Energy Australia sells off Iona Gas Plant to QIC Ltd
Source: The Australian, 8 Oct 2015
Hong Kong power company CLP Holdings has struck a deal to sell a big natural-gas processing and storage operation in Victoria to a local state-owned fund manager for $1.78 billion.
CLP, the larger of Hong Kong’s two power providers and controlled by Hong Kong’s wealthy Kadoorie family, said its EnergyAustralia unit had agreed to sell the Iona gas plant in a cash deal. CLP invited bids in July as part of efforts to “restore value” in its Australian investments.
The buyer, QIC Ltd, which manages around $74 billion dollars in investments on behalf of the Queensland state government, said it expected to close the deal by the end of the year.
The sale comes amid heightened interest in energy-industry infrastructure as companies seek to bolster their balance sheets after a slump in oil prices. Several big gas plants on Australia’s east coast have begun producing, promising to significantly boost exports of the fuel.
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