AGL Sells Stake in Diamantina Power Station to APA for A$151 Million

   By David Winning

SYDNEY--Power generator and retailer AGL Energy Ltd. (AGL.AU) said Tuesday it has sold its 50% stake in the Diamantina Power Station venture in eastern Australia to joint-venture partner APA Group (APA.AU) for 151 million Australian dollars (US$114 million).

AGL said the deal represented a small premium to the book value of the investment and would contribute to its target of selling A$1 billion of unwanted assets by the end of the financial year through June, 2017.

The Diamantina Power Station venture, located at Mount Isa in Queensland state, comprises the 242-megawatt combined cycle gas turbine Diamantina Power Station and the 60-megawatt open cycle gas turbine Leichhardt Power Station. The generating assets supply Glencore PLC (GLEN.LN) and state-owned Ergon Energy.

AGL said it would continue to supply natural gas to the Diamantina Power Station under an existing gas sales agreement, which runs to 2023.

-Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

March 28, 2016 18:31 ET (22:31 GMT)

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