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Leighton Holdings Ltd (ASX:LEI) has announced a new alliance with Ausgrid, a move that will see the construction group receive about $50 million a year in project work.
Within five years, Leighton expects the alliance with the electricity network provider to be worth $210 million to its Thiess division.
Ausgrid’s managing director George Maltabarow said the company’s major substations had outgrown their life span, and investment in the electricity network is being driven by the need to meet peak demand for power, which is growing at two per cent a year.
Leighton Holdings Ltd (ASX:LEI) reported a profit of $218 million in the last six months of 2010.
