What coNEXA Infrastructure Partners does

coNEXA Infrastructure Partners (Pty Ltd) is an Australian water infrastructure investor and operator focused on recycled and reused water assets across South Australia and New South Wales. It owns and runs five operating schemes — Aquanet (Sydney), KIWS/Kooragang Water (Lower Hunter), Lightsview ReWater (Adelaide), Willunga Basin Water (McLaren Vale), and its Projects and Operations unit — producing around 10 billion litres of recycled water per year. Its customer mix spans industrial offtakers (Orica, NCIG), a residential development (Lightsview), an agricultural cluster of approximately 240 wine growers in McLaren Vale, and adjacent government utility and port partners (Sydney Water, Hunter Water, Port of Newcastle).

Operations are built on membrane-based treatment, principally microfiltration followed by reverse osmosis, with treated brine and residuals managed within the schemes. Each scheme is structured under a Water Industry Competition Act (WIC Act) approval, which is jurisdiction-specific and confers a regulated entitlement to sell recycled water to defined customer classes — a structural moat in itself. Customers are serviced via long-term off-take arrangements and dedicated pipeline infrastructure, exemplified by the multi-year industrial water supply partnership with Orica at Kooragang.

The business model is an infrastructure-style utility play: heavy upfront capex is converted to contracted recurring revenue via long-dated off-take agreements with creditworthy industrial, agricultural, residential, and public-sector counterparties. With more than $200M of capital deployed across the portfolio and a 30-person operating team based in Adelaide, coNEXA sits within the Igneo Infrastructure Partners platform (part of First Sentier Investors), which provides the parent balance sheet and capital partnership for further scheme development. Recent activity is oriented around expansion — AquaNet in Western Sydney, the Willunga Basin upgrade, and a Clean Energy Precinct partnership targeting hydrogen and clean-energy offtakers — reflecting a shift from a single-asset operator to a multi-asset, multi-sector platform.

Name

coNEXA Infrastructure Partners

Legal name

coNEXA Pty Ltd

Website

https://conexa.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

coNEXA Infrastructure Partners is an Adelaide-based water infrastructure investor and operator that owns and runs five recycled water schemes in South Australia and New South Wales, supplying approximately 10 billion litres per year to industrial, agricultural, residential, and government utility customers under WIC Act approvals.

Ownership category

akta.pro rank

Product category

Water Infrastructure Services / Recycled Water Supply

NAICS

Water, Sewage and Other Systems (2213), Water Supply and Irrigation Systems (22131), Sewage Treatment Facilities (22132)

SIC

Water Supply (4941), Electric, Gas & Sanitary Services (4900), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Non‑Potable Reuse Utilities (Irrigation, Industrial, Cooling) (EUANAGAA)

akta.pro secondary industries

Water Reclamation & Reuse Production (Tertiary/Advanced Treatment) (EUANADAD), Recycled Water Storage & Balancing Utilities (Reservoirs, Tanks, Equalization) (EUANAGAI), Water Reuse & Reclamation Infrastructure Construction (Recycled Water Systems) (IMAFAGAH)

Keywords

• Recycled water supply
• Water infrastructure services
• Membrane treatment systems
• Wastewater treatment operations
• Water asset management

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Water Supply Services: Supply of recycled water to industrial customers under long-term contracts. Revenue generated from providing high-quality recycled water for industrial, agricultural, and residential use. CoNEXA has invested in excess of $200M to acquire its existing assets.
2. Infrastructure Services: Project development, delivery, operation and maintenance services provided to clients throughout Australia and New Zealand. Services include investigation, design, procurement, operation and maintenance of water and wastewater infrastructure.
3. Operational Support Contracts: Flexible O&M contracts ranging from intermittent support through to full operate and maintain over extended periods (>20 years). Services include process optimization, troubleshooting, infrastructure audits, operator training, and asset management.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

coNEXA acquires, owns, and operates water and wastewater recycled water infrastructure assets across Australia, providing long-term drought-proof recycled water supply to industrial, agricultural, and residential customers. The company also delivers end-to-end infrastructure lifecycle services including investigation, design, procurement, construction support, commissioning, operation, and maintenance of water and wastewater assets for clients across Australia and New Zealand.

Product overview

CoNEXA Infrastructure Partners is a water infrastructure investor and operator offering a portfolio of recycled water businesses and lifecycle services. The company operates five distinct recycled water sub-brands: Aquanet (Sydney's largest private recycled water scheme serving Western Sydney industrial customers), Kooragang Water/KIWS (Lower Hunter industrial water scheme), Lightsview ReWater (Adelaide residential stormwater recycling), Willunga Basin Water (McLaren Vale wine region irrigation), and Projects and Operations (technical services). These water infrastructure businesses are complemented by service offerings covering the full infrastructure lifecycle: Acquisition or Development, Investigation and Approvals, Procure and Deliver, and Operate and Maintain. The company focuses on circular economy principles, recycling approximately 10 billion litres of water annually for residential, industrial, and agricultural purposes. The core portfolio operates as distinct regional water schemes that share membrane technology expertise and flexible operational models.

Differentiator

Problem solved

Functional benefit

Brands

• Aquanet: Sydney's largest private recycled water scheme providing high quality recycled water to industrial customers in Western Sydney (Fairfield, Cumberland, Parramatta LGA)
• KIWS (Kooragang Water)
• Lightsview ReWater
• Willunga Basin Water
• Projects and Operations

Products and services

• Aquanet Recycled Water Scheme Sydney's largest private recycled water scheme producing high-quality recycled water for industrial use in the Fairfield, Cumberland, and Parramatta local government areas of Western Sydney. Processes treated effluent from Sydney Water's Liverpool Wastewater Treatment Plant. Operated by coNEXA and currently being expanded to support sustainable industrial growth in Western Sydney.
• Kooragang Industrial Water Scheme (KIWS) Recycled water scheme providing up to 3GL/year of high-quality recycled wastewater to industrial users on Kooragang Island in the Lower Hunter Region of NSW, equivalent to approximately 5% of the Hunter Region's water demand. Reduces industry reliance on potable water and addresses drought conditions. Customers include Orica (20GL delivered over 10 years) and NCIG (up to 50% reduction in drinking water consumption).
• Lightsview ReWater Stormwater recycling system for the Lightsview residential development, 7km north-east of Adelaide CBD. Supplies treated stormwater for irrigation of 14.9ha of landscaped parks and reserves, toilet flushing, and garden watering in residential houses.
• Willunga Basin Water Recycled water supply scheme serving the McLaren Vale wine region in South Australia. Currently supplies 7,250ML/annum to 240 customers across 160km of recycled water network, providing drought-proof irrigation water and supporting $500m of economic value in the wine region.
• Projects and Operations Services Specialist services providing end-to-end project lifecycle support including investigation, design, procurement, operation, and maintenance of water and wastewater infrastructure. Focus areas include 'Local Water' solutions and membrane technology systems, delivered across Australia and New Zealand.
• Procure and Deliver Services Project delivery services for water and wastewater infrastructure including project delivery strategy development, procurement strategy, tender and contract documentation, contract negotiation, HAZOP/CHAIR/CHAZOP/design reviews, construction support, commissioning, validation, and project management.
• Investigation and Approvals Services Front-end infrastructure services including dynamic water balance and demand modelling, strategic options analysis, risk assessments, business case development, regulatory approvals, concept and detailed designs, and capital and operating cost estimates for water and wastewater projects.
• Acquisition or Development Services Asset acquisition and development services including due diligence (technical, legal, commercial), long-term project investment assessment, partnership model development, and sustainable investment principles for water and wastewater infrastructure. coNEXA has invested in excess of $200M to acquire existing water assets.
• Operate and Maintain Services Operational and maintenance services for water infrastructure including flexible O&M contracts (intermittent support through to 20+ year full operate-and-maintain), site visits, remote monitoring, process optimization, infrastructure audits, operator training, asset management, cost benchmarking, and full membrane lifecycle services covering design, operation, cleaning, repairs, autopsy and renewal.

Quantifiable outcome

• 20GL of recycled water delivered to Orica over 10 years
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and secondary.

• Port of NewcastlecoreStrategic or Co-development Partner · 4 July 2025Partnership for the Clean Energy Precinct recycled water supply project. coNEXA is expanding the Kooragang Industrial Water Scheme to supply up to 22.5ML/day of recycled water to support hydrogen production, cooling applications and other non-potable water uses in the 220-hectare precinct operational by 2030.
• Hunter WatercoreStrategic or Co-development PartnerHunter Water designed and delivered the Kooragang Recycled Water Scheme and facilitates access to sustainable water infrastructure. Treated effluent from Shortland Wastewater Treatment Plant is diverted to coNEXA's advanced recycled water plant. Hunter Water is also facilitating effluent diversion from Edgeworth and Toronto Wastewater Treatment Works for the Clean Energy Precinct expansion.
• OricacoreStrategic or Co-development PartnerOrica is the foundation partner in the Kooragang Recycled Water Scheme. One of the largest consumers of drinking water in the Hunter region (~5% of regional demand) with majority of site end uses suitable for recycled water. Celebrating 10 years of partnership and 20GL of recycled water delivered.
• Newcastle Coal Infrastructure Group (NCIG)secondaryStrategic or Co-development PartnerNCIG connected to the Kooragang Water scheme following the 2023 expansion of the advanced water treatment plant, enabling reduction of drinking water consumption by up to 50% each year.
• Sydney WatercoreStrategic or Co-development PartnerPartnership with Sydney Water for the AquaNet recycled water scheme in Western Sydney. Sydney Water provides treated effluent from Liverpool Wastewater Treatment Plant which is processed into high-quality recycled water for industrial customers.

Scale indicators13 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Jemena: Jemena is an Australian utilities owner (gas, water) that previously owned the Rosehill Recycled Water Scheme which was acquired by coNEXA. Its water asset ownership and industrial recycled water experience make it a relevant comparable.
• Aqua America / Essential Utilities: Essential Utilities operates regulated water and wastewater utilities in the US, including recycled water programs. Comparable as a publicly listed owner-operator of small-to-mid-cap water infrastructure assets.
• Aquasure (Victorian Desalination Plant / Marubini/Acciona consortium): Aquasure is a large Australian desalination and recycled water project vehicle (e.g., Victorian Desalination Plant) that structures and operates major utility-scale water infrastructure under long-term PPAs. Comparable in infrastructure ownership and long-term contract model.
• ACCIONA Agua: ACCIONA Agua is a global water infrastructure contractor and operator with Australian presence, executing desalination, tertiary treatment, and recycled water schemes under long-term concession models. Comparable in EPC + O&M business model and advanced water treatment capability.
• Suez Water Australia: Suez is a global water services incumbent operating recycled water, wastewater, and desalination projects worldwide with Australian operations. Comparable as a broad, full-service water infrastructure operator with overlapping industrial and municipal capability.

Emerging players

• OSMI (Water Infrastructure): OSMI is a smaller Australian water recycling specialist focused on industrial wastewater and closed-loop water systems. Comparable as an emerging niche operator addressing industrial water reuse.

Direct peers

• TRILITY: TRILITY is a specialist Australian water and wastewater treatment operator and developer (formerly Tenix Alliance/Allwater), delivering design-build-operate-maintain services to municipal and industrial clients. Directly comparable to coNEXA's Projects and Operations business.
• Veolia Australia (Veolia Water Technologies & Outsourcing): Veolia Water operates industrial and municipal water and wastewater treatment contracts across Australia (including former Hunter contract staff now at coNEXA). It is the closest direct peer given its combined recycled water, O&M, and membrane technology offering to industrial customers.

Regional players

• South East Water: South East Water is a Melbourne-based water utility operating recycled water schemes such as the Eastern and Western Treatment Plants and Class A recycled water for irrigation. Comparable as an Australian water utility with similar recycled water programs (though municipal vs coNEXA's industrial focus).
• Yarra Valley Water: Yarra Valley Water is a Melbourne water utility that has invested in Class A recycled water (e.g., Western Treatment Plant integration). Comparable as an Australian urban water utility piloting recycled water at scale (though broader municipal mandate).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/conexaip

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about coNEXA Infrastructure Partners