Industry fund joins with UBS on greenfield infrastructure
In what represents a major investment in a greenfield Australian infrastructure project, big retail industry superannuation fund REST has joined with the UBS International Infrastructure Fund to acquire 100 per cent of West Australia’s Collgar wind farm from Investec Bank (Australia) Limited.
The transaction was confirmed by UBS and REST late on Wednesday and represented the UBS fund’s first investment in Australia and its first greenfield acquisition.
REST chief executive Damian Hill said in addition to bringing immediate and significant economic benefits to the region, he believed the Collgar project would also ensure a sustainable flow of clean energy for future generations of West Australians.
“REST is delighted to be partnering with UBS Global Asset Management on such a positive and exciting venture, particularly one that we hope will contribute to positive returns for REST members,” he said.
Construction on the Collgar project is expected to be completed in April 2012.
AUTHOR
Mike Taylor
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