TransGrid, Australia
Publication Date:
Jan 21, 2016
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In December 2015, a consortium led by Hastings Fund Management acquired a 99-year lease of TransGrid, New South Wales’ electricity transmission network, for A$10.3 billion—the largest project finance deal in Asia Pacific that year.
The deal included A$5.88 billion in senior debt and A$4.42 billion in equity from global investors such as ADIA, CDPQ, and Wren House. The consortium beat out seven rivals after a competitive tender. The financing, backed by 12 international banks, demonstrated deep global appetite for well-structured infrastructure assets in mature markets.
TransGrid’s strong fundamentals and regulatory certainty made it a standout case in Australia’s privatization of state-owned assets.
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