SYDNEY – China’s State Grid Corp. is buying a stake in an Australian electricity network company for about $800 million.
SP AusNet, which operates the electricity network in Australia’s Victoria state and a gas network, said Friday that State Grid is buying the 19.9 per cent stake from Singapore Power Ltd.
State Grid is the world’s largest utility company with annual revenue of $300 billion. It has a growing international business with investments in Brazil, Portugal, Australia and the Philippines.
Singapore Power will continue to be the largest shareholder in SP AusNet after the sale is completed with a 31.1 per cent stake.
The 824 million Australian dollars ($802 million) deal requires regulatory approval in China and Australia and must also be cleared by the top finance official in Australia’s government.