The state-owned comprehensive energy company has agreed to pay 2 billion Australian dollars ($1.44 billion) to acquire all Pacific Hydro shares from fund manager IFM Investors. State Power will receive all of the Australian utility's assets, including operating rights for power plants. The parties hope to complete the transaction between January and March 2016.
Pacific Hydro specializes in renewable energy, operating 19 wind and hydro plants capable of producing 900,000kW in all. State Power aims with the acquisition to draw on the utility's cutting-edge technology and operational expertise as it expands in Asia and other regions.
State Power, which is directly controlled by China's State Council, was formed in June through a merger of China Power Investment and State Nuclear Power Technology. China's government is pushing it and other utilities to expand operations overseas. China General Nuclear Power led the charge in November, striking a deal to acquire a Malaysian fossil-fuel power producer.
Nikkei Asian Review
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