Alinta Energy's owner, Chow Tai Fook Enterprises (CTFE), has today entered into a conditional binding agreement to acquire the Loy Yang B power station.
The 1,000 megawatt plant, in Victoria'sLatrobe Valley, provides about 17 per cent of the State's energy needs.
Alinta Energy Managing Director & Chief Executive Officer, Jeff Dimery, said 'this transaction, led by the Alinta Energy team, adds modern, reliable and efficient baseload generation of scale to our portfolio and will further support us playing a key role as a responsible and growing energy company driving real competition on the east coast of Australia.'
'Alinta Energy is delighted that our owners have made this major investment in the State of Victoria. It will provide much-needed certainty for the Latrobe Valley and secure the future of the Loy Yang B power station, which will continue to deliver essential services to both Victoria and the NEM, for many years to come.'
Until completion the station will continue to be managed by ENGIE in Australia.
'We look forward to becoming a part of the Latrobe Valley community and we hope today's announcement is just the beginning of a long, positive and constructive relationship,' Mr Dimery said.
About Alinta Energy
Alinta Energy is a leading Australian energy generator and retailer with an owned and contracted generation portfolio of around 2,000MW and around 800,000 combined electricity and gas retail customers in Australia. With a strong presence, established over a number of decades, in Western Australia, Alinta Energy has a growing presence across the National Electricity Market (NEM), with an increasing number of customers in South Australia, New South Wales, South East Queensland and Victoria. Alinta Energy's leadership team is based locally, along with 450 plus employees that are located throughout Australia and New Zealand; including a significant presence in the Melbourne office.
CTFE is a private Hong Kong-based holding company owned and controlled by the Dato' Dr. Cheng Yu Tung's family ('Cheng Family'). The Cheng Family has a diverse range of investments, with a focus on property development and investment, hospitality services, infrastructure, aircraft leasing, department stores, jewellery and other consumer and retail businesses. CTFE controls New World Development Company Limited (Hong Kong stock code: 17), a listed blue chip conglomerate in Hong Kong. The New World Group of companies also comprises NWS Holdings Limited (Hong Kong stock code: 659) and New World Department Store China Limited (Hong Kong stock code: 825).
With a continuous heritage tracing back to 1929, CTFE has a reputation for establishing lasting relationships with stakeholders, growing businesses and delivering a positive legacy in local communities.
Tel: +61 2 9372 2600