Caisse de dépôt et placement du Québec (CDPQ) announced a AU$2.3 B investment in WestConnex, Australia’s largest road infrastructure project, and that it is joining the Sydney Transport Partners (STP) consortium led by Transurban.
STP has executed an agreement to acquire the remaining 49% equity stake in WestConnex from the NSW Government for AU$11.1 B. This important transaction will take STP’s total ownership interest in WestConnex to 100%, with CDPQ owning a 10% stake of this strategic road asset.
WestConnex is Australia’s largest road infrastructure project and is a major part of the New South Wales (NSW) Government’s integrated transport plan to support Sydney’s growth. By 2031, 40% of Sydney’s population is expected to live within 5 kilometres of WestConnex. It includes 33 km of new or improved motorway and 37 km of existing road assets. WestConnex also includes connections for future projects linking the north shore and northern beaches, Sydney Airport, Port Botany and the southern suburbs. With a significant network of new tunnels, WestConnex is providing traffic with an underground alternative allowing surface roads to be returned to communities and creating a positive legacy by delivering 18 hectares of new parks, playgrounds and recreational facilities.
Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure, said, “WestConnex plays a critical role for Sydney residents, offering faster, safer and more efficient routes around Sydney. As a longstanding infrastructure investor in Australia, CDPQ is thrilled to join forces with Transurban and Sydney Transport Partners in acquiring a stake in WestConnex, an investment which aligns with our strategy targeting high-quality infrastructure alongside partners with extensive market knowledge and operational expertise.”
Featured image: Artist’s rendering of the new M5-St-Peters-Interchange, part of the WestConnex project. (SICE)