29 Jan 2007
Infratil Energy Australia ("IEA") has concluded an equity subscription agreement with Perth Energy Pty Ltd ("Perth Energy") which will give IEA a 51% holding. The A$7.0m received by Perth Energy will capitalise the Company for growth and enable it to benefit from Infratil's energy experience.
Perth Energy is one of three fully licenced electricity retailers in Western Australia. Established in 1999, it has a base of commercial and industrial customers and has been trading profitably since 2005. It also has a well developed 90MW gas fired power station project at Kwinana that has received conditional certification from the Independent Market Operator.
Chief Executive of IEA, Darryl Flukes, who will take up the position of Chairman of Perth Energy, noted: "This acquisition fits perfectly with Infratil's growth aspirations in Australia by extending our national presence. We are particularly pleased to be entering the West Australian market with the knowledge and experience of Perth Energy's management. With the recent disaggregation of Western Power and WA's plans for retail contestability, there are plenty of opportunities for growth."
Ky Cao, Managing Director of Perth Energy: "We are extremely pleased to have found a strong financial backer for Perth Energy with experience in both retail and generation. This partnership will enable us to implement our business expansion plans more quickly."
For further information on the Perth Energy business www.infratil.com/faqs.htm
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