AGL completed the purchase of the remaining 67.46 % of shares and loan notes issued by Great Energy Alliance Corporation (GEAC) that it did not already own for $448 million on Friday.

The transaction makes AGL the owner of the 2210 MW Loy Yang A power station and a brown coal mine which supplies all the coal required to meet the current and future operating requirements of the power station. It brings AGL’s owned or controlled generation capacity to 6000 MW.

Managing director and CEO Michael Fraser said: “Loy Yang gives AGL strategic benefits that will underpin the company’s growth in the years ahead.

The power station provides 30% of Victoria’s energy needs and is one of the lowest cost generators in the National Electricity Market.

“Loy Yang does not change AGL’s commitment to a sustainable energy future,” AGL said.

“We will continue to invest in renewable energy generation projects to retain our leadership position in the renewable industry.”