The Ontario Teachers’ Pension Plan is selling its 60 per cent stake in the Sydney Desalination Plant to the Utilities Trust of Australia.
The UTA, which previously owned 40 per cent of the plant, will now take full ownership of the facility, which can produce up to 250 million litres of drinking water per day.
“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,” said Jan Brand, managing director of infrastructure and natural resources at the Ontario Teachers’, in a press release. “We are proud of what has been achieved and wish the SDP and UTA teams continued success in this next chapter.”
In other news, the Caisse de dépôt et placement du Québec is voting in favour of the National Bank of Canada’s acquisition of Laurentian Bank’s personal and small- and medium-sized employer banking services.
The sale is part of Laurentian Bank’s 2024 strategic plan, which involves a withdrawal from personal and small business banking operations in favour of a specialty commercial banking model, according to a press release. The Caisse owns roughly eight per cent of Laurentian Bank’s shares.
“The Caisse supports this transaction, which it considers a positive outcome for shareholders in light of the competitive environment and the strategic review undertaken by the Laurentian Bank board,” said Kim Thomassin, executive vice-president and head of Quebec at the Caisse, in the release.