News: APA UPDATE 1-Australia's APA proposes to buy Basslink for $480 mln in energy push

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Oct 17 (Reuters) - Australian natural gas operator APA Group (APA) said on Monday it had proposed to buy electricity interconnector Basslink Pty Ltd for A$773 million ($480.3 million) from administrators to expand its energy transmission footprint.

Basslink owns a 370 km (229.9 mile) high-voltage direct-current electricity interconnector between the states of Victoria and Tasmania. The company was put into administration last year by its then Singapore owner Keppel Infrastructure Trust KEPL.SI .

APA said the deal would allow it to continue to build on its energy infrastructure business and invest in renewable energy sources. APA currently owns or manages a A$21 billion portfolio of gas, electricity, solar and wind assets.

The proceeds from the potential deal would be used to repay Basslink creditors, including APA's senior secured debt of A$648 million, it added.

Earlier this year, the New South Wales-based company acquired a stake in the senior secured bank debt of Nexus Australia Management Pty Ltd, the borrowing entity of Basslink. ($1 = 1.6095 Australian dollars)