The acquisition aligns with AGL’s commitment to phase out coal-fired power generation and achieve net-zero carbon emissions by 2035. The company aims to develop 1.4 gigawatts of grid-scale battery storage projects within the next year. The SAVPP, one of Australia’s largest virtual power plants, includes a network of approximately 7,000 Powerwall home batteries integrated with residential solar systems, with plans for further installations in 2025.
Located in South Australia, the SAVPP connects solar panels and Powerwall batteries installed in social and community housing. Now under AGL’s ownership, the program will offer customers significantly reduced energy prices. AGL also plans to explore ways to expand access to the initiative.
“We know that upfront costs of installing solar and batteries can be a significant barrier for many, and we are focused on how we can make these more accessible,” said Jo Egan, AGL’s Chief Customer Officer. The coordinated solar and battery systems will also help stabilize the electricity grid when needed.
AGL did not disclose the financial details of the acquisition, and Tesla did not immediately respond to inquiries regarding the deal’s value.
The SAVPP acquisition supports AGL’s broader strategy to enhance renewable energy infrastructure and make sustainable energy solutions more accessible to customers. By integrating these assets, AGL aims to contribute to grid reliability while advancing Australia’s clean energy goals.
In separate financial news, a robust U.S. jobs report released on July 3, 2025, bolstered investor confidence, despite reduced expectations for an interest rate cut by the Federal Reserve. “A surprisingly strong jobs report encouraged investors, who shrugged off dimming chances of an interest rate cut by the Federal Reserve this month,” said Sam Stovall, chief investment strategist at CFRA Research.
