US infrastructure and real estate investment firm Stonepeak is investing in Singapore-headquartered AGP Sustainable Real Assets, a global infrastructure and real assets developer and operator.
Financial details of the investment were not disclosed in the announcement released by AGP. According to The Business Times, the total investment amount is potentially up to $653 million.
AGP said the deal allows Stonepeak to invest across new markets and sectors, such as energy transition and sustainable community infrastructure across housing, logistics, and data.
“Our aim is to seamlessly integrate energy and community infrastructure, developing innovative sustainable solutions that meet society’s evolving needs,” said AGP partner Ben Salmon.
The investment is expected to close in Q4 2023, subject to fulfilment of customary closing conditions.
AGP invests in, develops, and operates sustainable real assets across three key investment themes — renewable energy, infrastructure and communities, and natural capital.
It is currently developing, constructing, and operating an aggregate global portfolio of over 12 gigawatts of renewable energy assets, 5 million square feet of modern logistics warehousing, 310 megawatts of datacentre capacity, and 20 million square of community housing.
AGP has operations in Australia, Europe, the US, India, and Britain.
“The opportunity to invest in sustainable asset creation and the exposure across multiple geographies make this partnership a strong fit for Stonepeak’s Asia infrastructure strategy,” said Hajir Naghdy, Senior Managing Director at Stonepeak.
Stonepeak, which has approximately $57.1 billion of assets under management, has so far raised $3.07 billion for its maiden Asia-Pacific fund, exceeding a $3-billion target, according to its filings with the US Securities and Exchange Commission.
Launched in 2021, Stonepeak’s Asia infrastructure fund seeks to invest in telecom, transportation, logistics, and energy transition. The filing comes a year after the US investment firm made an initial close of the fund at $2.8 billion.
Stonepeak closed its fourth flagship fund, Stonepeak Infrastructure Fund IV, last year at $14 billion. Taiwan-based China Life Insurance Company committed $60 million to the fund in 2021.
Stonepeak has been actively investing in Asia. Last year, it made a strategic investment in Singapore-headquartered Equalbase, an integrated development and management platform focused on the logistics sectors across the Asia Pacific.
Prior to Equalbase, Stonepeak has invested in Singapore-based data centre platform Digital Edge; GreenPeak Renewables and Swancor Renewable Energy in Taiwan; Japanese renewable asset platform Peak Energy Investments; and Seapeak, a global marine platform with operations in Southeast Asia.
The firm also agreed to buy 2,180 towers from the Philippines-based Globe Telecom for $472 million in August last year. The deal adds to Stonepeak’s telecom portfolio, which includes American Tower’s US data centre business and Lumen’s Latin American operations.