Barings today announced it has co-led a A$370 million equity raise alongside Queensland Investment Corporation (QIC) to support the continued growth of Pacific Energy Group (PEG), Australia’s largest remote energy platform. The equity raise provides PEG with the financial capacity to execute its long-term capital investment program.

“We are pleased to partner with QIC to support Pacific Energy Group in this important phase of its growth,” said Mina Pacheco Nazemi, Head of Barings Diversified Alternative Equity. “PEG is a proven leader in Australia’s remote energy sector and exemplifies the type of high-quality, resilient infrastructure asset we seek to invest in—well-positioned to deliver long-term value in today’s market, which can help investors inflation-proof their portfolios.”

Matthew Zwi, Senior Principal, QIC, Pacific Energy asset manager and board member, said, “Since QIC’s acquisition in 2019, Pacific Energy has invested heavily in its capabilities through a series of value-chain acquisitions, creating a highly specialized, vertically integrated remote energy platform with full in-house capability to design, construct, commission and operate hybrid renewable power projects. With this growth capital raise completed and the business competitively refinanced, Pacific Energy is well positioned to capitalize on customer demand and deliver its growth pipeline, which includes a range of renewable and hybrid projects in Western Australia as well as on the East Coast.”

With a contracted capacity of 946MW across 48 sites, PEG is positioned to meet strong customer demand and advance a robust pipeline of development projects, including several recently executed Power Purchase Agreements. The platform’s vertically integrated model and proven delivery track record enable it to efficiently execute complex hybrid and renewable energy solutions across Australia’s most remote geographies.

PEG’s customer base spans critical sectors such as natural resources and remote communities, industries that require reliable, off-grid power solutions. With the flexibility to deploy a mix of thermal and renewable technologies, PEG is equipped to scale its operations and continue delivering tailored energy systems that meet the evolving needs of its customers across Australia.

Campbell Lutyens, one of the world’s leading infrastructure advisors, acted as placement agent for this equity raise.

This investment expands Barings’ infrastructure equity platform, which leverages the firm’s direct sourcing capabilities and institutional investment expertise to deploy capital across high-quality, essential infrastructure assets globally.

About Barings

Barings is a $456+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets, and capital solutions.

*Assets under management as of June 30, 2025

About QIC

QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, private debt, natural capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with ~A$127bn (~US$79bn) in funds under management. QIC has over 900 employees and serves approximately 110 clients (as of March 31, 2025). Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, San Francisco, London, and Singapore. For more information, please visit: www.qic.com.

About QIC Infrastructure

QIC Infrastructure is a long-term infrastructure investor with an established international platform, an active management approach and a proven 18-year track record. With an international team of 86 professionals across five offices, QIC Infrastructure manages A$39.2bn (US$24.4bn) across 21 international direct investments and has realised in excess of A$19bn back to its clients (as at 31 March 2025).

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