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Origin Energy sells regional asset

Origin Energy sells regional asset

David Ryan, Herbert Smith Freehills

Two firms have advised on the sale of Origin Energy's Mortlake Terminal Station to AusNet.

Firms: Herbert Smith Freehills (Origin Energy); Gilbert + Tobin (AusNet Transmission)

Deal: Origin Energy sold the Mortlake Terminal Station to AusNet Transmission.

Value: $110 million

Area: M&A

Key players: The Herbert Smith Freehills team was led by partner David Ryan (pictured) with assistance from executive counsel Peter Davis and senior associate Kris Percy.

Deal significance: Origin Energy has sold the Mortlake Terminal Station to AusNet Transmission, the current operator of the station, for $110 million.

Mortlake Terminal Station connects Origin’s 550MW gas-fired Mortlake Power Station to Victoria’s electricity transmission system.

The sale of the Mortlake Terminal Station is the first of a series of infrastructure asset sales by Origin Energy as part of an asset divestment program announced in September 2015.

Herbert Smith Freehills executive counsel Peter Davis said: “We are delighted to help Origin Energy deliver on the first stage of its asset divestment process. Despite the Mortlake Terminal Station being subject to some extremely complex contractual and regulatory arrangements, the deal was successfully executed in a very short time frame.”

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