The firm has partnered with credit manager Capital Four and is winding down its equity business with the departure of two senior partners.
Morrison & Co’s Steven Fitzgerald said the investment is consistent with its decarbonisation thematic and ‘fundamentally’ has the characteristics of infrastructure.
The sale is being run in steps, with the first round of about $500m recently closed and pricing coming in at more than 90% of NAV.
CFO Andrew Cross sees climate-related investments as a major focus for the years ahead, with climate a ‘cross-border issue’.
The manager will invest in Chow Energy to help develop its 1GW solar pipeline, as it eyes future investments in the country.
The decision is the first time the ACCC has blocked a Transurban toll road deal and opens the door for other investors to acquire a majority stake in EastLink.
The investment from the Illinois State Treasury requests a doubling of the investment from Ullico in Illinois, although Ullico says there is no formal obligation to do so.
Investors are increasingly bullish on infrastructure debt and secondaries.
The firm has now raised A$550m for its open-end renewables platform since launching a year ago, with plans to build a portfolio worth A$10bn.
Floating offshore wind is tried and tested, with early movers telling us this is an asset class that will go far, stay afloat, and pay off.