A QIC-led consortium is buying a gas-storage facility in Australia from the China Light & Power Group.
QIC鈥檚 Global Infrastructure Fund (QGIF) and existing QIC clients are buying the Iona Gas Storage Facility near Melbourne from EnergyAustralia, a member of China Light & Power Group, for AUD1.8bn (鈧�1.1bn).
The deal is expected to close by year-end.
Iona was Australia鈥檚 first underground natural gas storage facility.
Ross Israel, head of QIC global infrastructure, said: 鈥�Iona is a strategic, high-quality infrastructure asset in the Australian east coast gas market.
鈥淚t provides essential storage facilities to domestic integrated utilities to service intermediate and peak gas demand.鈥�
He added: 鈥淚ona is an attractive core infrastructure asset for our clients, with an essential role in the Australian east coast energy-supply value chain.
鈥淚t has long-term contracts with its customers, which underpin stable and predictable cashflows while also presenting a platform for further growth and expansion opportunities.鈥�
QGIF, an unlisted investment vehicle, is backed by institutional investors including Hostplus, one of Australia鈥檚 largest superannuation funds, an Asian sovereign wealth fund and a Chinese insurer.
