State Grid Obtains Australian Approval for Its Proposed Investments
OREANDA-NEWS. State Grid Corporation of China (State Grid) today welcomed the announcement by the Treasurer of the Commonwealth of Australia, Joe Hockey, that he had conditionally approved the application from State Grid International Development Limited (SGID), a wholly-owned subsidiary of State Grid, to acquire from Singapore Power International Pte Ltd (SPI) 19.9% of the stapled securities in SP AusNet, and 60% of the shares in SPI (Australia) Assets Pty Ltd (SPIAA), by way of separate transactions.
It is an important step for State Grid to complete the proposed investments in SP AusNet and SPIAA. State Grid is committed to ensuring that the SP AusNet and SPIAA assets continue to be operated safely, securely and sustainably.
About State Grid Corp of China
State Grid is the largest utility in the world, and ranks 7th in the Fortune Global 500 in 2013. State Grid’s core businesses are the investment, construction and operation of power networks, with a mission of providing safer, more economical, cleaner and sustainable power supply services. State Grid’s transmission and distribution networks cover 26 provinces, municipalities and autonomous regions (approximately 88% of the geographical area) of China, forming the largest and most sophisticated power grid in the world.
As a result of its continuous investment in R&D, State Grid has developed a strong expertise in core cutting-edge technologies such as Ultra High Voltage (UHV), Smart Grid, and renewable energy integration and has successfully applied them in its grid operation and management, realising significant economic and social benefits.
SGID is a wholly owned subsidiary of State Grid and the platform for undertaking the overseas investment and operations of State Grid. State Grid, through SGID, has a number of overseas investments in the National Grid Corporation of the Philippines (25-year concession), 14 Brazilian power transmission concessionaires, Redes Energeticas Nacionais (REN, Portugal’s electricity and gas transmission networks) and ElectraNet (the South Australian electricity transmission network).