Brookfield Infrastructure Partners L.P. (Brookfield Infrastructure) is a global infrastructure company that owns and operates high-quality, essential, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. The company is a subsidiary of Brookfield Corporation (Brookfield).
Operations
The company owns a portfolio of infrastructure assets that are diversified by sector and by geography.
Segments
Utilities
The company’s Utilities...
Brookfield Infrastructure Partners L.P. (Brookfield Infrastructure) is a global infrastructure company that owns and operates high-quality, essential, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. The company is a subsidiary of Brookfield Corporation (Brookfield).
Operations
The company owns a portfolio of infrastructure assets that are diversified by sector and by geography.
Segments
Utilities
The company’s Utilities segment is consisted of businesses from which the company earns a return on a regulated or notionally stipulated asset base, which it refers to as the rate base, or from revenues in accordance with long-term concession agreements, private bilateral contracts approved or ratified by the regulator, or price control frameworks. These include the company’s regulated transmission (natural gas and electricity) and commercial and residential distribution (electricity, natural gas, and water connections) operations.
The company’s Utilities segment is consisted of the following:
Regulated Transmission
Approximately 2,900 kilometers of operational electricity transmission lines in Brazil.
Approximately 3,900 kilometers of natural gas pipelines in North America, Brazil, and India.
Commercial and Residential Distribution
Approximately 8.4 million connections, predominantly electricity and natural gas.
Provides residential decarbonization infrastructure, including heating, ventilation, and air conditioner (HVAC) and water products including heating and purification, as well as other essential home services to approximately 10.4 million customers with approximately 17.2 million policies and 1.7 million rental contracts in Canada, the United States, Germany, and the U.K.
Over 0.7 million long-term contracted sub-metering services within Canada and the United States.
Approximately 2.8 million meters under management in Australia and New Zealand.
Regulated Transmission
The company’s regulated electricity transmission operation in Brazil includes four different concessions and comprises approximately 2,900 kilometers of operating electricity transmission lines. The company has invested into the lines with approximately 200 kilometers completed in 2024.
The company’s regulated gas transmission operation in Brazil operates over 2,000 kilometers of natural gas transportation pipelines in the states of Rio de Janeiro, Sao Paulo and Minas Gerais. The total capacity of 158 million cubic meters is fully contracted under long-term ship-or-pay, inflation adjusted gas transportation agreements (GTAs) that have an average remaining life of 5 years with the assets operating under a perpetual contract.
The company’s regulated gas transmission business in Mexico operates nearly 450 kilometers of pipeline which connects supply basins in the United States to the key gas demand region of Mexico. The total capacity of 1.44 billion cubic feet (Bcf) is fully contracted under long-term take-or-pay agreements under an availability-based regulatory framework.
The company’s regulated gas transmission operation in India includes approximately 1,500 kilometers of natural gas transmission pipeline systems across the country. The system includes 11 compressor stations with over 900 megawatts of installed power and two pipeline operation centers for remote pipeline operations. The business is contracted to generate stable cash flows through a capacity-based ship-or-pay agreement with a counterparty.
Strategic Position
The company's regulated transmission operations occupy key positions in the markets in which it operates. In Brazil, the company's operational transmission lines are located in the northeast, southeast, and southern regions of the country, including in the states of Bahia, Piauí, Minas Gerais, and Rio Grande do Sul. These lines will support the region’s growing demand for electricity, and facilitate the delivery of power from renewable generation resources to the national grid. The company's natural gas transmission operation in Brazil provides the backbone of Brazil’s southeast natural gas transportation system, supplying natural gas to a region responsible for approximately 50% of Brazil’s demand, including Rio de Janeiro, and Sao Paulo. In Mexico, the company's regulated gas transmission business transports low-cost supply from the United States to key demand regions in central Mexico.
All of the company’s regulated transmission operations benefit from stable long-term cash flows. In Brazil, the company earns inflation protected revenue streams on its transmission lines, with no volume risk that commence upon completion of construction, which are underpinned by 30-year concession agreements that expire between 2046 and 2049. The company’s Brazilian natural gas transmission operation has 100% of its capacity fully contracted under long-term ship-or-pay, inflation adjusted GTAs that have an average remaining life of 5 years. The company’s North American regulated gas transmission operation is also fully contracted under long-term take-or-pay, USD-linked and inflation adjusted GTAs that have an average remaining life of 17 years.
In India, the company’s gas transmission operations connect major domestic sources of supply in the eastern Indian state of Andhra Pradesh and LNG terminals on the west coast to key demand centers in the Northern and Western regions of India.
Regulatory Environment
All of the company’s regulated transmission operations are located in regions with stable regulatory environments. In Brazil, electricity transmission is regulated by the Brazilian Electricity Regulatory Agency (ANEEL). Transmission lines are auctioned by ANEEL, which grants the right to construct, maintain and operate the transmission lines under a concession agreement.
The company's North American regulated gas transmission business is located in Mexico and is regulated by Mexico’s Energy Regulatory Commission, which is responsible for approving long-term levelized take-or-pay tariffs, subject to reviews every five years.
Growth Opportunities
The company’s electricity transmission concessions in Brazil are required for the expansion of the region’s transmission system grid to connect new electricity generation resources, including wind located in the northeast and hydro in the north to satisfy growing demand.
The company’s natural gas transmission operation in Brazil is strategically located in the region where the majority of Brazilian economic activity and pre-salt offshore oil production occurs. The company’s gas transmission operation in India is positioned to capture increasing gas demand in the country. The company’s business connects key demand centers in the Western portion of the country with access to the largest gas producing region of the country. The company plans to utilize existing unused capacity in its pipeline to attract new customers and grow its business.
Commercial and Residential Distribution
The company’s distribution businesses provide a wide range of heating, cooling and energy solutions to both commercial and residential customers. The company’s operations have approximately 8.4 million connections, predominately electricity and natural gas, in the U.K. and Colombia. In the U.K., the company’s operation is the leading independent last-mile, multi-utility connection provider, with approximately 4.7 million connections. In Colombia, the company’s natural gas distribution business primarily services the city of Bogotá, which represents approximately 70% of the total system rate base with the remaining 30% located across other cities and municipalities around the country.
The company’s residential decarbonization infrastructure businesses own, maintain, and service critical in-home infrastructure across a large installed base of home equipment, including heating, cooling, water heaters, solar and energy storage solutions. The company’s large customer base is under long-term contracts to both residential and commercial customers across Canada, United States, Europe and the U.K. The terms of the contracts are generally tied to the useful life of the equipment, which can range between 10 years in high-use HVAC climates, such as the Southern United States and over 15 years for water heaters in Canada. In addition to leasing, customers can purchase the equipment outright or through financing options. The businesses also provide other complementary services, such as repair and improvement, protection plans, plumbing, electrical and related maintenance services.
The company's residential infrastructure businesses also provide smart meter and sub-metering services under contracts averaging 20 years for electricity, heating, gas, and water to apartments, condominiums, townhouse complexes, mixed-use multi-residential, and multi-tenant commercial buildings in Canada, the United States, Australia, and New Zealand. The company's North American sub-metering business has over 0.7 million contracted services, making it one of the largest non-utility sub-meter providers in the markets in which it operates. The company's smart meter business is one of the leading providers of smart meters and metering services in Australia and New Zealand. The business owns, installs, and services smart meters for a number of Australian retailers. Across Australia and New Zealand, the business has installed approximately 2.8 million meters under management.
Strategic Position
The company's commercial and residential distribution operations are critical to the markets in which they are located. In the U.K., the company's regulated distribution system is a market leader in terms of new gas and electricity connection sales to the new-build housing market, and total installed connections among independent utilities. The company's U.K. operation has a diverse customer base throughout England, Scotland, and Wales, which underpins its cash flow. The company's U.K. customers consist primarily of large energy retailers who serve residential and commercial users. The company's Colombian natural gas distribution business provides reliable gas to approximately 3.7 million commercial and residential customers. The company's Colombian regulated natural gas business supplies approximately one third of Colombia’s natural gas distribution demand, spanning a network of approximately 26,000 kilometers. The company's U.K. and Colombian operations generate stable cash flows in the geographies in which it operates.
The company’s residential decarbonization infrastructure operation is one of the largest home energy solutions businesses in North America, with a growing footprint in the U.K. and Europe. The company’s strategy is to meaningfully grow the businesses by leveraging its scale and service capabilities, particularly to drive home equipment rental asset growth in the markets in which it operates.
The company’s sub-metering business is a leading non-utility sub-meter provider in Canada and the United States, achieving significant economies of scale. The company’s business provides an integrated, critical component of an essential service and is directly tied to the underlying infrastructure of the building.
The company’s smart meter business in Australia and New Zealand has long-term contracts with high quality counterparties providing highly certain cash flows linked to annual inflation and protection against churn and early termination.
Regulatory Environment
The company’s the U.K. regulated distribution operations compete with other connection providers to secure contracts to construct, own and operate connections to the home for seven product lines which include: natural gas, electricity, fiber, water, wastewater, district heating, and cooling. Once connections are established, it charges retailers rates based on the tariff of the distribution utility with which it is interconnected.
The company’s sub-metering services operation is governed by local sub-metering legislation in the provinces and states that it operates in. In Ontario and New York, the largest markets in which the company operates, the legislation sets out a high-level framework for individual suite sub-metering and provides regulatory bodies such as the Ontario Energy Board and New York State Public Service Commission with regulatory oversight.
Growth Opportunities
Growth in the company's U.K. regulated distribution operation is expected to benefit from the progressive build-out of its large existing backlog of connections, long-term growth in the U.K. housing stock, and the growth of complementary product offerings, such as water, fiber, and district energy, which will increase the company's bundled service offering to new and existing customers. In Colombia, the company's regulated natural gas distribution business is capable of handling future growth and operates in an industry with significant barriers to entry. In the city of Bogotá, the company serves 2.3 million customers and is positioned to capture future growth through higher residential consumption from growing demand for natural gas home appliances.
The company’s residential decarbonization infrastructure businesses are focused on growing its business through organic growth opportunities, strategic acquisitions and expanding its product and service offerings. The company focuses on expanding its annuity-based cash flow streams through new product launches, increasing household penetrations, and renewing existing contracts when they mature. The company's businesses continue to launch new products, which aim to accelerate residential decarbonization. The home services market in the United States continues to be highly fragmented, where there are significant opportunities for acquisitions in both complementary and adjacent lines of business.
The company’s sub-metering business has a significant backlog of approximately 40% of contracted services that will generate incremental revenue once installed throughout new multi-residential buildings under construction. The company sees additional opportunities to accelerate the growth of its the U.S. operations through partnerships with large multi-family property managers and tuck-in acquisitions of the U.S. based sub-metering service providers. In its core Ontario market, the company sees favorable conditions to expand its base of long-term contracted revenues by supporting the development of additional multi-family housing units to meet growing demand.
The company’s smart meter business in Australia and New Zealand focuses on growing its business through organic growth, strategic acquisitions and expanding its ancillary metering services.
Transport
The company's transport segment comprises infrastructure assets that provide transportation, storage, and handling services for merchandise goods, commodities, and passengers, for which it is generally paid an access or transportation fee. Profitability is based on the volume and price achieved for the provision of access and associated services. This operating segment comprises businesses, such as the company's rail and toll road operations, which may be subject to price ceilings or other rate regulations focused on maintaining competition, as well as diversified terminal operations that are highly contracted and subject to the regulatory regimes applicable to the goods they handle. Transport businesses typically have high barriers to entry and, in many instances, have very few substitutes in their local markets. The diversification within the company's transport segment mitigates the impact of fluctuations in demand from any particular sector, commodity, or customer.
The company’s transport segment consists of the following:
Diversified Terminals
Global fleet of approximately 7 million twenty-foot equivalent units (TEUs) intermodal containers under long-term contracts.
An approximately 30 million tonnes per annum (mtpa) LNG export terminal in the United States.
An approximately 85 mtpa export facility in Australia.
10 terminals in U.K. and Australia facilitating global trade of goods, natural resources and commodities.
Rail
113 short line and regional freight railroads comprising approximately 21,000 kilometers of track in North America and Europe.
Sole provider of rail network in southern half of Western Australia with approximately 5,500 kilometers of track and operator of approximately 9,800 kilometers of rail in Brazil, of which 8,000 kilometers are owned.
Toll Roads
Approximately 3,300 kilometers of motorways in Brazil and Peru.
Diversified Terminals
The company’s global intermodal logistics operation is the world’s largest lessor of intermodal containers with a fleet of 4 million containers representing 7 million TEUs. Operations include the acquisition, leasing, re-leasing, and subsequent sale of multiple types of intermodal containers and chassis to the company’s customers, which include the largest container shipping lines.
The company’s diversified terminal operations are located primarily in the U.K. and Australia. The company’s the U.K. port operation is one of the largest operators in the country by volume and is a statutory harbor authority (SHA) for the Port of Tees and Hartlepool in the north of the U.K. The company’s the U.K. port’s status as the SHA gives it the right to charge vessel and cargo owners conservancy tariffs (toll-like dues) for the use of the River Tees. At its the U.K. port operation, the company’s revenue is generated from port handling services for bulk and container volumes. The company has a freehold land base of approximately 2,400 acres that is strategically located in close proximity to its port.
The company’s Australian operations include gateway container terminals in Australia’s four largest container ports and storage, handling and logistics operations at 34 locations throughout Australia and New Zealand. The container terminal operations handled approximately 3.7 million TEUs in 2024, with the storage, handling and logistics businesses handling approximately 8.7 million tonnes of bulk and general cargo and, 23.8 million tonnes of forestry products.
The company’s Australian export terminal operation comprises inloading, stockyard and outloading facilities that primarily handle metallurgical coal mined in the central Bowen Basin region of Queensland, Australia. The company’s terminal forms an essential component in the global steel production supply chain. The export terminal operation generates revenues under a regulatory regime that provides the company with take-or-pay contracts. These contracts include a capacity charge that is allocated to users based on their contracted capacity and a fixed and variable handling charge associated with operating and maintaining the terminal. The capacity charge is paid by users irrespective of their volumes shipped through the company’s terminal facility.
The company’s the U.S. LNG export terminal is located in Louisiana and is one of the largest LNG facilities in the world. The terminal includes six operational liquefaction trains each capable of producing approximately 5 mtpa of LNG resulting in aggregate nominal production of approximately 30 mtpa of LNG. In addition, the terminal has five LNG storage tanks, vaporizers with regasification capacity of approximately 4 Bcf/d, three marine berths and is authorized to export over 1,700 Bcf per year of domestically produced natural gas to countries around the world. Revenues are primarily generated from largely fixed price take-or-pay agreements with counterparties under long-term contracts. Existing contracts have a weighted average remaining length of approximately 13 years and represent approximately 80% of total production capacity.
Strategic Position
The company’s global intermodal logistics operation has an extensive global presence, offering leasing and sales services to the world’s largest shipping lines through 21 local offices and over 450 third-party owned depots across 47 countries. The company’s primary customer includes the world’s top shipping lines that collectively account for 85% of global shipping capacity.
The company’s port operations are strategically located. In the U.K., Teesport is a large, deep-water port located in a well-developed industrial area in Northern England.
The company’s Australian container port terminals operate under long-term leases, with over 180 hectares of land within the ports of Melbourne, Sydney, Brisbane and Fremantle, the four largest container ports by TEU in Australia. The company’s storage, handling and logistics business benefits from geographic diversification, with operations at 34 sites across Australia and New Zealand. It provides services and integrated logistics solutions to customers from a diverse range of industries across the region, from agriculture, aluminum, automotive, forestry, food and beverage, mining, marine, energy, major retail and resources.
The company’s Australian export terminal operation services the central Bowen Basin, which has prolific metallurgical coal deposits. The company has take-or-pay contracts with some of the world’s largest mining companies that operate in the Bowen Basin. The company’s operation is fully contracted until June 2028 with customers having evergreen renewal options.
The company’s the U.K. and Australian port operations have a number of long-term contracts with established counterparties, including large multinational corporations. The company’s Australian port operation’s main customers represent major shipping lines who utilize the multiple ports located nationally.
The company’s the U.S. LNG export terminal is strategically located on the Gulf Coast allowing for convenient ingress and egress for vessels, near large gas production basins and well-connected to midstream transportation infrastructure. It is one of the largest LNG terminals in the world with competitive shipping capacity to Europe, South America and Asia. Existing customers are contracted under long-term take-or-pay agreements, globally diversified, and highly creditworthy. As a critical component of the global LNG supply chain, the company’s terminal enables the export and distribution of a cleaner energy source which is well-positioned to help displace coal and other high-carbon fossil fuels during the transition to more environmentally sustainable energy sources.
Regulatory Environment
The company’s Australian export terminal operation is regulated by the Queensland Competition Authority (QCA), under a light-handed regulatory framework which has applied since July 1, 2021. The company’s the U.S. LNG export terminal is regulated by the Federal Energy Regulatory Commission (FERC), as well as the U.S. Department of Energy under the Natural Gas Act of 1938.
Growth Opportunities
The company's U.K. port’s flexible, multi-purpose capacity positions it to benefit from numerous growth initiatives. In recent years, the expansion of the company's handling facilities, in addition to improvements to its quay and rail capacity, have driven new customer contracts for container cargo and bulk commodities, positioning the company's U.K. port operation to be the main entry point for cargo destined for the northern England market. The company's U.K. port operation has also benefited from the re-setting of long-term agreements to market rates, further driving increases in property rental income and conservancy fees. The port’s strategic location also positions it well to take advantage of the U.K.’s clean energy initiatives, including the U.K. government’s large-scale investment in carbon capture projects.
The company’s U.S. LNG export terminal continues to explore opportunities to increase throughput through debottlenecking initiatives and expansion.
Rail
The company's North American and U.K. rail operations comprises approximately 21,000 kilometers of owned and leased rail infrastructure and approximately 6,000 kilometers of additional track that it accesses through various contractual arrangements. This rail infrastructure provides essential transportation infrastructure services predominantly in North America and the U.K. The operations’ revenues are derived from the haulage of freight based on a per car, per container, or per tonne basis.
The company's Australian rail network comprises approximately 5,500 kilometers of below rail track and related infrastructure in the southern half of Western Australia under a long-term lease with the State Government. There are approximately 25 years remaining on this lease, and this rail system is a crucial transport link in the region. The company's Australian rail operation’s revenue is derived from access charges paid by underlying customers, either directly or via the above rail operators.
The company's Brazilian rail operations are part of an integrated system comprises transshipment terminals, rail, port terminal operations, and approximately 21,000 locomotives and wagons. They provide below and above rail services for approximately 9,800 kilometers of track. The company's Brazil rail operations are subject to a regulatory framework that establishes productivity standards, volume goals, and price caps. There are approximately two years (with an option to renew for 30 years) and 13 years, respectively, remaining on the two rail concession agreements with the local government.
Strategic Position
The company's North American rail operation has global operations that span 43 U.S. states, five Canadian provinces, and, together with the U.K. operation, serves approximately 3,000 customers. The business provides critical first and last mile rail services, which connect large Class I railroad operators to their end customers. The company's North American freight revenue is spread across numerous commodities, with the largest commodity making up approximately 17% of total freight revenue.
The company's Australian rail network is the only freight rail network providing access to the region’s six State Government-owned ports for minerals and grain, as well as interstate intermodal terminals connecting Western Australia with national and global markets. The majority of the company's customers are leading commodity exporters, with the top 10 customers contributing approximately 95% of the operations’ revenue through long-dated track access contracts, with approximately 76% fixed revenue.
The company’s Brazilian rail operations span ten states and operate in five main corridors serving Brazil’s center-north, center-east and center-southeast regions, including important agricultural and industrial regions in the country. Main sources of revenue are derived from grains, sugar, fertilizer, industrial and steel sectors and are generated from a diversified customer base.
Regulatory Environment
In the United States, the company’s rail operations are subject to regulation by the United States Surface Transportation Board (STB), the Federal Railroad Administration (FRA), other federal agencies, and some state and local regulatory agencies.
The company also owns rail operations in Canada and the U.K. which are both subject to regulation by their respective regulatory agencies, Transport Canada and Office of Rail Regulation (ORR) respectively.
In Western Australia, the Economic Regulatory Authority (ERA) is the independent economic regulator responsible for, amongst other things, the gas, electricity, water and rail industries. The company’s Western Australian rail network operates on an open access basis consistent with the rail access regime and its lease obligations.
The company’s Brazilian rail concessions are governed by Brazil’s transportation regulator, Agência Nacional de Transportes Terrestres (ANTT), which is also responsible for the tariff regime in that country. In addition, the company accesses rail networks controlled by Vale S.A., Brazil’s largest mining company, and other major Brazilian rail players, in arrangements governed by long-term agreements.
Growth Opportunities
In North America, the company’s strategy includes investment in rail equipment and track infrastructure to increase capacity and grow revenues from new and existing customers, expansion into adjacent rail services businesses, as well as strategic transactions involving other railroads.
The company’s Australian rail operation is a critical component of the logistics chain in its region and is the backbone of freight transport in Western Australia. In many cases, it is the only mode of transportation for freight that is economically viable.
The company’s Brazilian rail business continues to execute investments to upgrade and expand its integrated network in order to capture volume growth and optimize operations, by projects such as the purchase of locomotives and wagons, improvements to rail infrastructure including inland terminals, railway and yards, which are expected to be executed and concluded in the upcoming years.
Toll Roads
The company’s toll road operations comprise urban and inter-urban highways in Brazil. The company’s Brazilian operations include approximately 3,200 kilometers of inter-urban toll roads, located in the Southeast and South regions of Brazil crossing or connecting the states of São Paulo, Rio de Janeiro, Minas Gerais, Espírito Santo, Parana and Santa Catarina. On March 12, 2025, Brookfield commenced an international arbitration proceeding under the Canada-Peru Free Trade Agreement seeking full and fair compensation for its investment.
Strategic Position
The company’s toll roads are critical infrastructure for the economies of Brazil. The company’s Brazilian toll roads are part of the inter-urban Brazilian toll road network, whose traffic is a mix of heavy industrial users and cars. The company’s roads are used in the transportation of agricultural, industrial and retail (e-commerce) goods, which represent a significant portion of Brazilian gross domestic product.
Regulatory Environment
The company’s toll roads are regulated by Agência Reguladora de Serviços Públicos Delegados de Transporte do Estado de São Paulo (ARTESP) and Agência Nacional de Transportes Terrestres (ANTT), the São Paulo State and Brazilian Federal regulating agencies, respectively.
Midstream
The company’s midstream segment comprises systems that provide natural gas transmission, gathering and processing, and storage services. Profitability is based on the volume and price achieved for the provision of these services. This operating segment comprises businesses that are subject to regulation, such as some of its natural gas transmission pipelines whose services are subject to price ceilings.
The company’s midstream segment comprises the following:
Approximately 15,000 kilometers of natural gas transmission pipelines in the United States.
Approximately 10,600 kilometers of pipelines which include long-haul, conventional and natural gas gathering pipelines in Canada
16 natural gas and natural gas liquids processing plants, with approximately 5.6 Bcf per day of gross processing capacity in Canada
Approximately 570 Bcf of natural gas storage in the United States and Canada
525,000 tonnes per year of polypropylene production capacity in Canada
Midstream
The company’s midstream operations include approximately 15,000 kilometers of natural gas transmission and pipeline systems in the United States, significant natural gas storage capacity in the United States and Canada and one of the largest long-haul pipelines and natural gas gathering and processing portfolios in western Canada.
The company’s the U.S. gas pipelines comprise one of the largest natural gas transmission systems in the United States, extending from the Gulf Coast in Texas and Louisiana up to Oklahoma, Chicago, and northern Indiana.
86 Brookfield Infrastructure
The company’s Canadian diversified midstream operation is a large-scale diversified infrastructure provider including transportation services, processing facilities, and an integrated petrochemical facility. The company’s processing facilities collect and process natural gas, natural gas liquids, offgas, and other petrochemical products. They provide critical infrastructure to support the regions they serve, are capable of processing large volumes, and benefit from an integrated design which results in high volumes of product recoveries for its customers. The company’s integrated petrochemical facility is located in Western Canada and benefits from high volumes of propane production in the region which supplies low-cost feedstock to the complex. The complex is connected to existing rail infrastructure providing transport to end-users in North America.
The company operates or contract for approximately 570 Bcf of working gas capacity at its natural gas storage facilities which are located in the United States and Canada. The company’s Canadian natural gas gathering and processing operation has 12 operating facilities that are connected at strategic points on the North American natural gas transmission network with access to multiple end-use markets, which provide the company and its customers with substantial liquidity to buy, sell and store natural gas.
The company’s natural gas gathering and processing facilities are ideally situated to serve the Montney shale gas basin in northeast British Columbia (B.C.) and northwest Alberta. This basin continues to see significant industry development and represents one of the lowest supply cost regions in North America. The company’s facilities have diverse connectivity to major downstream markets including the U.S. Pacific Northwest, the U.S. Midwest, B.C. and Alberta through direct connections to long-haul pipelines. These markets are projected to continue exhibiting strong annual demand growth primarily driven by new industrial gas demands, including petrochemical expansions, and previously announced LNG export projects.
Regulatory Environment
The company’s midstream operations are subject to varied regulation that differs across its regions of operation. The company’s the U.S. gas pipeline system, including its storage operations, and its natural gas storage investment in Texas are regulated by FERC under the Natural Gas Act of 1938.
The company’s Canadian pipeline operations and natural gas storage facilities are regulated by the Alberta Energy Regulator and Canadian Energy Regulator, which provide operational and environmental oversight. The company’s California natural gas storage facilities are subject to California Public Utilities Commission oversight and its Oklahoma facility is regulated by the Oklahoma Corporation Commission.
The company’s natural gas gathering and processing facilities in B.C. are regulated by the B.C. Energy Regulator, the B.C. Ministry of Environment and the B.C. Utilities Commission and the company’s facilities in Alberta are regulated by the Alberta Energy Regulator.
Growth Opportunities
The company’s Canadian diversified midstream business is progressing several growth opportunities intended to enhance and complement its existing product offerings. The company is progressing several commercial and strategic opportunities designed to expand and optimize connectivity of its transportation network under long-term contracts to improve efficiency of its processing facilities which will provide stable long-term cash flows.
The company’s gathering and processing operations continue to advance several customer driven growth initiatives supporting further development of the Montney resource in Northeast B.C. and Northwest Alberta. These capital projects include the expansion and optimization of existing gathering and processing assets and the creation of additional natural gas liquid extraction, processing and transportation solutions.
Data
The company’s data segment consists of critical infrastructure that provide telecommunication, fiber and data storage services. The company’s data transmission and distribution operations provide essential services and infrastructure to telecom companies, technology and cloud providers, and enterprise clients, while the company’s data storage operations provide high-performance physical hosting and infrastructure to enterprises ranging from small workloads to hyperscale deployments.
The company’s data transmission and distribution customer base includes large, prominent telecommunications companies in Germany, Austria, France, the U.K., the U.S., and India. Within its data storage operations, the company has approximately 2,200 large, blue-chip enterprise customers, predominantly in the United States that are diversified across multiple industries, and hyperscale customers who utilize the company’s operations across the Americas, Europe and the Asia Pacific.
The company’s data segment consists of the following:
Data Transmission & Distribution
Approximately 306,000 operational telecom towers in India, France, Germany, Austria, and the U.K.
Approximately 28,000 kilometers of fiber optic cable located in Australia, Brazil, and the United States.
Over 70 distributed antenna systems in the U.K.
Approximately 360,000 fiber-to-the-premise (FTTP) connections in Australia and the United States.
Two semiconductor manufacturing foundries under construction in the United States.
Data Storage
Over 140 operational data centers, with approximately 1 gigawatt of critical load capacity and an additional approximate 640 megawatts of contracted capacity.
Data Transmission & Distribution
The company’s data transmission and distribution businesses have approximately 306,000 operational telecom towers, approximately 28,000 kilometers of fiber optic cable and two semiconductor manufacturing facilities under construction.
In France, the company’s telecom operation comprises approximately 9,000 multi-purpose towers and active rooftop sites. The business can be divided into two segments: telecom site hosting and television and radio broadcasting.
In Germany and Austria, the company has approximately 44,000 multi-purpose towers and active rooftops. The business focuses on developing passive infrastructure for mobile network operators, broadcasters, and other institutions through their portfolio of towers, masts, rooftop sites, distributed antenna systems and small cells.
The company’s U.K. wireless infrastructure operation comprises two business units: Towers and Indoor. The Towers business operates approximately 3,000 active towers throughout the U.K., licensing space to mobile network operators and providing ancillary services including back-up power. The Indoor business deploys active neutral host network solutions using distributed antenna systems in high footfall venues such as shopping malls, stadiums and office blocks and serves over 70 venues.
The company’s India telecom operation comprises approximately 250,000 high quality telecom towers across India. The tower portfolio provides service to all mobile network operators (MNO) in India, including the largest MNO, Reliance Jio. The company’s commercial arrangement with Reliance Jio, who serves as the anchor tenant is underpinned by a 30-year master service agreement across 174,000 towers. In September 2024, it acquired an additional 76,000 towers sites which are under long term contract with one of the largest MNOs, Reliance Jio.
The company’s Australian data distribution business comprises the following business lines, wholesale and infrastructure which is engaged in the design, installation, operation, maintenance, and wholesale sale of FTTP networks operating mainly in greenfield developments, enterprise supplying premium voice and communication solutions, and retail business operating as a reseller of telecommunications services to end customers.
The company’s semiconductor manufacturing facilities in the United States consist of two large-scale fabrication foundries in Arizona in partnership with Intel, one of the largest global semiconductor companies. The facilities are under construction and are intended to manufacture leading-edge semiconductor chips once completed.
The company’s U.S. fiber business is a greenfield developer of fiber to the premise networks in the United States, with active construction in 12 markets representing approximately 375,000 households. The company is continuing to progress the construction of its two inaugural markets, allowing the first portions of the markets to begin serving customers, and initiated the construction of six additional markets.
Strategic Position
The company’s telecom operation in France is a leading independent data infrastructure operator in the country with coverage across the French territories. The company’s coverage and location enable us to be a leader across all of the segments in which it operates. Its scale in telecommunications sites makes it the second largest independent tower operator in France and a preferred partner of mobile network operators. In television, it provides coverage to over 97% of the French population, one of Europe’s largest television markets. In radio, it is the reference provider for services in France with approximately 70% and 41% market share of public and commercial radio frequencies, respectively.
The company’s German and Austrian telecom towers operation is one of the largest in Europe with the potential to grow even larger through bolt-on acquisitions of further sites across Eastern Europe.
The company’s the U.K. wireless infrastructure operation owns critical national infrastructure that enables mobile network operators to meet their government mandated coverage obligations. The location of the company’s sites forms an integral part of the telecommunication backbone in the U.K. and are well-positioned to capture rural growth in data consumption. A significant investment has been made as part of the 4G rollout in the country which provides ample capacity for further leasing opportunities. Additionally, its over 70 distributed antenna systems make the company’s business the market leader in the U.K. for indoor solutions.
The company’s Indian telecom towers operation has exposure to the growing data consumption trend. The company’s anchor tenant Reliance Jio is the largest mobile network operator in India and is owned and controlled by Reliance Industries Limited, one of the largest companies in the country.
The company’s Australian data distribution business is a market-leading constructor, owner and operator of fiber infrastructure and a provider of value-added telecommunications services in identified profitable niche markets. The business is the largest privately owned FTTP infrastructure owner and operator in Australia. The business constructs, owns and operates the fiber infrastructure for property developers, property owners and/or building managers and seeks to build this infrastructure across all property asset classes with a focus on greenfield property developments.
The company’s semiconductor facilities will be jointly owned and funded with Intel and be a part of Intel’s integrated Ocotillo manufacturing campus in the state of Arizona which covers approximately 700 acres, making it one of the largest chip manufacturing sites in the world.
The company’s the U.S. fiber business will leverage its experience as a global developer and operator of best-in-class data transmission and distribution infrastructure to identify attractive markets and efficiently develop open access fiber networks while minimizing construction and operating risk. The company is working with an internet service provider (ISP), which will serve as the anchor tenant for commercialization of the network in the initial markets.
Regulatory Environment
The company’s Indian telecom towers operation is regulated by the Department of Telecommunication (DoT) which grants Infrastructure Provider (IP-1) registration to domestic telecom infrastructure providers.
The company’s Australian data distribution business operates in a regulated environment. The business owns and operates a FTTP network providing super fast quality broadband services to residential premises and non-residential premises. The provision of residential broadband services is subject to regulation.
The company’s semiconductor manufacturing facilities in the United States highlight the increasing desire to onshore manufacturing of semiconductor technology.
The company’s the U.S. fiber business operates under relatively minimal regulatory frameworks, with construction permitting requirements determined at the municipality level. There is meaningful the U.S. federal support for the deployment of fiber broadband infrastructure, as demonstrated by the $65 billion in broadband funding contemplated in the Infrastructure Investment and Jobs Act.
Growth Opportunities
The company sees growth opportunities in the French telecom operation as mobile network operators are expected to increase the coverage and capacity of their networks to support four main trends: growing wireless data usage, next evolution of wireless standards, increased mobile network operator competition through network quality and reliability, and minimum spectrum license coverage obligations.
The company’s the U.S. fiber business is well-positioned to enter new markets in the U.S., where approximately 50% of households do not have access to fiber-based broadband solutions. In addition to the construction of its 12 markets under development, the company has compiled a backlog of attractive additional premises across the U.S. that are best suited for fiber upgrades. In addition, the market remains highly fragmented, which the company will result in opportunities to further expand its presence through strategic acquisitions.
In Germany and Austria, the company intends to construct approximately 5,500 sites from 2025 through to 2029 and deploy capital in support of network modernization requirements to meet demand in one of the fastest growing tower markets in Europe. The key objective for its telecommunications business is to actively participate in the expansion of telecom site hosting requirements of mobile network operators due to the increased demand for densification.
A significant portion of the company’s towers are in rural areas, and it considers them to be prime candidates for future colocation as there are limited sites in such areas.
The company’s Indian telecom towers operation completed the tuck-in acquisition of 76,000 additional towers during the year scaling up its tower sites to approximately 250,000, which now positions the company as the leading passive telecom infrastructure platform in the Indian telecom sector. Due to the locations of its towers and competitive rates, the company offers attractive leasing capacity and believe over time this will enable the company to add incremental colocations from the MNOs as a result of data demand and growth in the country.
The company’s Australian data distribution business has completed delivery to 394,000 premises with a contracted book of premises to build over the long term. The business aspires to be the number one private FTTP provider for greenfield developments in Australia. This scale will allow the business to leverage its footprint to expand into other forms of access network infrastructure and to continually increase its network penetration.
Data Storage
The company’s data storage operations provide customers secure and reliable space and power within its portfolio of data centers to host their critical workloads and applications. The company’s data center portfolio consists of over 140 operational data centers, with approximately 1 gigawatt of critical load capacity and 640 MWs of contracted capacity that will be built out.
Strategic Position
The company’s global data storage operations represent one of the largest global hyperscale data center platforms. The company’s strategy to build a leading global data center platform will enable it to meaningfully participate in the exponential growth in digital infrastructure demand worldwide.
The company’s the U.S. data platform is strongly positioned to offer solutions to both hyperscale and enterprise customers. The company’s the U.S. colocation data center operation is a carrier neutral provider with operations in most major markets provides best-in-class connectivity options, and serves primarily enterprise customers, including financial institutions, government entities, universities, hospitals, and large blue-chip firms. While the company’s the U.S. hyperscale data center operation is a leading development platform with capacity contracted on a long-term basis, underpinned by major hyperscale customers. The company’s facilities offer single tenant buildings or campuses representing the closest substitution for customer self-build.
The company’s Asia Pacific data storage business is an owner and operator of four data center facilities in Australia and New Zealand. The data centers have a combined utilization of approximately 80% and a weighted average remaining contract life of 5 years, servicing a range of customers from small retailers to Australian and global investment grade companies.
The company’s Latin American data center business is the leading data center infrastructure company of the region. All of its Latin American data centers are connected, within each respective country, by a wide-ranging and dedicated fiber-optic network, which is designed to ensure high-capacity connections between its sites and the main cloud providers worldwide.
India is a high growth data market with data center capacity expected to increase by 850 megawatts from 2024 to 2026. During 2024, the company successfully completed the construction of its first data center in Chennai which can accommodate a total expansion of up to 100 megawatts based on the available land and power. The company has also acquired a land parcel in Mumbai, a key growth market, with a capacity of 40 megawatts.
The company’s European hyperscale data storage platform is a high-quality scaled platform with approximately 300 megawatts of contracted capacity with a leading position in key European markets. The business is present in France, Italy, Spain, Poland, Germany and Greece servicing a diverse customer base including international cloud operators, major telecom providers, innovative tech companies, and multinationals. The business is well positioned to benefit from strong growth tailwinds from the strong demand in historically under-built markets and European data sovereignty laws as well as the artificial intelligence led demand for compute capacity.
Regulatory Environment
The company’s data storage operations in North America, Asia Pacific, Europe and Brazil conduct business in an unregulated environment.
Growth Opportunities
The company sees both organic growth and acquisitions as opportunities for its data storage businesses. Organic growth is expected to be driven by favorable long-term trends created by the cloud and AI adoption, which should lead to growing demand for its services.
Intellectual Property
The company’s partnership and the Holding LP have each entered into a Licensing Agreement with Brookfield pursuant to which Brookfield has granted a non-exclusive, royalty-free license to use the name Brookfield and the Brookfield logo. Other than under this limited license, the company does not have a legal right to the Brookfield name and the Brookfield logo in the United States and Canada.
History
Brookfield Infrastructure Partners L.P. was founded in 2007. The company was incorporated in 2007.
