AustralianSuper and QIC’s Global Infrastructure Fund are finalising a deal to invest in a US distributed energy asset with Generate Capital, sources said.
The deal will be AustralianSuper’s first direct investment in the US and likely the last for QIC’s infrastructure fund as it approaches full investment, with about seven deals reaching financial close this year, three sources familiar said.
The target is mostly comprised of distributed energy assets, according to two sources.
Established in December 2014, San Francisco-headquartered Generate Capital invests in green infrastructure debt and equity. This includes energy generation, water and wastewater, sustainable agriculture and electric vehicle charging networks, according to its website.
Last year, it invested USD 200m in a fleet of Chinese electric vehicle manufacturer BYD to build out a fleet of leasable electric buses.
The latest transaction was signed this week and the parties are aiming to reach financial close by the end of the year, the sources said.
AustralianSuper has significant investments indirectly in several US assets via IFM Investor’s Global Infrastructure Fund, including Freeport LNG Train Two and the Indiana Toll Road, according to Inframation Deals.