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posted on:
November
19
2015

NSW government confirms sale of Vales Point plant

 

Source: AFR, 19 Nov 2015


The NSW government has confirmed it has sold Vales Point power station and the plan to sell Cobbora land holdings for agricultural use, as earlier foreshadowed by Street Talk Online.


Vales Point has been sold to an entity linked to ERM Power founder Trevor St Baker, called Sunset Power international, and a joint venture between Vales Point Investments and Waratah Energy.


Vales Point was the only state generator left on the shelf after last year's power privatisation.


The baseload generator was commissioned in the late 1970s, had a technical life until 2028/29 and a 1320 megawatt nameplate capacity.


The deal saw little money change hands, however the government pitched it as a $130 million benefit to the state via the cessation of future liabilities.


Sunset Power is expected to build on the Vales Point acquisition and seek to pick up other coal generated power stations at a time when there are more sellers than buyers.


It's also understood Sunset Power plans to look at building new plants, likely to be gas-fired, in North and South America.


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