Powered by renewable energy, SDP can supply up to 250 million litres of drinking water per day
Ontario Teachers’ Pension Plan Board (“Ontario Teachers'”) and Morrison & Co, on behalf of the Utilities Trust of Australia (“UTA”) are pleased to announce their acquisition of The Infrastructure Fund’s (“TIF”) ownership stake in the Sydney Desalination Plant (“SDP”). As a result of the transaction, Ontario Teachers’ ownership of SDP will increase to 60 per cent, while UTA’s interest – managed by Morrison & Co – will increase to 40 per cent.
Ontario Teachers’, UTA and TIF acquired SDP in 2012 through a 50-year lease from the Government of New South Wales. Powered by renewable energy, SDP can supply up to 250 million litres of drinking water per day, which is approximately 15 per cent of Sydney’s water needs.
Dale Burgess, Senior Managing Director, Infrastructure & Natural Resources of Ontario Teachers’, said: “SDP has been a great investment for Ontario Teachers’, and this incremental acquisition demonstrates our commitment as long-term, dedicated and constructive owners. Australia remains an important investment destination for us, particularly as we look to expand our portfolio in the Asia-Pacific region in the coming years. We look forward to continuing to work side-by-side with Morrison & Co and SDP’s management team to ensure SDP fulfills its essential purpose of providing water supply security to the community it serves.”
Paul Newfield, Head of Australia & New Zealand for Morrison & Co, said: “At Morrison & Co, we aim to invest in businesses that serve our communities’ most vital long-term needs. SDP fits that bill. It’s a high-quality and well-managed core infrastructure asset that addresses the challenge of providing water supply security in a changing global climate. We are committed, long-term investors and look forward to working together with Ontario Teachers’ and SDP’s management team to ensure SDP continues to fulfill this critical role.”
Philip Narezzi, Chief Executive Officer of SDP, added: “We look forward to continuing to work with both Ontario Teachers’ and Morrison & Co in ensuring that SDP continues to be a world-class desalination facility that provides reliable and sustainable drinking water to Sydney residents whenever it is required.” said.
Source: Company Press Release