Processing timeline
28
days
Acquirer(s)
NORTH QUEENSLAND REGIONAL ENERGY CO PTY LTD ABN - 99 695 814 101, QBF NO. 2 PTY LTD ABN - 78 074 123 130
Target(s) or Vendor(s)
QUEENSLAND ELECTRICITY TRANSMISSION CORPORATION LIMITED ABN - 82 078 849 233
Other parties
North Queensland Regional Energy Trust, QIC LIMITED ABN - 95 942 373 762
QBF No. 2 Pty Ltd and North Queensland Regional Energy Co Pty Ltd, subsidiaries of Queensland Investment Corporation, are acquiring assets from Queensland Electricity Transmission Corporation Limited (Powerlink Queensland). This asset transfer facilitates the CopperString Project, a major electricity transmission line development in North and Northwest Queensland.
The Queensland Government has commissioned Queensland Investment Corporation ( QIC ) to oversee delivery of the CopperString Project, a proposed transmission line to be developed in North and Northwest Queensland, and to ensure the project is delivered efficiently while meeting the needs of those areas. In order to facilitate QIC overseeing delivery of the CopperString Project, certain assets from Queensland Electricity Transmission Corporation Limited (trading as Powerlink Queensland) ( Powerlink ) will be transferred to: QBF No. 2 Pty Ltd (a QIC subsidiary) or another newly established QIC subsidiary acting in its capacity as trustee for the CopperString Project Assets Hold Trust ( SPV1 and SPV1 Trust , respectively); and North Queensland Regional Energy Co Pty Ltd (a QIC subsidiary) as trustee for the North Queensland Regional Energy Trust ( SPV2 and SPV2 Trust , respectively) (together, the Acquisition ). The asset transfers will primarily occur pursuant to a regulation made under s 161 of the Government Owned Corporations Act 1993 (QLD) (the GOC Act ). Some assets will be transferred pursuant to an asset transfer deed. Both QIC and Powerlink are corporations owned by the Queensland Government. The assets being transferred include contracts, land and physical assets (such as office equipment). SPV2 is ultimately intended to be a vehicle which will allow for private sector investment in the CopperString Project. QIC is established under the GOC Act and Queensland Investment Corporation Act 1991 (QLD) (the QIC Act ). QIC is a leading global diversified alternative investment manager with over A$131 billion in assets under management (as at 30 June 2025). Powerlink is also established under the GOC Act. Powerlink develops, operates and maintains the high voltage electricity transmission network in Queensland, supplying electricity transmission network services and related transmission infrastructure services. Powerlink’s network extends 1,700 kilometres from Cairns to the NSW border. The CopperString Project is a major construction project to build transmission lines and substations in North and Northwest Queensland in two parts: the Eastern Link from Reid River (near Townsville) to Hughenden and the Western Link from Hughenden to Mount Isa. The project is in its very early stages of planning and development, with the earliest works anticipated to commence in the second half of 2026. Major construction of the Eastern Link will begin in 2028, with commercial operations targeted for 2032 (subject to approvals). Construction of the second stage, the Western Link, remains subject to government determination. Ultimately the CopperString transmission line is intended to connect the region to the national electricity market.