SPIC pulls out of John Laing Australia renewables bid

10 June 2020 - 12:00 am UTC

China’s State Power Investment Corp. has pulled out of the bidding for John Laing‘s Australian renewables business, just days after choosing Standard Chartered as its advisor, according to two sources close to the situation.

SPIC is concerned about potential regulatory obstacles, according to one of the sources, who added that the company is also adjusting its investment strategy to focus on the domestic market because of COVID-19. A strained relationship between China and Australia was also a factor in the decision, the same source said.

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