Melbourne-based infrastructure specialist Plenary Group Holdings and its founding principals have sold the company’s North American operations to its strategic partner, Caisse de dépôt et placement du Québec (CDPQ).

The investment gives CDPQ ownership of Plenary Americas’ operating business, as well as a controlling stake in its existing public-private partnership (PPP) portfolio of 36 projects.

CDPQ Executive Vice‑President and Head of Infrastructure, Emmanuel Jaclot, said the institutional investor would retain its 20% stake it acquired in Plenary Asia-Pacific in 2016.

“Over the years, CDPQ has appreciated first-hand Plenary Asia Pacific’s impressive know-how, particularly in developing and managing projects,” said Jaclot.

Plenary’s global Chairman, John O’Rourke, said CDPQ and Plenary Asia-Pacific had been partners since 2012 when CDPQ first invested in Plenary projects.

O’Rourke said the divestment will free capital to support Plenary’s opportunities in the Australian and Asian infrastructure markets, where the “immediate pipeline on the eastern seaboard of Australia is of an unprecedented scale.”

O’Rourke added: “Plenary Asia-Pacific and Plenary Americas will continue to work together very closely, sharing knowledge and resources and potentially exploring new markets.”

Plenary Asia-Pacific will retain a minority interest in Plenary’s North American PPP portfolio.