SYDNEY, December 22, 2021–(BUSINESS WIRE)–KKR, Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) and Public Sector Pension Investment Board (“PSP Investments” and together, “the Consortium”) today announced the completion of the acquisition of all issued securities of Spark Infrastructure (ASX: SKI) in an all-cash transaction for approximately A$5.2 billion. All regulatory approvals have been obtained.
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Spark Infrastructure invests in essential energy infrastructure businesses within Australia, which serve over 5 million homes and businesses, and are deeply involved in supporting the transition of Australia’s electricity grid to one that is increasingly reliant on renewable energy. Spark Infrastructure’s portfolio comprises:
– 49% of SA Power Networks, the sole operator of South Australia’s electricity distribution network, supplying approximately 896,000 residential and commercial customers across the state;
– 49% in Citipower and Powercor (together known as “Victoria Power Networks”), the operator of distribution networks that supply electricity to over 1.1 million customers in Melbourne and central and western Victoria;
– 15.01% of TransGrid, the largest high-voltage electricity transmission network by volume in the National Electricity Market, connecting generators, distributors and major users in New South Wales and the Australian Capital Territory; and
– 100% of the 120MWDC /100MWAC Bomen Solar Farm located north of Wagga Wagga in New South Wales.
Andrew Jennings, a Director on KKR’s Infrastructure team in Australia, said, “We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities. Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country.”
“Spark Infrastructure aligns perfectly with our strategy to invest in high-quality regulated infrastructure assets globally that will both benefit from and support the transition to a low-carbon economy,” said Bruce Crane, Managing Director and Head of Asia Pacific Infrastructure & Natural Resources at Ontario Teachers’. “We look forward to working with our partners and management to continue to optimize network performance and reliability while also supporting future growth of the portfolio.”
“We are excited to add Spark Infrastructure to our Infrastructure portfolio and to continue nurturing our established relationships with KKR and Ontario Teachers’,” said Sandiren Curthan, Senior Director, Infrastructure Investments, PSP Investments. “As Australia transitions away from coal, Spark Infrastructure’s electricity transmission and distribution networks are well-positioned to enable the clean energy transition toward a low-carbon economy.”
KKR is making the investment through its core infrastructure strategy which focuses on investing in …….
Source: https://finance.yahoo.com/news/kkr-ontario-teachers-psp-investments-215900554.html
