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Australian State Hires Goldman Sachs to Run Power Sale

Date : 07/06/2012 @ 1:45AM
Source : Dow Jones News
Stock : Citigroup (C)
Quote : 53.96  -0.05 (-0.09%) @ 4:04PM
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Australian State Hires Goldman Sachs to Run Power Sale

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   By David Winning 
 

SYDNEY--Australia's New South Wales government said Friday it has hired Goldman Sachs to sell its electricity generators, a process through which it hopes to raise about 3 billion Australian dollars (US$3.1 billion) for the state.

The state government said it also appointed Citigroup as a financial advisor on the sale or lease of the proposed Cobbora coal mine.

"The sale of the state's electricity generators will release billions of dollars for investment in critical infrastructure projects across NSW, while also saving the state billions of dollars in avoided costs to meet future generation capacity needs," NSW Treasurer Mike Baird said in a statement.

-Write to David Winning at david.winning@wsj.com



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