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State Grid to buy 41.4% stake of Australian power supplier
By Richard Fu |
November 29, 2012, Thursday
|
Online Edition
Online Edition
STATE Grid Corp of China has agreed to buy a 41.1 percent stake of Australian power supplier ElectraNet as part of the Chinese company's efforts to grow overseas assets.
State Grid is acquiring the interests from Powerlink, owned by the Queensland state government, and expects the deal to be completed by the end of the year, according to a statement released today.
Sun Jinping, chief investment director of State Grid, said, "We see ourselves as a long-term strategic partner in ElectraNet. State Grid is a global leader in long distance power transmission and has a track record of innovation in power grid management."
The value of the deal was not disclosed. The Australia Financial Review reported earlier today State Grid was paying A$500 million (US$523 million).
The Chinese company said it's committed to continuing the local operation of the business, and it will be "business as usual" for ElectraNet's management and employees.
State Grid said its technical and operational expertise can help reduce ElectraNet's long-term transmission cost for ElectraNet, South Australia's electricity transmission grid operator.
State Grid President Liu Zhenya said earlier this month the company aims to quadruple its overseas assets by 2020 to as much as US$50 billion, adding overseas assets yield higher returns than domestic operations.
Beijing-based State Grid, the world's largest state utility, has set up a presence in Brazil, Portugal and the Philippines.
State Grid is acquiring the interests from Powerlink, owned by the Queensland state government, and expects the deal to be completed by the end of the year, according to a statement released today.
Sun Jinping, chief investment director of State Grid, said, "We see ourselves as a long-term strategic partner in ElectraNet. State Grid is a global leader in long distance power transmission and has a track record of innovation in power grid management."
The value of the deal was not disclosed. The Australia Financial Review reported earlier today State Grid was paying A$500 million (US$523 million).
The Chinese company said it's committed to continuing the local operation of the business, and it will be "business as usual" for ElectraNet's management and employees.
State Grid said its technical and operational expertise can help reduce ElectraNet's long-term transmission cost for ElectraNet, South Australia's electricity transmission grid operator.
State Grid President Liu Zhenya said earlier this month the company aims to quadruple its overseas assets by 2020 to as much as US$50 billion, adding overseas assets yield higher returns than domestic operations.
Beijing-based State Grid, the world's largest state utility, has set up a presence in Brazil, Portugal and the Philippines.
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