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.
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.