NZ's Meridian Energy sells Australia unit for $528mil to Shell-consortium

Under the deal, the energy giant's unit Shell Energy Operations will get the control of Meridian's online energy retailer Powershop Australia, while ICG will become the owner of the electricity generator's hydro power and wind farm infrastructure assets in Australia.

Meridian Energy on Monday said it agreed to sell its Australian energy business for A$729 million ($527.80 million) to a consortium of global energy giant Royal Dutch Shell and Australian investment manager Infrastructure Capital Group (ICG).

The agreement comes months after the Wellington, New Zealand-based power company kicked off a review of Meridian Energy Australia, which has about 294 megawatts of renewable generation capacity along with a retail power and gas business.