Chinese SGCC completes acquisition of Singapore Power’s Australian assets

China’s largest power network utility, State Grid Corporation of China (SGCC) has completed the acquisition of Singapore Power’s (SP) Australian assets. SGCC has acquired a 60 per cent stake in SPI (Australia) Assets Pty Limited, or Jenema, a wholly owned subsidiary of SP, along with a 19.9 per cent stake in SP AusNet, the Australian electricity provider in Victoria. The deal is estimated to be worth over AUD 4.4 billion. The stake acquisition is aimed at optimising SGCC’s overseas asset portfolio.