Australia could see its first publicly owned power station if the three owners of Victorias debt-laden Loy Yang are successful in a proposed a $2 billion sharemarket float. Horizon Energy Investment Corp, CMS Energy and NRG Energy are considering the float in the face of a $500 million bullet debt repayment due next March.
The 2000 megawatt power station has been on the market for a month after Horizon said it would join its American partners in pushing for the sale of the brown coal-fired generator, which was bought by the consortium for a sum $4.89 billion – of which $1.3 billion was equity.
Under the proposed float, fund managers said Loy Yang would raise $2 billion, which would be used to retire around $1.5 billion in debt, with the balance being taken by the vendors.
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