More insto money pours into Vic desal plant
By Alice Uribe
Wednesday 20 January 2010
More institutional investors have ploughed money into Victoria's desalination plant.
Industry fund UniSuper has invested directly in the project and become an equity holder.
While UniSuper head of private markets Gautam Rajamani could not disclose the amount invested due to confidentiality agreements, he said it was the biggest infrastructure investment the superannuation fund had made during 2009.
Rajamani said the fund was the largest Australian equity investor in the AquaSure Consortium.
The consortium, which includes Macquarie Capital, has financed the plant and will provide operations and maintenance.
"Having a large equity ticket means that you can negotiate some conditions," Rajamani said.
AustralianSuper has also become a financing investor in a syndicate of 34 banks and institutions providing debt finance for the design, construction and operation of the Victorian Desalination Plant.
The fund has invested $20 million, but is not an equity holder.
"We thought it was a good investment," AustralianSuper chief investment officer Mark Delaney said.
This comes on the back of the announcement that Industry Funds Management had invested $20 million in the project.
The desalination plant was developed through a public-private partnership model.
Construction of the plant began in September last year and is set to deliver water by July 2012.
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