Hydro Tasmania signs Heads of Agreement regarding Entura joint venture
September 15, 2015
Hydro Tasmania has signed an in-principle agreement with the potential partners in a joint venture aimed at creating growth opportunities for its specialist power and water consulting business Entura.
The Heads of Agreement was signed in Beijing last Friday, as part of the Tasmanian Government’s trade mission to China.
Hydro Tasmania and its co-signatories, PowerChina Huadong and HydroChina (both subsidiaries of PowerChina), will now undertake further assessment and due diligence with the intent of reaching a formal agreement later in the year.
“The Heads of Agreement is a non-binding, in-principle agreement that reflects the desire of the three parties to reach a formal agreement in due course on a joint venture to take Entura forward,” said Hydro Tasmania CEO, Steve Davy.
The parties’ vision for the joint venture is to be a leading specialist power and water consulting firm, delivering services across the project lifecycle to customers in Australia and the Pacific, South and South-east Asia and Africa.
“Entura is already one of the world’s most experienced specialist power and water consulting firms,” said Entura Managing Director, Tammy Chu.
“I believe further growth in capability and coverage created by the potential joint venture will bring great benefit to our clients and it will allow us to continue to grow with them,” said Ms Chu.
A final decision to establish the joint venture will require approval by the Hydro Tasmania Board and the Tasmanian Government, and PowerChina Huadong and HydroChina will require approvals in China and Australia.