mick McCormack said the acquisition fits with APA’s growth strategy to build out the company’s energy infrastructure business and leverage its asset management, development and operational capabilities.
As a result APA now expects full year EBITDA for FY16 to be in the range of $1.3 million to $1.335 million.
APA recorded a net profit of $99.545 million at 31 December 2015