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Commodities

EnergyAustralia buys gas-fired power stations from Australia's IFM

SYDNEY (Reuters) - EnergyAustralia, a unit of Hong Kong’s CLP Holdings, said on Monday its previously announced takeover of power station operator Ecogen Energy from Australian pension fund giant IFM Investors for A$205 million ($157.36 million) is now formally sealed.

Ecogen owns two gas-fired power stations in the southern state of Victoria with a combined capacity of about 1,000 megawatts.

The purchase of Ecogen assets comes as gas prices soar, while state and national leaders brawl over carbon emissions targets and energy policy - factors that have spooked big infrastructure investors.

Australia’s competition regulator had reviewed the sale and given its permission in December.

Reporting by Alison Bevege, Editing by Sherry Jacob-Phillips

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