Hong Kong Billionaire Cheng Family’s Australian Energy Unit To Sell Pilbara Assets For $1.1 Billion

Alinta Energy, the Australian power company owned by the private investment firm of Hong Kong’s billionaire Cheng family, has agreed to sell its power assets in Pilbara to gas pipeline operator APA Group for A$1.72 billion ($1.1 billion) including debt.

The transaction, announced on Tuesday, will see Chow Tai Fook Enterprises’ Alinta Energy offload some of the biggest energy-generation assets in Pilbara, the Western Australian region that’s known for its iron ore and lithium mines. The company said the sale will help fund its renewables projects in Australia, including an offshore wind farm and a hydropower storage facilities.