Apr. 10, 2009
Sumitomo Corporation Participates in Power Generation Project in Australia
Sumitomo Corporation has acquired a 70% stake in the Kwinana Power Station in Western Australia’s. The power station is one of the states largest, newest, cleanest, and most advanced power plants. It is Sumitomo’s first direct investment in power generation in Australia.
The Kwinana power plant is a 320MW natural gas fired combined cycle power plant located 30km south of Perth, Western Australia The plant was commissioned in November 2008 and the power produced is sold to Synergy, WA government owned retail power company, under a long-term off-take agreement. Sumitomo acquired the investment from the original project owners Babcock & Brown Power Ltd and ERM Power.
Sumitomo’s ownership is held via the wholly owned holding company Summit Southern Cross Power Pty Limited based in Sydney.
Sumitomo believes that Australia’s sound economic growth prospects will sustain increasing demand for electrical power. The group will continue to seek opportunities for investment in this sector.