Marubeni sells Aussie power plant stake to S.Korea buyer -source

Tue, 07 Jan - 10:40am

TOKYO, Jan 7 (Reuters) - Japanese trading house Marubeni Corp has sold its 30 percent stake in Australia's Millmerran Power Station to a South Korean buyer for less than A$200 million ($179 million), a source with direct knowledge of the deal said on Tuesday.

The 850-megawatt coal-fired thermal power plant is located in southern Queensland and sells power wholesale, making profits from the asset very volatile, the person said, speaking on condition of anonymity.

"It was a straight forward transaction," the person said, declining to name the South Korean buyer.

The plant, which also has an coal mine connected to it, came online in 2003 and supplies electricity to about 1.1 million homes, according to the power plant's website.

A Marubeni spokeswoman said she was looking into the matter.

($1 = 1.1159 Australian dollars)

(Reporting by James Topham; Editing by Chris Gallagher)

((james.topham@thomsonreuters.com)(+813 6441 1858)(Reuters Messaging: james.topham.thomsonreuters.com@reuters.net))

Keywords: MARUBENI AUSTRALIA/POWER

URN: 
urn:newsml:reuters.com:20140107:nL3N0KH03R:2
Topics: 
JP KR PWR ELEU AU CMPNY INDS COM COAPWR ENR WHO UTIL ASIA EMRG DEAL1 LEN TRAD RTRS MRG BACT COA DVST NRG ISER

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