Royal Dutch Shell and Infrastructure Capital Group (ICG) have agreed to acquire Meridian Energy’s Australian assets for A$729 million ($527 million), according to various news reports.
The consortium’s bid bested others, including Enel and Iberdrola.
The consortium will split the company's portfolio, with Shell taking Meridian's electricity and gas retailer Powershop Australia, and ICG taking the company’s power-generating assets, including two wind farms, several hydro-power stations, and development assets.
As part of the deal, Shell will also acquire wind-power-purchase agreements, and has made offtake arrangements with ICG for Meridian’s hydro and wind assets.
