SINGAPORE — Singapore Power (SP) has agreed to sell large stakes in Australian power companies to State Grid Corp of China, the world’s largest state utility, in deals that could be worth over A$5 billion (S$6.12 billion), as Singaporean Government-linked companies continue to withdraw from the market Down Under.

State Grid will buy 19.9 per cent of electricity supplier SP Ausnet for A$824 million and 60 per cent of energy infrastructure company SPI (Australia) Assets for an undisclosed amount, SP said yesterday.

SP AusNet, listed in Australia and Singapore, held assets worth A$10 billion as at end-March. SPI (Australia) Assets, which uses the trading name Jemena and owns electricity and gas distribution networks, has assets of around A$8.9 billion, according to law firms Allens and Linklaters, which advised the buyers on the acquisitions. Combined, the two deals are worth more than A$5 billion, including debt, according to …