Caisse de dépôt et placement du Québec (CDPQ) is taking a 20% stake in Australian infrastructure company Plenary Group Holdings.
Plenary will issue new shares to secure additional capital to fund participation in future projects.
Macky Tall, executive vice-president of infrastructure at CDPQ, said: “Given the scale of Australia’s infrastructure opportunities, this partnership will enable us to identify the best projects to generate stable and predictable returns over the long term.”
CDPQ has so far invested more than AUD200m (€138m) in seven Plenary-originated Australian projects since 2012, including the AUD1bn Victorian Comprehensive Cancer Centre, which opened in June this year.
John O’Rourke, chairman at Plenary, said: “Having our long-standing partner as a shareholder will provide us with the opportunity to further pursue large public infrastructure projects expected to be carried out over the coming years.”
CDPQ last year opened an office in Australia under its CDPQ Sydney subsidiary.