HICL ups stake in Victorian Desalination to over 9%

Infrastructure investor, HICL Infrastructure, has upped its holding in Australia’s Victorian Desalination public private partnership project to about 9.3% with an additional 3.4% stake acquired for £25.2 million (US$ 40.5 million).

The additional interest is held through an Australian company, and was bought from a number of private investors. The consideration for the transaction was funded from HICL’s existing cash and debt.

The 444Ml/d reverse osmosis plant is located at Dalyston in the Wonthaggi region and is the largest desalination plant in the southern hemisphere. It is currently in standby mode to supply desalinated water to the state-owned water authorities, who deliver the water to households in Melbourne, Geelong and, via other connections, South Gippsland and Western Port towns.