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State Grid acquires 41.1% of ElectraNet
By Richard Fu |
November 30, 2012, Friday
|
Print Edition
Print Edition
CHINA'S State Grid Corp will buy a 41.1 percent stake in Australian power supplier ElectraNet as the Chinese utility continues to look overseas for growth.
State Grid, the world's largest utility, is acquiring the stake from Powerlink, owned by the Queensland state government, it said in a statement yesterday. The transaction, whose financial terms were not revealed, is set to be completed by the end of this year but the Australia Financial Review reported earlier yesterday that State Grid was paying A$500 million (US$523 million).
"We see ourselves as a long-term strategic partner in ElectraNet," said Sun Jinping, chief investment director of State Grid, adding the Chinese utility won't assume an operating role and that it will be "business as usual" for ElectraNet, South Australia's electricity transmission grid operator.
Liu Zhenya, president of State Grid, said earlier this month the utility aims to quadruple its overseas assets to US$50 billion by 2020, as these yielded higher returns than domestic operations which are regulated by the government.
State Grid, which has been buying overseas assets, is present in countries from Brazil to Portugal and the Philippines. In Brazil, State Grid is leveraging its expertise in operating ultra-high voltage power lines to help vast countries cut transmission losses in long-distance routes.
State Grid, the world's largest utility, is acquiring the stake from Powerlink, owned by the Queensland state government, it said in a statement yesterday. The transaction, whose financial terms were not revealed, is set to be completed by the end of this year but the Australia Financial Review reported earlier yesterday that State Grid was paying A$500 million (US$523 million).
"We see ourselves as a long-term strategic partner in ElectraNet," said Sun Jinping, chief investment director of State Grid, adding the Chinese utility won't assume an operating role and that it will be "business as usual" for ElectraNet, South Australia's electricity transmission grid operator.
Liu Zhenya, president of State Grid, said earlier this month the utility aims to quadruple its overseas assets to US$50 billion by 2020, as these yielded higher returns than domestic operations which are regulated by the government.
State Grid, which has been buying overseas assets, is present in countries from Brazil to Portugal and the Philippines. In Brazil, State Grid is leveraging its expertise in operating ultra-high voltage power lines to help vast countries cut transmission losses in long-distance routes.
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