Investment manager Industry Funds Management (IFM) has bought 14 power plants from US utility company Consolidated Edison for US$480 million (AU$540 million).
The North American Energy Alliance, a joint venture betwen AllCapital and IFM, led the deal.
AllCapital is the US subsidiary of locally listed company Allco Finance Group.
AllCapital has taken a 37.6 per cent stake in the business paying $287.3 million and IFM owns the remaining 62.4 per cent.
The 14 power plants are located in the north east of the US. Some power plants are gas-fired facilities while others are small hydro electricity utilities.
"The acquisition brings additional diversity to the fund both in terms of industry sectors and revenue characteristics," IFM head of infrastructure Kyle Mangini said.
Its most recent purchase was a 15.8 per cent stake in the US-based Colonial Pipeline Company for US$641 million (AU$721 million).
The firm also bought a 22.8 per cent stake worth US$250 million (AU$281 million) in US electricity producer Duqesne Light Holdings.
The IFM International Infrastructure Fund now manages $3 billion in infrastructure. Overall IFM manages over $14.5 billion in assets.
The fund manager is backed by 40 industry superannuation funds.
