Pantheon Infrastructure (PINT) will invest £40m in the UK’s gas transmission and metering business alongside a Macquarie-led consortium.
The Australian asset manager announced last weekend it had agreed to buy a 60 per cent stake in the business from the National Grid.
The company, known as NGG, owns and operates the UK’s regulated national gas transmission system and an independent gas metering business.
The 7,660-kilometre transmission system plays a critical role in the domestic energy landscape, transporting gas to heat homes, power industry and generate electricity.
Macquarie hopes to eventually use the network to supply hydrogen across the country.
The investment is in line with PINT’s stated strategy of building a diversified portfolio of global infrastructure assets.
Richard Sem, partner at Pantheon Ventures, PINT’s investment manager, said: “There’s an increasing need for investment in transmission networks and supporting infrastructure as these businesses adapt to the need for a lower-carbon energy mix, and we’re excited to announce this next investment as we build out the portfolio.”