More Distribution Cuts Likely on Increasingly Tough Regulation
No-moat-rated Spark Infrastructure acquired the Bomen solar farm development project near Wagga Wagga in New South Wales. The solar farm will start in mid-2020, will cost AUD 188 million, and should add around AUD 10.5 million, or 1.3%, to annual EBITDA. Management believes the acquisition is accretive to value and distributions, but we are not convinced. While tough regulatory conditions mean there’s logic in diversifying away from regulated assets, there are material risks with intermittent re...Spark Infrastructure is engaged in investing in regulated electricity distribution and transmission businesses in Australia. Co. reportable segments are: Victoria Power Networks, which represent the 49.0% interest in two electricity distribution businesses in Victoria; SA Power Networks, which represent the 49.0% interest in the electricity distribution business in South Australia; TransGrid, which represent the 15.01% interest in the electricity transmission business in New South Wales; and Other which represents the economic interest in DUET Group, an Australian Securities Exchange listed entity head quartered in New South Wales.
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