IMCO acquires approximately 10 per cent of leading Australian utility business

TORONTO (February 15, 2022) – The Investment Management Corporation of Ontario (“IMCO”) today announced the completion of the acquisition of AusNet Services Limited (ASX: AST) (“AusNet”) alongside Brookfield Asset Management Inc., Healthcare of Ontario Pension Plan (“HOOPP”), Alberta Investment Management Corporation, Canada’s Public Sector Pension Investment Board and Sunsuper Superannuation Fund (together, “the Consortium”) with IMCO acquiring an approximate 10 per cent ownership interest.

AusNet is a regulated utility business transmitting and delivering energy to 1.5 million customers in the state of Victoria, Australia. As the incumbent owner of Victoria’s electricity transmission and electricity and gas distribution networks, AusNet plays a leading role in helping the state achieve its Net Zero by 2050 commitment, enabling renewable generation while the broader grid transitions to greater decarbonization. Victoria is widely recognized as a transition leader in Australia, with bold renewable energy commitments made and interim targets identified since 2015.

“We are delighted to complete the take-private process of AusNet alongside our Consortium partners,” said Tim Formuziewich, Managing Director and Head of Global Infrastructure, IMCO. “AusNet is a world class utility that is pivotal to Victoria’s clean energy ambitions. We look forward to working with management and our Consortium partners in supporting the company to invest in the energy transition while continuing to offer customers access to safe, secure, predictable and cost-effective infrastructure.”

“IMCO’s approximately 10 per cent acquisition of AusNet represents our largest infrastructure investment and first take-private transaction completed to date. It provides our clients with exposure to high quality inflation protected regulated infrastructure while adding to IMCO’s growing portfolio of investments playing critical roles in the energy transition,” said Rossitsa Stoyanova, CIO, IMCO. “Congratulations to IMCO’s transaction team and our Consortium partners on closing an investment critical to enabling further renewable energy penetration.”