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 capitalize on the US government’s struggle to allocate capital to the sector.

EQT, based in Stockholm, 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.