Australia’s newest coal-fired power plant deemed worthless by Japanese owner

Sumitomo writes off stake in WA’s Bluewaters due to difficulty in refinancing loans for coal projects

The Japanese part-owner of Australia’s newest coal-fired power plant has written off its investment amid dimming prospects for coal.

The conglomerate Sumitomo and another Japanese company, Kansai, each own half the Bluewaters power plant, which provides about 15% of Western Australia’s electricity, after buying it for a reported $1.2bn in 2011.

Related: China’s ban is less of a threat to Australia’s coal industry than international climate ambition | Tim Buckley

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