Sev.en Global Investments has announced it has completed its acquisition of Delta Electricity Pty Ltd, the parent company of the Vales Point Power Station and the Chain Valley Colliery.
The sale price was not included in the press statement released on Saturday, December 17.
The statement said the 100% equity acquisition of Delta Electricity and its related subsidiaries, was completed on the December 15 following all conditions being met, including the granting of the necessary state and federal government approvals.
Sev.en said it was excited to welcome all the Delta employees into the Sev.en family group.
“Delta is a significant contributor to the energy stability in NSW and Sev.en looks forward to bringing value to local communities through our global experience and as a responsible long term operator with assets in Europe, the UK, the USA and in Australia,” the company said.
“With a rich endowment of natural resources, Sev.en is actively pursuing further opportunities to grow within the region and across a range of commodities.”
Sev.en’s Australian investments include:
100% of Delta Electricity in NSW,
100% of the Salt Lake Potash project in Western Australia,
50% interest in InterGen N.V. via its interests in the Millmerran and Callide power stations in Queensland.
Sev.en Global Investments CEO Mr Alan Svoboda said Delta was an important part of the company’s growth plans in Australia.
“The positive work culture and quality of the assets aligns with our investment objectives of adding further generation capacity to our Australian portfolio. In doing so, Sev.en is also uniquely positioned to maximise the benefit to local communities as dedicated long-term investor and operator,” Mr Svoboda said.
“We are committed to support the energy transition by providing reliable power supply and backup capacity as needed.
“Sev.en is further expanding our presence in the region as we expand our local team with the necessary expertise required to be successful in Australia,” he said.
Sev.en Global investments described itself as a family office investment group from the Czech Republic that deploys long-term capital in growth, restructuring and special situations worldwide, primarily in the energy, mining and adjacent sectors.
In September Sunset Power International announced its intention to sell the power station which is scheduled to close in 2029 ,and in October 11 community groups announced their opposition to the sale, citing concerns about transparency and certainty about the closure dates and rehabilitation of the power station.
Delta provides about 11 per cent of NSW’s electricity.
In September, Delta Electricity CEO Greg Everett thanked Sunset co-owners Trevor St Baker and Brian Flannery for their leadership of the business since they bought it from the State Government in 2015.
“Due to their sound control and direction, together with a commitment to maintain extensive investment in the business, Vales Point has continued to be a significant contributor to the energy needs of our community,” he said.
What a total joke when you are allowed to write a submission against the sale and send it to Jim Chalmers (Federal Treasurer), you get no response and the sale goes ahead. Much the same as the previous sale of the power station, a state government enterprise which supplies 11% of the state’s power, by Gladys Berejiklian (former N.S.W. Treasurer) for a miserable $1 Million dollars. Australia is quickly becoming a totalitarian country similar to Russia and China with politicians thinking they can get away with whatever they or their party’s think is good for them and yes they are getting away with it.
Again the FIRB has allowed foreign control of Australian energy assets. No lessons have been learned from the current energy price crisis
If this power station is to close by 2029 I wonder why anyone would see it as a viable business. I’m concerned about the clean up when it closes as it’s not unknown for owners to walk away and leave taxpayers to pay for rehabilitation of the site.