Prime Super, MTAA Super and an additional investor purchased a 49.9 per cent equity interest in Worsley Multi-Fuel Cogeneration from GE Energy Financial Services.
Infrastructure investment manager Whitehelm Capital, who advised the funds on the purchase, indicated that GE Energy Financial Services will retain a 50.1 per cent stake in the asset.
Whitehelm chief investment officer Graham Matthews said: “While many managers have been focusing on highly competitive trophy asset processes, the successful investment in the Worsley Cogen demonstrates that there is a pipeline of exclusive, quality, mid-cap regional infrastructure assets underpinned by long-term contractual arrangements and solid fundamentals.”
“The investment decision was underscored by the facility’s strong historical operating performance, predictable future returns, and an attractive acquisition multiple,” Mr Matthews said.
The Worsley Cogen asset is located in Western Australia and provides steam and electricity, a statement issued by Whitehelm said.
