AGL Energy is clear to take over Macquarie Generation after the ACCC decided not to fight the sale.

The $1.5 billion asset sale includes the Bayswater and Liddell power stations and is expected to be funded by way of a renounceable rights issue (the Offer) to existing shareholders raising approximately $1.2 billion and $350 million of bank debt.

The Macgen power stations will give AGL ownership of the lowest cost, large-scale baseload generators in New South Wales and will increase AGL’s registered generation capacity by approximately 79% to more than 10,600 MW. This would bring AGL’s share of generating capacity in the National Electricity Market to approximately 21%.