The Australian investment company Igneo Infrastructure Partners has signed an agreement with the Canadian Brookfield Asset Management Ltd. for the sale of New Zealand energy assets. This is reported in the Igneo press release.
The deal includes the Firstgas gas transportation and distribution business, as well as Rockgas LPG and Flexgas underground gas storage. In addition, as part of a parallel deal, Igneo agreed to sell Firstlight's New Zealand electricity distribution business to Powerco.
Financial terms of the deals were not disclosed, but, from the point of view of analysts, the business is estimated at 2 billion New Zealand dollars or $ 1.2 billion.
Igneo, controlled by First Sentier Group, acquired the New Zealand gas transportation business in 2016, adding other assets and creating a local Clarus holding company. Upon completion of the transactions, Clarus will retain a stake in the Tauhei solar power plant project on North Island, which will become the largest in New Zealand.
The transaction is expected to be completed in the first half of 2026, subject to regulatory approval.
Brookfield Asset Management Ltd. is a Canadian alternative asset management investment company. The company invests in the real estate, renewable energy, infrastructure, lending, insurance, and private equity sectors. The headquarters is located in Toronto (Canada). The company manages assets worth more than $1 trillion.
Igneo Infrastructure Partners is an investment division of the Australian company First Sentier Investors.
First Sentier Investors is an investment company within the structure of the Commonwealth Bank of Australia. It is headquartered in Sydney, Australia, with offices in Europe, the United States, the Middle East, and the Asia-Pacific region.
