December 20, 2012
Project Finance International has named the Sydney Desalination Plan (SDP) transaction "Infrastructure Deal of the Year" for the Asia-Pacific region in its annual PFI awards.
Teachers' Infrastructure Group, in partnership with Hastings Funds Management, signed a 50-year lease for the SDP in May 2012.
State-owned Sydney Water Corp. started a competitive process in November 2011 to refinance the plant through a long-term lease. It is capable of producing more than 15% of Sydney's total demand for potable water. As part of the transaction, Sydney Water Corp. entered into a 50-year water supply agreement with SDP.
The successful bid by Teachers' and Hastings valued SDP at C$2.3 billion. Both Teachers' and Hastings have experience in managing water infrastructure assets in Australia and other continents.
See Teachers' news release announcing the transaction.