SYDNEY, Nov 30 (Reuters) - Western Australia state will sell a majority stake in its electricity grid, via a public float, to reduce state debt, Western Australia's premier Colin Barnett said Wednesday.
Proceeds of the sale of 51 percent of Western Power, the state-owned electricity network, would be used to reduce state debt by A$8 billion ($6 billion) and create an infrastructure fund worth A$3 billion, Barnett said in a statement.
Lobbying group Infrastructure Partnerships Australia has previously valued Western Power at A$15 billion. ($1 = 1.3362 Australian dollars)