REST Super eyes Iona Gas Plant

Australian media has today reported that REST Industry Super has launched a bid to purchase the $1 billion Iona gas plant.

The Australian newspaper stated that the $32 billion superannuation fund has expressed interest in Energy Australia’s Victorian plant.

APA Group has long been considered the most likely buyer of the plant.

But the newspaper highlighted that APA’s existing suite of Victorian assets including the Dandenong LNG Storage Facility, which has a contracted capacity of approximately 12,000 tonnes (or 0.7 PJ), its metering business and Victorian Transmission System (VTS) network of high pressure gas pipelines, has prompted a review into the bidding process by the Australian Competition and Consumer Commission.

In addition to REST and APA, Queensland-based asset manager QIC and the China Investment Corporation are also reportedly keen on the Iona plant.

Lazard Asset Management is overseeing the sale of the Iona gas plant. The plant generates an estimated $80 million annually, according to the newspaper.

Spokeswoman for REST Superannuation, Pauline Hayes declined to comment on the matter.

Enter your details to subscribe to the free fortnightly Gas Today e-newsletter

Thank you for signing up for the Gas Today Online Update.