China’s State Grid snaps up stakes in Australian power firms

State Grid Corp of China, the world’s largest state utility, has agreed to buy large stakes in Australian electricity companies from Singapore Power, as it expands overseas in search of higher-yielding assets.

State Grid will buy 19.9 per cent of electricity supplier SP Ausnet for A$824 million (HK$6.3 billion), and 60 per cent of energy infrastructure company SPI Australia Assets (SPIAA) for an undisclosed amount, the Singaporean company said on Friday.

via Business feed http://www.scmp.com/business/companies/article/1239699/chinas-state-grid-snaps-stakes-australian-power-firms