Fengate buys into Australia power plant

The ownership percentages and financial details of the deal were not disclosed. The plant was valued at A$1.2 billion ($910 million) in December last year when two funds under Whitehelm purchased a 49.9% stake from GE which retained a 50.1% interest.

According to a statement, Fengate sees the investment an opportunity to benefit from exposure to an operating asset while establishing a relationship with GE's energy investing business. "It provides predictable, long-term cash flows for our investors and solidifies Fengate's position as a reputable international investor," said Greg Osborne, Fengate's managing director and head of Asia Pacific.

The purchase marks Fengate's third investment in Australia and its second power plant acquisition in the country in less than a year. The firm bought a gas-fired station in August 2015 for A$19.6 million shortly after opening a Sydney office as the headquarters of its expanding regional operations.

Last year, Fengate received a $180 million North American infrastructure mandate from a group of Korean institutional investors led by a unit of KB Financial Group. Investors include the Public Officials Benefits Association, Dongbu Insurance, Heungkuk Life Insurance, Hyundai Marine & Fire Insurance and Lotte Insurance.

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• Topics
• Australasia
• Infrastructure
• Industrials
• Buyouts
• Australia
• energy