Victoria desalination project stake sold off to AMP Capital

A 5.2% stake in the controversial Victorian Desalination Project has been sold off by Pacific Partnerships to AMP Capital...

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VICTORIA, Australia – A 5.2% stake in the controversial Victorian Desalination Project (VDP) has been sold off by Pacific Partnerships to AMP Capital.

The acquisition is funded by the AMP Capital Community Infrastructure Fund (CommIF).

The AUS$3.5 billion project was awarded by the Victorian government to the AquaSure consortium (SUEZ and Thiess) to finance, design, build, own and operate (BOOT) over 30 years.

However, the 450,000 m3/day desalinationplant was designed to provide water for four million people until 2039 but was put on standby after Australia’s drought eased.

The Victorian government came under fire this summer for placing an alleged 50 gigalitre order of water from the facility, which the opposition party claimed was not needed.

Andrea McElhinney, AMP Capital Community infrastructure fund manager, said: “This latest acquisition will increase CommIF’s exposure to the water sector as it will sit alongside existing water assets such as Riverland Water and AquaTower.”

CommIF’s net asset value has grown from approximately $55 million in September 2010 to more than $500 million in October 2016.

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