The Ontario Teachers’ Pension Plan, alongside Morrison & Co. on behalf of the Utilities Trust of Australia, is acquiring the Infrastructure Fund’s ownership stake in the Sydney Desalination Plant.

As a result of the transaction, Ontario Teachers’ ownership of SDP will increase to 60 per cent, while UTA’s interest, managed by Morrison & Co, will increase to 40 per cent. The Canadian pension fund and its partners initially acquired SDP in 2012 through a 50-year lease from the Government of New South Wales.

Powered by renewable energy, SDP can supply up to 250 million litres of drinking water per day, which is about 15 per cent of Sydney’s water needs, according to a press release.

“SDP has been a great investment for Ontario Teachers’ and this incremental acquisition demonstrates our commitment as long-term, dedicated and constructive owners,” said Dale Burgess, senior managing director of infrastructure and natural resources at Ontario Teachers’, in the release.

“Australia remains an important investment destination for us, particularly as we look to expand our portfolio in the Asia-Pacific region in the coming years. We look forward to continuing to work side-by-side with Morrison and Co. and SDP’s management team to ensure SDP fulfills its essential purpose of providing water supply security to the community it serves.”