GDF SUEZ strengthens strategic partnership with Mitsui in Australia

October 8, 2013

GDF SUEZ and Mitsui & Co., Ltd. (“Mitsui”) have agreed to strengthen their existing partnership in Australia. As part of the agreement, Mitsui will acquire a 28 per cent equity interest in five assets from GDF SUEZ Australian Energy, a wholly owned subsidiary of GDF SUEZ.

GDF SUEZ Australian Energy owns and operates 3,540 MW of renewable, gas fired and brown coal-fired generating units in Victoria, South Australia and Western Australia.

GDF SUEZ and Mitsui already have a strong, long-term partnership following a successful track record of joint investment and cooperation for projects in Canada, Europe, the Middle East, Africa, Asia as well as an existing partnership agreement in Australia, where Mitsui has owned 30 per cent of the Loy Yang B power station and 21 per cent of Kwinana power station since 2004. This transaction will extend the existing partnership with Mitsui to the entire Australian portfolio.

The transaction, which comprises four, principally merchant, assets with a total capacity of 2,463 MW and the Simply Energy retail business, will create a common ownership platform across the Australian generation asset portfolio.

This new partnership, which is in line with the Group’s transformation strategy, will contribute to the Group’s 2013-14 portfolio optimisation program and will lead to a reduction in the Group’s net debt upon completion of the transaction, which is expected this month.

Notes

The assets involved in the transaction are:

  • Canunda, a 46 MW wind farm in South Australia
  • Hazelwood, a 1,542 MW coal-fired power station in Victoria
  • Pelican Point, a 479 MW gas-fired power station in South Australia
  • Synergen, comprising 396 MW gas-fired peaking plants in South Australia
  • Simply Energy, a retail business in Victoria/South Australia with some 350,000 electricity and gas accounts

GDF SUEZ develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services.GDF SUEZ employs 138,200 people worldwide and achieved revenues of €82 billion in 2012. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Euronext Vigeo Eurozone 120, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20.

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