Nordic private equity firm EQT Partners has completed its first deal in the US and with the maiden investment from its €1.2bn ($1.6bn) infrastructure fund, as the group looks to capitalise on the US government’s struggle to allocate capital to the sector.

EQT has acquired about 65% of power plant Midland Cogeneration Venture from firms including GSO Capital Partners, US alternatives manager Rockland Capital Energy and corporate the Dow Chemical Company. Clean energy project finance company Fortistar bought the remaining 35%.