News release WestConnex

CDPQ invests in WestConnex, Australia’s largest road infrastructure project

Infrastructure Montréal and Sydney,
  • CDPQ joins the Sydney Transport Partners (STP) consortium to acquire the remaining shares of WestConnex from the NSW Government for AU$11.1 B
  • WestConnex is a critical 70 km motorway linking Sydney’s west and southwest to the city centre, the Sydney Airport and Port Botany
  • Through this transaction, CDPQ initiates a new strategic partnership with Transurban, one of the world’s largest operators in the sector

Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced today a AU$2.3 B investment in WestConnex, Australia’s largest road infrastructure project, and that it is joining the Sydney Transport Partners (STP) consortium led by Transurban. 

STP has executed an agreement to acquire the remaining 49% equity stake in WestConnex from the NSW Government for AU$11.1 B. This important transaction will take STP’s total ownership interest in WestConnex to 100%, with CDPQ owning a 10% stake of this strategic road asset. 

WestConnex is Australia’s largest road infrastructure project and is a major part of the New South Wales (NSW) Government’s integrated transport plan to support Sydney’s growth. By 2031, 40% of Sydney’s population is expected to live within 5 kilometres of WestConnex. It includes 33 km of new or improved motorway and 37 km of existing road assets. WestConnex also includes connections for future projects linking the north shore and northern beaches, Sydney Airport, Port Botany and the southern suburbs. With a significant network of new tunnels, WestConnex is providing traffic with an underground alternative allowing surface roads to be returned to communities and creating a positive legacy by delivering 18 hectares of new parks, playgrounds and recreational facilities. 

Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure, said, “WestConnex plays a critical role for Sydney residents, offering faster, safer and more efficient routes around Sydney. As a longstanding infrastructure investor in Australia, CDPQ is thrilled to join forces with Transurban and Sydney Transport Partners in acquiring a stake in WestConnex, an investment which aligns with our strategy targeting high-quality infrastructure alongside partners with extensive market knowledge and operational expertise.”

CDPQ is a significant investor in Australia and New Zealand. CDPQ has been active in infrastructure, logistics, real estate and private equity, with recent investments including Healthscope, a private hospital operator, and Sydney Metro. CDPQ is also a shareholder and long-term partner of Plenary Group, having invested in several Plenary-originated Australian PPP projects since 2012. It also holds a 22.5% interest in TransGrid, the electricity transmission network of the State of NSW and the Australian Capital Territory, and 26.7% in Port of Brisbane.

Further information in relation to the WestConnex acquisition and the Entitlement Offer are set out in the investor presentation released by Transurban to the ASX today. Financial close of the acquisition is expected in October 2021. 


At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021 CDPQ’s net assets total CAD 390 billion. For more information, visit, follow us on Twitter or consult our Facebook or LinkedIn pages.

- 30 -

For more information