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QIC acquires $1.78bn energy asset

By Reporter
 — 1 minute read

Alternatives investment firm QIC has entered into an agreement to acquire the Iona Gas Storage Facility in Melbourne from EnergyAustralia.

The QIC consortium, which includes the firm’s global infrastructure fund, will acquire the Iona Gas Storage Facility from EnergyAustralia for $1.78 billion.

QIC head of global infrastructure Ross Israel said: “I’m delighted that we have been able to achieve this outcome for our clients and [QIC global infrastructure fund], our pooled global infrastructure fund.

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“We believe Iona is an attractive core infrastructure asset for our clients with an essential role in the Australian east coast energy supply value chain.

“It has long-term contracts with its customers, which underpin stable and predictable cash flows while also presenting a platform for further growth and expansion opportunities,” he said.

The deal is expected to be completed in the December-quarter of 2015.

QIC acquires $1.78bn energy asset

Alternatives investment firm QIC has entered into an agreement to acquire the Iona Gas Storage Facility in Melbourne from EnergyAustralia.

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