Singapore sovereign wealth fund GIC is seeking a loan of about AUD 650m (USD 470m) to refinance its 10% stake in Australia’s Transgrid, according to two sources familiar with the matter.

A request for proposals for the holdco financing was sent to lenders with a deadline for replies set for today (6 May), the two sources and two more sources familiar said.

Citi is advising GIC on the loan financing, said the first source.

In addition to refinancing, the proceeds are expected to fund capital expenditure for the New South Wales electricity transmission operator, said the first source.

GIC acquired its 10% stake in August last year from Utilities Trust of Australia (UTA) for more than AUD 1bn, according to Infralogic data.

The purchase formed part of a broader reshuffle among Transgrid’s investors, with Australia’s Future Fund also buying a 9.995% stake from OMERS around the same time.

The refinancing comes as ownership dynamics at Transgrid remain in focus.

Abu Dhabi Investment Authority (ADIA), through Tawreed Investments, had been exploring the sale of its 19.9% stake in a deal valued at about AUD 2bn (USD 1.3bn) last year, as reported.

GIC and APG were among the possible contenders to acquire ADIA’s stake, according to local media reports.

However, ADIA has halted the sale process in November 2025, as reported by this news service in the same month.

As an alternative to the cancelled sale, ADIA then closed a AUD 3.75bn holdco debt raise in March this year to finance its Australian infrastructure assets, including Transgrid, across five and seven-year tenors, as reported.

Transgrid was privatised by the New South Wales government in 2015 under a 99-year lease.

Apart from GIC and Future Fund, its current shareholders include La Caisse (22.505%), ADIA (19.99%), Spark Infrastructure (15.01%), UTA (12.5%), and OMERS (9.995%), according to Transgrid’s website.

Citi declined to comment. GIC didn’t reply to a request for comment.