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23 June 2003 - The operator of Australia's second biggest coal terminal, Prime Infrastructure, has acquired a 50 per cent stake in the Redbank power station in the Hunter Valley for A$27.5m ($18.26m).

It bought most of its stake from ABB Equity Ventures, with a lesser interest from investment bank Babcock & Brown.

Redbank, a coal-fired station with a capacity of 132 MW, has a 30-year agreement with Energy Australia, the largest electricity distributor in Australia. Redbank, which uses coal waste rather than steaming coal, has recently come under attack from environmentalists for high levels of carbon dioxide emissions.

Prime Infrastructure's consortium partners in the venture are Babcock & Brown and National Power, which between them held the remaining half share. Prime's foundation asset is the Dalrymple Bay Coal Terminal near Mackay in central Queensland, which is second only in size to Port Waratah at Newcastle.

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