Sydney, Australia: As manager of the Utilities Trust of Australia (“UTA”), Morrison & Co is pleased to support Project EnergyConnect, which has successfully received final regulatory approvals.
This 900 km high-voltage electricity line that links generators and consumers in South Australia, Victoria and NSW, will be built by TransGrid and Electranet, in which UTA holds investments on behalf of its unit holders.
The CEFC has committed up to A$295 million to the project – its largest ever investment, in the form of an innovative and bespoke subordinated debt instrument – was pivotal to reaching this milestone, allowing a nationally significant infrastructure project to be built to help accelerate Australia’s clean energy transition and support the security and reliability of the grid.
Construction could commence later this year, subject to NSW and Commonwealth planning approvals.
Gordon Hay, Executive Director, Morrison & Co, said, “We would like to thank unit holders for supporting this major project, which will build Australia’s largest electricity interconnector. It is a critical piece of national infrastructure, which will create regional jobs, lower costs for consumers, enhance grid reliability and most importantly, connect more customers with renewable energy and accelerate the decarbonisation of the National Electricity Market.”
EnergyConnect supports the NSW and SA Governments’ Net Zero 2050 pledges.
UTA is a core infrastructure fund for institutional investors with a long-term investment horizon and a low-to-moderate appetite for risk. UTA has a globally diversified portfolio of quality assets and a track record of delivering strong returns with low volatility over time. UTA was established in 1994 and is one of Australia's first infrastructure investment funds. For more information: www.uta.com.au