Kansai Electric Power Co. Inc. (TSE:9503) and Summit Southern Cross Power Pty. Ltd. agreed to acquire Bluewaters 1 and 2 coal-fired power stations from Griffin Energy Group Pty Ltd. on April 1, 2011. Business was acquired at an enterprise value of AUD 1.2 billion. The financial terms of the transaction were not disclosed. Under the terms of transaction, Kansai Electric Power and Sumitomo will each acquire a 50% stake in Bluewaters 1 and 2 coal-fired power stations. The transaction will take place in two parts. The sale requires approval from creditors and is subject to a number of conditions.

The transaction is expected to occur between May 15, 2011 to May 23, 2011. As of July 1, 2011, Kansai Electric Power Co. Inc. (TSE: 503) and Sumitomo Corporation agreed to extend the completion date to September 30, 2011. KordaMentha partners were appointed administrators of Griffin Group in January 2010.

On November 6, 2012, it was announced that new contracts for sale of Bluewaters 1 and 2 coal-fired power stations to Kansai Electric Power and Summit Southern Cross Power were exchanged. The transaction is expected to close by November 30, 2012. Macquarie Capital Advisers and UBS Investment Bank acted as financial advisors to KordaMentha. Clayton Utz acted as legal advisor to The Kansai Electric Power Company, Incorporated and Summit Southern Cross Power Pty. Ltd. Maria O'Brien, David Walter, Steve Glanz, Sean Duffy, Tim Sherman, Bryan Paisley, Breanna Slattery, Mel Tun, Lawrence Mendes, Jen Wu, Ian Kok, Phil Gledson, Miles Hurst, Heather Sandell and John Anderson of Baker & McKenzie acted as legal advisor to Griffin Energy Group Pty Ltd.

Kansai Electric Power Co. Inc. (TSE:9503) and Summit Southern Cross Power Pty. Ltd. completed the acquisition of Bluewaters 1 and 2 coal-fired power stations from Griffin Energy Group Pty Ltd. on February 15, 2013.