Utilities Trust of Australia acquires Ontario Teachers' majority stake in Sydney Desalination Plant

• Utilities Trust of Australia (UTA) has acquired an additional 60% stake from Ontario Teachers' Pension Plan (Ontario Teachers') to take full ownership of the asset
• UTA and Ontario Teachers' have co-owned the asset since 2012

SYDNEY AND TORONTO, Dec. 8, 2025 /CNW/ - Utilities Trust of Australia (UTA), managed by global infrastructure manager Morrison, has acquired Ontario Teachers' Pension Plan's (Ontario Teachers') 60% stake in the Sydney Desalination Plant (SDP), taking full ownership of the asset. UTA previously owned 40% of SDP and acquired the additional 60% interest through its pre-emptive rights over the Ontario Teachers' stake.

SDP is a critical asset for Greater Sydney as the City's only significant rainfall-independent source of drinking water. Powered entirely by renewable energy, the facility operates year-round and has the capacity to produce up to approximately 250 million litres of water per day - around 15% of Sydney's daily drinking water needs - helping improve Sydney's water resilience as climate change drives more frequent extreme weather events, such as floods and droughts, and population growth increases demand.

Under Ontario Teachers' and UTA's shared ownership, the business has achieved several significant milestones, including transitioning the business from government to private ownership, completing a substantial rebuild of the plant following a 2015 tornado, re-commissioning and restarting of the plant in 2019 following a prolonged period of no production, and transitioning of the plant to flexible full-time operations.

Gordon Hay, Partner at Morrison, said:  "SDP is an important asset for Sydney, delivering vital water security in a changing climate. Having been invested in the plant since 2012, UTA is well positioned to continue supporting Sydney's evolving water security needs. This transaction reinforces UTA's long-term commitment, backed by strong liquidity and supportive investors."

Jan Brand, Managing Director, Infrastructure & Natural Resources at Ontario Teachers' Pension Plan, said: "Sydney Desalination Plant has been a great investment for Ontario Teachers', and our more than a decade-long ownership reflects our commitment to being responsible, long-term stewards of essential infrastructure. We have worked closely with our partners to support the success and resilience of the asset, ensuring it continues to deliver reliable water security for the community it serves. We are proud of what has been achieved and wish the SDP and UTA teams continued success in this next chapter."

Philip Narezzi, CEO, at Sydney Desalination Plant, said: "UTA has been a significant investor in SDP for many years, and we are pleased this acquisition will provide continuity for our people and customers. SDP will continue to operate as usual. With ongoing support from a foundation owner, we are well placed to continue providing high quality drinking water, enhancing Greater Sydney's system resilience."

This transaction follows successful partial divestments of UTA's stakes in Transgrid and Perth Airport to rebalance the portfolio.

Media Contacts

Morrison, on behalf of UTA: media@morrisonglobal.com

Ontario Teachers' Pension Plan: media@otpp.com

About Morrison 

Morrison is a leading global infrastructure manager, investing across the infrastructure risk spectrum. Established in 1988, Morrison had over USD30 billion of assets under management as at 30 June 2025. Our purpose is to invest wisely in ideas that matter. We believe the best investments serve an enduring societal need and we apply a specialist investment approach, refined over multiple decades and economic cycles, to invest in infrastructure for a modern economy. For more information, visit https://www.morrisonglobal.com.   

About UTA

Utilities Trust of Australia (UTA) is an open-ended core infrastructure fund for institutional investors with a long-term investment horizon and a low-to-moderate appetite for risk. The fund is managed by Morrison and has a diversified portfolio of seven high-quality assets in Australia and the United Kingdom and a track record of delivering strong returns with low volatility over time. 

UTA was established in 1994 and was one of Australia's first infrastructure investment funds. As at 30 June 2025, UTA had approximately A$8.9 billion in assets under management.

About Ontario Teachers' Pension Plan

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $269.6 billion as at June 30, 2025. Ontario Teachers' is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

About Sydney Desalination Plant

The Sydney Desalination Plant is Sydney's only significant rainfall independent source of drinking water. The Plant plays an important role supporting Greater Sydney's water resilience by providing high quality drinking water through flexible fulltime operations.

The Plant supports Sydney Water to reduce the increasing impact of climate-related stresses – such as more severe droughts, bushfires, and floods and additionally being available at all times to respond to production requests for system emergencies and when major maintenance is undertaken.

SOURCE Ontario Teachers' Pension Plan