Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 274

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 274
---
 foreign exchange and administrative costs, as well as enhancing our ability to secure asset level debt financing. While capital is primarily raised at the corporate level to fund the equity component of organic growth capital expenditures, actual funding of projects may be executed by injecting cash into subsidiaries or utilizing operating cash flow generated and retained by the business. Importantly, the physical movement of cash has no relevance on Brookfield Infrastructure’s ability to fund capital expenditures or make distributions.

152 Brookfield Infrastructure

The following table summarizes the sources of capital used to fund our partnership’s acquisitions and the equity component of growth capital expenditures during the years ended 2024, 2023 and 2022:

                                                                        For the year ended December 31,                                                       
  US$ MILLIONS                                                          2024                                            2023                 2022             
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Capital deployed in new investments (1),(2)                           $                                      626      $         2,652         $      2,238  
  Growth capital expenditures (net of non-recourse debt financing)      651                                             423                   729             
                                                                                                             1,277                3,075                2,967  
  Total capital market activity                                                                                                                               
  Equity issuances                                                      11                                              738                    13             
  Preferred units issuance, net of repurchases                          —                                               —                      50             
  Corporate debt issuance, net of repayments                            (160)                                           526                   995             
                                                                        (149)                                                     1,264                1,058  
  Proceeds from asset sales                                                                                  1,230                1,865       750             
                                                                                                             1,081                3,129                1,808  
  Net funding from retained cash flows and credit facility draws        $                                      196      $          (54)         $      1,159  

(1) Capital deployed in new investments excludes investments in financial assets.

(2)2022 includes the $1.2 billion acquisition of HomeServe on January 4, 2023 (and is excluded from 2023) and 2023 includes the $0.4 billion acquisition of Compass on October 3, 2023 which was funded on January 26, 2024

We fund growth initiatives with proceeds from capital recycling, capital market issuances and retained operating cash flows:

• we target retaining 15% of our FFO for the equity