The sale was undertaken in conjunction with Valley Power’s co-owner, International Power and Mitsui & Co Ltd (IPM). Snowy Hydro paid a total of $A243 million for both vendors’ stakes.
Contact offered its 40 per cent stake for sale at the same time as IPM’s majority shareholding was placed on the market.
“Contact is pleased with the outcome of the eight week sales process, conducted in conjunction with International Power and Mitsui & Co,” said Contact chief executive Steve Barrett.
“This is consistent with Contact’s decision to refocus on its opportunities in the New Zealand market.”
Valley Power is a 300 megawatt fast-start power station located in the LaTrobe Valley that services peak demand in Victoria. It comprises six 50MW open cycle gas turbines, running primarily on natural gas.
