The Ontario Municipal Employees Retirement System is set to acquire 19.99 % stake in Australian electricity infrastructure company, TransGrid.
TransGrid owns high-voltage transmission network that links about eighty (80) million people to electricity supply.
The electricity infrastructure company has high proportion of regulated business making up about 90 per cent of its leased assets, this offers investors regulated revenue, making this a strong match for OMERS’s pension obligations.
“We are pleased to become investors in TransGrid and be part of this forward-looking company’s further evolution. TransGrid is poised to both continue making a crucial contribution to Australia’s electricity needs, while also playing a key role in helping reduce carbon emissions from the country’s electricity grid.” said Ralph Berg, global head of infrastructure at the OMERS, in the release.
“Today is a proud day for OMERS as TransGrid marks our second infrastructure investment in Australia, after the Port of Melbourne,” said Christopher Curtain, managing director for Australia at OMERS Infrastructure. “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.”