In the latest overseas energy acquisition bid, State Grid Corp of China plans to buy a 41% stake in South Australian electricity supplier ElectraNet for A$500 million $523 million.
State Grid signed an agreement with Powerlink, which operates the Queensland transmission grid, to buy its interests in ElectraNet, South Australia’s electricity transmission grid operator. The transaction is scheduled for completion by the end of 2012. Barclays is advising State Grid on the transaction.
“We see ourselves as a long-term strategic partner in ElectraNet,” said Sun Jinping, chief investment director of State Grid.
State Grid also noted in its announcement of...