DIF, Aberdeen Standard Investments and Local Pensions Partnership (LPP) are acquiring Finnish district heating company Elania Lampö Oy, known as Elenia Heat.
DIF and Aberdeen Standard are investing on behalf of their respective funds, DIF Infrastructure V and SL Capital Infrastructure II.
LPP, which recently bolstered its infrastructure team, manages investments on behalf of a number UK local-authority pension schemes.
The price paid to Elania Oy for Finland’s ninth largest district heating company was not disclosed.
Elenia Heat owns and operates 16 district heating networks, covering 499km across 10 municipalities and serving 85,000 customers.
It also owns a gas distribution business, selling gas via six distribution networks, and a 50% stake in Oriveden Aluelämpö Oy, a district heating network in Orivesi.
DIF also announced today that a consortium of investors had reached a final close on the acquisition of the Cross River Rail project in Brisbane, Australia.
The consortium, which will fund the creation and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, including twin 5.9km tunnels, comprises DIF Infrastructure V, Pacific Partnerships, Ghella Investments & Partnerships, and a joint venture between PGGM and BAM.