GDF Suez seeks to sell around 30% stake in Australia Power Assets

French utility GDF Suez is seeking to sell a 30 percent stake in its Australian electricity generation and retail business.

According to sources, GDF Suez has hired Deutsche Bank to find a buyer for around 30 per cent of its International Power (Australia) Holdings (IPAH) unit. GDF Suez will retain a stake of around 40 percent in IPAH following a potential deal.

The assets involved are a 1,54MW coal-fired power station in Victoria, two gas-fired plants and a wind farm with a combined capacity of 2,463MW in South Australia. The IPAH business also sells power and gas to more than 350,000 customers in Victoria.

GDF Suez has a debt burden of US$34 billion and want to moves to cut debt and boost profit hurt by Europe’s slow recovery from the global financial crisis.

On 10 June 2014 we reported that GDF Suez sold 10% of its 45% stake inSohar Power Company SAOG, a Oman-based Sohar Power Company, to an investment holding company of Mena Infrastructure Fund LP.

Sohar Power Company is the owner of Sohar 1, a 585MW power generation and 150,000 cubic metre/day seawater desalination plantin the Sohar Industrial Port area of the Sultanate of Oman.