La Caisse de d茅p么t et placement du Qu茅bec (CDPQ) has joined an Abu Dhabi Investment Authority subsidiary in a AUD10.25bn (鈧�6.9bn) Australian energy deal.
The Canadian pension fund manager and sovereign wealth fund, along with Wren House Infrastructure Management, bought the 99-year lease on TransGrid, which runs the State of New South Wales鈥檚 electricity network.
CDPQ will hold 24.99% of the equity 鈥� worth around AUD1.2bn 鈥� in the consortium.
The amount of the ADIA鈥檚 investment are unknown.
The Middle-Eastern investor invested in the consortium through its Tawreed Investments subsidiary.
Australian investors Spark Infrastructure and Hastings Funds Management have also joined the consortium.
Macky Tall, senior vice-president of infrastructure at CDPQ, which recently opened its Sydney subsidiary, said: 鈥淭he acquisition of the TransGrid lease is in line with our strategy to invest in high-quality assets, alongside local partners with sophisticated knowledge of the market and vast operational expertise.
鈥淭hrough this transaction, we continue to diversify our assets globally.鈥�
Tall said TransGrid鈥檚 regulated revenues will generate stable and predictable returns for its clients over the long term.
The network spans close to 13,000km and serves Sydney and Canberra.
