Hong Kong Utility to Sell Australian Gas Plant for $1.3B

Hong Kong Utility to Sell Australian Gas Plant for $1.3B

CLP Holdings, one of Asia’s largest electric power companies, on Thursday said it will sell a gas plant for 1.78 billion Australian dollars ($1.28 billion) to Queensland Investment Corporation, an investment firm owned by the State of Queensland. CLP subsidiary Energy Australia will sell its entire interest in the Iona Gas Plant, located in Victoria. The plant consists of gas-processing and compression units as well as underground gas storage reservoirs. It provides gas services to both the Victorian and South Australian gas markets, with a capacity of 500 terajoules per day.

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