Utilities Trust of Australia expands ownership of Sydney’s critical water asset, taking 100% control by buying Ontario Teachers’ 60% stake. The two partners have jointly owned the Sydney Desalination Plant (SDP) since 2012.
SYDNEY / TORONTO — Utilities Trust of Australia (UTA), managed by Morrison, has acquired Ontario Teachers’ Pension Plan’s (Ontario Teachers’) 60% share in the Sydney Desalination Plant, enabling UTA to assume full ownership. Previously, UTA held 40% and exercised pre-emptive rights to acquire the Ontario Teachers’ stake.
SDP stands as Greater Sydney’s sole large-scale, rainfall-independent source of drinking water. Powered entirely by renewable energy, the facility runs year-round and can produce up to about 250 million litres per day, supplying roughly 15% of Sydney’s daily drinking water needs. This enhances the city’s water resilience amid climate-driven extremes—such as floods and droughts—and rising demand from population growth.
Under the joint ownership of Ontario Teachers’ and UTA, the asset has reached several milestones: transferring the plant from government to private ownership, rebuilding the facility after a 2015 tornado, re‑commissioning and restarting in 2019 after a lengthy production halt, and shifting SDP to flexible full‑time operations.
Gordon Hay, Partner at Morrison, commented: “SDP is a key asset for Sydney, delivering essential water security amid a changing climate. Having supported the plant since 2012, UTA is well positioned to continue meeting Sydney’s evolving water security needs. This deal 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 strong investment for Ontario Teachers’. Our more than a decade of ownership reflects a commitment to responsible, long‑term stewardship of critical infrastructure. We’ve collaborated closely with partners to bolster the asset’s success and resilience, ensuring reliable water security for the communities it serves. We’re proud of what’s been achieved and wish the SDP and UTA teams continued success.”
Philip Narezzi, CEO of Sydney Desalination Plant, added: “UTA’s long-standing investment in SDP will provide continuity for our staff and customers. SDP will keep operating as usual. With a stable owner backing us, we’re well positioned to continue delivering high-quality drinking water and to strengthen Greater Sydney’s system resilience.”
The deal follows previous partial exits of UTA stakes in Transgrid and Perth Airport as part of portfolio rebalancing.
About Morrison
Morrison is a leading global infrastructure manager investing across the risk spectrum. Established in 1988, Morrison managed over USD 30 billion in assets as of 30 June 2025. The firm focuses on investments that serve enduring societal needs, applying a specialized approach to infrastructure for a modern economy. More at morrisonglobal.com.
About UTA
Utilities Trust of Australia (UTA) is an open-ended core infrastructure fund for institutional investors with a long-term horizon and a low-to-moderate risk appetite. Managed by Morrison, its portfolio includes seven high-quality assets in Australia and the United Kingdom, with a track record of steady returns and low volatility. UTA was established in 1994 and, as of 30 June 2025, managed about A$8.9 billion in assets.
About Ontario Teachers’ Pension Plan
Ontario Teachers’ Pension Plan Board is a global investor with net assets of $269.6 billion as of 30 June 2025. It is a fully funded defined benefit pension plan investing across asset classes to provide retirement security for 343,000 members. More at otpp.com and on LinkedIn.
About Sydney Desalination Plant
Sydney Desalination Plant is the city’s primary rainfall-independent drinking water source, supporting Greater Sydney’s resilience by delivering high-quality water through flexible, full-time operations. It helps Sydney Water meet climate-related stresses—droughts, bushfires, and floods—and remains available to respond to system emergencies and maintenance.
Media Contacts:
Morrison (on behalf of UTA): media@morrisonglobal.com
Ontario Teachers’ Pension Plan: media@otpp.com
