The stake was acquired through Solveig Gas Norway AS, a holding company that is approximately 40 percent owned by Canada Pension Plan Investment Board (CPPIB), 30 percent by the Allianz alternative asset investor Allianz Capital Partners (ACP) and 30 percent by Infinity Investments SA, a wholly owned subsidiary of the Abu Dhabi Investment Authority.
Allianz completes acquisition of Norwegian gas grid stake
The Integrated Gas Transport System
On January 24, Allianz, acting through Allianz Capital Partners, also completed the acquisition of a 6.4 percent stake in Gassled. The total value of this transaction was 4.64 billion NOK (approximately 580 million euros), as previously announced on June 8, 2011.
Gassled is an unincorporated joint venture which owns the majority of the offshore gas infrasstructure which transports Norwegian gas by pipelines from the producing fields to consumers on the European continent and United Kingdom. It provides transportation services with third party access on a non-discriminatory basis to producers on the Norwegian Continental Shelf. The Gassled owners derive revenues from shippers who have booked transportation capacity on a "ship or pay" basis. The transportation tariffs are regulated by the Norwegian Ministry of Petroleum and Energy.
"We will focus our investments on infrastructure over the next years," says Rainer Husmann, executive manager of ACP. "Infrastructure offers stable yields that have relatively little correlation with the risks of capital markets. It also is a very long-term type of investment that provides a firm foundation for our life insurance business model."
Allianz is focused on infrastructure investments with primary investment targets being energy and gas grids, railroads and other transportation networks.
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