Australian group wins $7bln power deal

SYDNEY: An Australia-led consortium of investment funds from Canada and the Middle East won the bid for electricity transmission network TransGrid Wednesday, beating a Chinese challenger in a deal worth Aus$10 billion (US$7.3 billion).
China´s State Grid was considered a frontrunner but the New South Wales state government said the strongest bid belonged to the locally led NSW Electricity Networks consortium.
"The transaction will deliver gross proceeds of Aus$10.258 billion which will help fund a raft of infrastructure projects across the state," New South Wales (NSW) Premier Mike Baird said in a statement.
The winning consortium includes Canadian pension fund Caisse de depot et placement du Quebec (CDPQ), the Abu Dhabi Investment Authority´s Tawreed Investments Limited, and a wholly owned subsidiary of the Kuwait Investment Authority, Wren House Infrastructure.