Ontario Teachers’ Pension Plan Board is buying an Italian gas pipeline company from a Macquarie Infrastructure and Real Assets (MIRA) fund.
MIRA’s Macquarie European Infrastructure Fund 4 has sold its 69.4% interest in Società Gasdotti Italia (SGI) for an undisclosed sum.
SGI, the largest independent gas transmission operator in Italy, has a 1,700km high-pressure pipeline network transporting natural gas to key industrial and urban centres.
MIRA acquired SGI in 2016 in a consortium with Swiss Life. In addition to SGI, MIRA’s managed infrastructure funds are currently invested in Hydro Dolomiti Energia, an owner of a portfolio of hydropower generation facilities across Northern Italy.
Jiri Zrust, senior managing director and head of country coverage for MIRA in Europe, said: “We are proud to have supported SGI as it has increased investment in its network infrastructure to ensure the continued delivery of safe and reliable energy to communities across Italy.
“SGI is helping to shape the future of Italy’s energy networks and we are delighted to have found a new owner who will oversee the next stage of its development.”
Dale Burgess, senior managing director for infrastructure and natural resources of Ontario Teachers’, said: “This investment is in line with our strategy to acquire core, regulated utility assets that provide essential services and have highly predictable cash flows.
“We believe that SGI’s network is well-positioned to benefit from and enable the shift to low- or zero-carbon alternatives like green hydrogen and biomethane to support broad decarbonisation efforts in Italy and Europe.”
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