Marubeni divests Aussie power plant stake to South Korean buyer -source

By VCPOST Staff Reporter

Jan 07, 2014 02:14 AM EST

Japan-based trading house Marubeni Corp has sold its 30% stake in Australian firm Milmerran Power Station, according to a source familiar with the transaction. The unnamed source also said a South Korean buyer acquired the said holding in a deal valued at less than A$200 million ($179 million), wrote The Economic Times.

The coal-fired thermal power plant in question is located in the southern region of Queensland. The anonymous source said the 850-megawatt facility sells power wholesale and gains profits from very volatile assets, the report detailed.

The person declined to name the South Korean buyer, but only said on Tuesday: "It was a straight forward transaction."

The plant also has a coal mine attached to it. This facility came online in 2003. Based on the website of the power plant, it presently supplies electricity to around 1.1 million homes, the report stated.

A spokeswoman from Marubeni said she was looking into the situation, The Economic Times reported.

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