China State Grid expands in Australia through Singapore Power

China State Grid, the country’s biggest utility group, has made further acquisitions in the Australian energy market. It has agreed to pay Singapore Power A$824 million $810 million for 19.9% of SP AusNet and 60% of SPI Australia Assets SPIAA.

The purchases come after State Grid paid A$500 million last November for a 41% holding in South Australian electricity supplier ElectraNet. The Chinese state-owned company intends to spend between $30 billion and $50 billion by 2020 buying assets throughout the world, and has also recently bought stakes in Brazilian, Philippine and Portuguese transmission firms.

SP AusNet is a listed company that manages...