星期六, 9月 25, 2021
Home PV Project Australian infrastructure firm Spark to be sold in US$3.72bn deal

Australian infrastructure firm Spark to be sold in US$3.72bn deal

Spark Infrastructure own and operate a 120MW solar farm in New South Wales.

Source:PVTECH

Australian energy infrastructure investor Spark Infrastructure is to be acquired by a consortium led by US private equity group KKR in a deal worth US$3.72 billion, according to a filing with Australia’s Securities Exchange.
Other consortium members include Canada’s Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board.
Spark’s board said it unanimously recommended the bid in the absence of a better offer. The deal valued the Sydney-based company’s shares at AUS$2.95 (US$2.11) each. Spark had rejected previous offers by the consortium of AUS$2.7 and AUS$28, saying they undervalued the company.
Shareholders are expected to vote on the bid at the end of this year, according to the filing.
Spark owns and operates the 120MW Bomen Solar Farm in New South Wales through its Spark Renewables division, which is also intending to develop a 2.5GW renewable energy hub in New South Wales. It also owns minority stakes in a range of Australian energy and grid companies, including a 49% stake in SA Power Networks and Victoria Power Networks
“The investments we have made in distribution, transmission and renewables put Spark Infrastructure front and centre of Australia’s low-emissions energy future. We are pleased this has been recognised in the Scheme consideration agreed with the Consortium,” said Rick Francis, managing director at Spark Infrastructure.
Spark Infrastructure was advised by Goldman Sachs and Herbert Smith Freehills.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

PROJOY is Waiting for you at Global Solar+energy Storage Conference in October

In October, the 8th Global Solar+energy Storage Conference & Expo will be held on October 11-13, 2021 on the beautiful West Tai Lake (Wuxi,...

Solarwatt brings new module and battery factories online in Germany

German solar module and battery manufacturer Solarwatt today inaugurated 300 MW of new module production lines, bringing its total PV module production capacity to...

PV-powered autonomous sea access for people with disabilities

Greek startup Tobea Ltd., a spinoff of the University of Patras, has developed a solar-powered system that provides autonomous sea access for people with...

GreenPowerMonitor expands PV asset management platform with new acquisition

GreenPowerMonitor, a DNV company, has acquired the PV analytics technology platform PEAK from Alteso. PEAK’s special algorithms, including machine learning for exploring big data,...