AGL Sells Stake in Diamantina Power Station to APA for A$151 Million
March 28 2016 - 6:46PM
Dow Jones News
By David Winning
SYDNEY--Power generator and retailer AGL Energy Ltd. (AGL.AU)
said Tuesday it has sold its 50% stake in the Diamantina Power
Station venture in eastern Australia to joint-venture partner APA
Group (APA.AU) for 151 million Australian dollars (US$114
million).
AGL said the deal represented a small premium to the book value
of the investment and would contribute to its target of selling A$1
billion of unwanted assets by the end of the financial year through
June, 2017.
The Diamantina Power Station venture, located at Mount Isa in
Queensland state, comprises the 242-megawatt combined cycle gas
turbine Diamantina Power Station and the 60-megawatt open cycle gas
turbine Leichhardt Power Station. The generating assets supply
Glencore PLC (GLEN.LN) and state-owned Ergon Energy.
AGL said it would continue to supply natural gas to the
Diamantina Power Station under an existing gas sales agreement,
which runs to 2023.
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
March 28, 2016 18:31 ET (22:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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