China’s State Grid, the world’s largest utility by assets, has purchased a 41 per cent stake in ElectraNet, marking the first time a Chinese utility has invested in the Australian grid.
State Grid is aiming to quadruple its overseas assets from US$8bn to more than US$30bn by 2020 and has already invested billions of dollars in grid assets in Portugal and Brazil in the past two years.
The state-owned Chinese company bought the stake in South Australian electricity supplier ElectraNet for about A$500m (US$523m), according to people familiar with the matter, from Powerlink, a utility company owned by the state of Queensland.
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