Borealis Infrastructure, the infrastructure investment manager of the Ontario Municipal Employees Retirement System, has signed an agreement to acquire a 34.6 per cent stake in a liquified natural gas company based in Chile.

The remaining stakeholders in GNL Quintero S.A. include Enagás, a large builder and operator of regasification plants and pipeline systems and Empresa Nacional del Petróleo, Chile’s state-owned energy company. As part of the transaction, OMERS has agreed to grant Enagás a 12-month call option for five per cent of its shares.

Read: Brookfield Infrastructure invests in South America

“Today marks not only our first direct infrastructure investment in Chile, but also signals our entrance into South America,” said Ralph Berg, executive vice-president and global head of infrastructure at OMERS Private Markets.

“GNLQ is a well-managed, world-class asset that aligns closely with our ongoing effort to diversify our global portfolio of core infrastructure holdings — and pay pensions to our members. We look forward to working constructively with our fellow GNLQ shareholders, GNLQ management and all local stakeholders in the years ahead.”

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Located northwest of Santiago, Chile, GNLQ is a land-based terminal dedicated to the receiving, unloading, storage and regasification of up to 15 million cubic meters per day of liquefied natural gas. It’s focused on providing clean, efficient and safe energy to markets, which include residential and industrial users, power generators and the transportation sector.

Since it commenced operations, GNLQ has served nine gas-fired power plants, two refineries, 450 industries, more than 700,000 commercial and residential customers and 7,000 commercial vehicles. As well, the terminal has dispatched more than 40,000 liquefied natural gas tanker trucks to serve customers that aren’t connected to the pipeline grid, through satellite regasification units located up to 1,000 kilometres away from the facility.

Read: The case for investing in global infrastructure

Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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