Eastern SWFs and SOEs Embark on Energy Infrastructure Binge

energy_natSovereign wealth funds and state-owned enterprises are attracted to energy infrastructure in benign regulatory environments. Chinese state-owned State Grid Corporation of China wants to purchase more energy assets in Australia. State Grid is the largest utility in China and one of the biggest in the world in terms of annual revenue. They plan to pay Singapore Power A$ 824 million for a 19.9% stake in ASX-listed SP Ausnet, an energy distributor. This deal would cut Singapore Power’s stake down to 31%. State Grid would also purchase a 60% position in SPI Australia branded as Jemena, a Singapore Power subsidiary.

In late November 2012, State Grid bought a 41.1% stake in ElectraNet, an Australian power supplier in Southern Australia, for around A$ 500 million from Powerlink Queensland. Powerlink Queensland is a government-owned entity.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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