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AGL Energy Limited (ASX:AGK) has received clearance for its proposed acquisition of the Loy Yang A power station in Victoria. 



AGL has also announced a $900 million capital raising that will be put to the acquisition with a portion going to general corporate purposes.



Loy Yang is expected to generate substantial cash flows over the next five years and be one of the lowest cash generators in Australia.



Loy Yang is responsible for 30 per cent of Victoria’s electricity requirements. 



AGL generated a net profit of $117 million in the last six months of 2011.