Published: December 21, 2011
Fund invests US$83mn to build heat and power plant.
Macquarie Renaissance Infrastructure Fund (MRIF) has agreed to buy an undisclosed stake in Russian power company GSR Energy Investments for US$83mn.
GSR supplies power to the industrial and residential markets in Kolpino, St Petersburg and will be the first investment the Russia and CIS-focused fund has made in the power sector.
The investment will help GSR meet increasing demand from its industrial customers by part-funding the construction of a combined heat and power plant. When operational the new site will have 220MW electrical power and 153 Gkal/h heat capacities.
This is the second investment made by the fund, which has US$630mn under management and is controlled by Renaissance and Macquarie. The first was a US$125mn investment in private wagon leasing group Brunswick Rail in 2010.