TransGrid has welcomed OMERS, one of Canada’s largest defined benefit pension plans, to its ownership group.
This announcement follows OMERS’ acquisition of a 19.99 per cent stake in TransGrid from Wren House Infrastructure Management.
With more than 500,000 members, the Canadian company manages $109 billion in net assets and brings with it significant global expertise in asset classes including infrastructure and a long-term investment approach.
Related article:Lucky seven: Companies shortlisted for hydrogen funding round
TransGrid chief executive officer Paul Italiano said he was very pleased to welcome the company to the ownership group and appreciated the pension plan’s confidence in the long-term outlook for TransGrid and for the Australian economy.
“By investing in TransGrid, OMERS is supporting our delivery of safe, reliable and affordable electricity to customers and assisting to progress the critical infrastructure projects being planned and delivered by TransGrid as we lead the energy transition, which is under way in Australia.
Related article:Spate of network collisions sparks safety plea
“At this time, I’d also like to thank Wren House for their support as a shareholder over the last five years and for their contribution to the business as it has transformed from a state-owned to a privately owned company.”
OMERS Infrastructure managing director – Australia Christopher Curtain said, “Today is a proud day for OMERS, as TransGrid marks our second infrastructure investment in Australia, after the Port of Melbourne.
“This announcement also represents an increasing role for OMERS in the growth and development of New South Wales, which includes the substantial investment being undertaken by OMERS-owned Oxford Properties in the Sydney Metro Pitt Street over-station development.”
TransGrid is owned by a consortium comprised of Spark Infrastructure, Utilities Trust of Australia, CDPQ, Tawreed Investments Limited, and now OMERS.