LGI (ASX:LGI) is set to acquire Maryrorough Solar and Chinchilla Solar from IIG Solar Assets, acting as trustee for the IIG Solar Asset Trust, for AU$22 million with no associated debt, according to a Tuesday Australian bourse filing.

The assets total 42 megawatts of solar generation capacity on leased land, with Brigalow at 27.3 megawatts and Chinchilla at 14.7 megawatts, the filing said.

LGI will fund the deal using cash at bank and undrawn funds from its existing debt facility, the filing added.

Completion is expected on Oct. 9, with no shareholder approval required and no outstanding material conditions, it said.

Based on current electricity prices, the timing of revenue synergies, and the rollout of its Dynamic Asset Control System, the company estimates the assets will contribute annual earnings before interest, taxes, depreciation and amortization of AU$2.1 million to AU$4 million.

The acquisition is in line with the company's aim to develop and operate a diverse renewable energy platform at scale, it said.

The company's shares rose 13% in recent Tuesday trade.