Australia’s national government and two states appointed Goldman Sachs JBWere, Macquarie Bank, and UBS on March 8 to be joint managers for the A$1.7 billion (US$1.24 billion) sale of the country’s leading renewable electricity generator, Snowy Hydro Ltd.
A joint statement said the initial public offering of Snowy Hydro — owner of the 3,756-MW Snowy Mountains Hydroelectric Scheme — would be overseen by New South Wales Finance Minister John Della Boca, Victorian Treasurer John Brumby, and national Finance Minister Nick Minchin. The offering is expected to be completed by mid-year.
“Continued government ownership is limiting the company’s expansion,” the ministers said. “The sale of the governments’ shares will allow the company to access private equity so it can further develop its business.”
New South Wales State holds 58 percent of Snowy Hydro, Victoria State 29 percent, and the national government 13 percent.
Snowy Hydro provides 74 percent of the renewable energy available in Australia’s mainland national electricity market. The hydro complex consists of seven power stations and 16 dams, connected by 145 kilometers of tunnels and 80 kilometers of aqueducts.