China's State Grid wins stake in Aussie grid

BEIJING - The State Grid Corporation of China has won a bid for a stake in ElectraNet, South Australia's sole power transmission network.

China's biggest power transmission company bid successfully for the stake held by Powerlink, a Queensland public-sector electricity transmission firm.

The deal will be completed by the end of the year, the corporation said.

The grid giant declined to disclose the value of the deal, but media reports said it gives the company around a 40-percent stake in ElectraNet, which was privatized in 2000.

It marks the debut of Chinese companies in Australia's power transmission network.

The move follows a number of other similar overseas deals made by the SGCC in the Philippines, Brazil and Portugal in recent years.

The SGCC will bring technology and management skills to ElectraNet, and seek stable cooperation with its Australian partners to enhance operations and benefit the local economy, the corporation said.