Ontario Teachers and Morrison & Co, on behalf of UTA, said they have increased their holdings in SDP with their acquisition of The Infrastructure Fund’s (TIF) ownership stake in the plant. Financial details were undisclosed.
The acquisition enables Gradiant to leverage its proprietary technologies and strong financing capabilities alongside CRS’s project delivery expertise, access to industrial customers, and relationships with leading contractors, corporations and municipalities, facilitating access to Australia’s burgeoning water market.
But then it began to rain, and rain. Sydney water storages jumped from 41% in early February to 75% now – the highest of any capital city in Australia.This is great news for the city, but it comes with a big caveat.
Warragamba Dam is set to jump above 50 per cent capacity due to heavy rainfall, which means that the implementation of a plan by the NSW government to double the capacity of the Sydney Desalination Plant could be delayed.
Reservoirs across Australia are recording dwindling inflows as the climate warms and dries, a trend that is likely to continue and force cities, including Melbourne and Sydney, to bolster the security of water supplies.
A new study by University of NSW scientists published in the Water Resources Research journal examined streamflow data for 222 catchments and applied six of the latest climate models. All models forecast drops in supply.
“We are looking at an average of 20 per cent reduced reliability in the future across all the catchments considered,” said Ashish Sharma, a professor at UNSW’s School of Civil and Environmental Engineering, and an author of the report.
The Berejiklian government is yet to commit to a source of electricity to power the expansion of desalination in the state, potentially locking in a significant new source of greenhouse gas emissions for NSW.
The move has sparked demands from Labor, the Greens and independent MPs for the government to protect households from higher water bills to fund the expansion, given it stands to pocket $2.5 billion in dividends from Sydney Water between 2018 and 2021.