The QIC consortium includes the QIC Global Infrastructure Fund (QGIF) and existing QIC clients.
QIC is owned by the Government of the State of Queensland and one of the largest institutional investment managers in Australia.
The sale is a part of CLP’s effort to restoring value to the Australia business as well as EnergyAustralia’s plan to improve operational efficiency and optimize portfolio of assets.
CLP CEO Richard Lancaster said: "We are continually looking at ways to enhance shareholder value and optimise the long term sustainable value of the business, and will continue to review our assets on this basis."
Subject to receiving certain regulatory approvals, the transaction is planned to be completed in the December-quarter 2015.
QIC Global Infrastructure head Ross Israel said: "We believe Iona is an attractive core infrastructure asset for our clients with an essential role in the Australian east coast energy supply value chain.
"It has long term contracts with its customers, which underpin stable and predictable cashflows while also presenting a platform for further growth and expansion opportunities."
CLP plans to use the proceeds from the sale to repay shareholder loans extended by CLP Group to and third party debts due by EnergyAustralia. It will also be used for general capital expenditure as needed under EnergyAustralia’s transformation plan.
Featuring a gas processing and compression plant and underground gas storage reservoirs, the Iona gas plant can supply gas to the market at rates of up to 500 terajoules a day.
With gas storage capacity of 23.5 petajoules, the plant is designed to provide gas injection, storage and withdrawal services to both the Victorian and South Australian gas markets.
