Infratil takes 10 percent stake in Aust energy company

Infratil acquired about 11.5 million shares for $A41 million ($NZ47.21 million) from exiting EDL shareholder, NRG Energy which is withdrawing from the Asia Pacific region.

Orion New Zealand Ltd had also purchased a 10 percent shareholding in EDL, Infratil said.

In a statement, Infratil chairman Kevin O'Connor said EDL was one of Australia's largest renewable energy companies with particular expertise in landfill gas and waste-to-energy projects.

He said one particular waste-to-energy project at Woollongong in New South Wales was as yet commercially unproven but if successful, it would be well placed to take advantage of significant projected growth in the European and American waste management sectors.

EDL currently has close to 400MW of total plant either operational or under development.

"For Infratil, this investment provides an entry to this renewable generation sector via a quality company with upside potential," Mr O'Connor said. It complemented Infratil's existing assets in hydro and wind renewable generation assets.

Infratil planned to use cash reserves and existing bank facilities to fund the investment, and no new equity will be sought.

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