State Grid

China State Grid expands in Australia through Singapore Power

The Chinese utility group has agreed a deal with Singapore Power to buy 19.9% of Australia’s SP AusNet and 60% of SPIAA.
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SP AusNet that manages three electricity networks in Victoria
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<div style="text-align: left;"> SP AusNet that manages three electricity networks in Victoria </div>

China State Grid, the country’s biggest utility group, has made further acquisitions in the Australian energy market. It has agreed to pay Singapore Power A$824 million $810 million for 19.9% of SP AusNet and 60% of SPI Australia Assets SPIAA.

The purchases come after State Grid paid A$500 million last November for a 41% holding in South Australian electricity supplier ElectraNet. The Chinese state-owned company intends to spend between $30 billion and $50 billion by 2020 buying assets throughout the world, and has also recently bought stakes in Brazilian, Philippine and Portuguese transmission firms.

SP AusNet is a listed company that manages...

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