Japan picks up Bluewaters power stations

A Japanese consortium has picked up the final assets of failed tycoon Ric Stowe's Griffin Coal, with the purchase of the Bluewaters power stations near Collie.

Japanese companies Kansai Electric Power and Sumitomo Corporation make up the consortium, which was announced as the new owner of the Bluewaters 1 and 2 coal-fired power stations today.

Griffin Coal's administrators, KordaMentha, said the sale would take place in two parts, and its completion was still subject to a number of conditions.

A purchase price for the power stations has not been disclosed.

Last month, KordaMentha offloaded Griffin's coal mine to Indian firm Lanco Infratech for $850 million.