ENGIE and its partner have signed a conditional binding agreement with Hong Kong-based Chow Tai Fook Enterprises (CTFE) to sell the 1GW Loy Yang B power plant Mitsui facility.

The deal is valued at more than A$1.1bn ($835m), reported Reuters.

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Situated in the Australian state of Victoria’s Latrobe Valley, the Loy Yang B plant currently supplies around 17% of the state’s total energy.

The coal-fired power plant has a workforce of 151 people.

“ENGIE’s share in its global coal-based power generation capacities will be reduced from 13% in 2013 to 6%.”

ENGIE CEO Isabelle Kocher said: “This transaction confirms ENGIE’s positioning in low-carbon generation, energy infrastructures, and integrated customer solutions.”

The latest deal is subject to customary conditions and is expected to be closed by Q1 2018.

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Following the completion of the deal, ENGIE’s share in its global coal-based power generation capacities will be reduced from 13% in 2013 to 6%.

ENGIE will also be able to remain active in Australia and New Zealand, with 1,800 employees engaged in low-carbon power generation representing around 1GW of gross capacities, as well as supplying gas and electricity based energy and services to more than 650,000 customers.