Goldman Sachs Asset Management has acquired NOJA Power for $1.0 billion, a cash transaction that transfers full ownership of the medium-voltage electrical equipment manufacturer to the investment firm. The deal, which has been completed following regulatory approvals, places NOJA Power under the control of Goldman Sachs Asset Management’s infrastructure investment portfolio.
NOJA Power, based in Australia, specialises in medium-voltage electrical equipment, with a focus on its OSM series of reclosers and the VISI-SWITCH load break switch. The company reports more than 85,000 OSM units installed across over 100 countries, with products used in overhead line protection, substations, renewable energy connections, and underground cable systems. Its equipment is notable for being SF6-free, a design choice aligned with growing environmental regulations in the utility sector.
For Goldman Sachs Asset Management, the acquisition adds a manufacturer with established global distribution to its infrastructure holdings. The firm’s strategy centres on acquiring assets with long-term operational profiles, and NOJA Power’s position in electricity distribution networks fits that criterion. The purchase price reflects the company’s revenue base and the recurring demand for grid modernisation equipment, though specific financial metrics were not disclosed.
The strategic rationale lies in the intersection of two trends: the global shift toward SF6-free switchgear and the expansion of distributed energy resources. NOJA Power’s product line addresses both, as utilities replace older equipment and integrate solar, wind, and battery storage into distribution networks. Goldman Sachs Asset Management can provide capital for manufacturing scale-up and market entry into regions where NOJA Power has limited presence, such as parts of North America and Asia.
The combined entity will operate with NOJA Power’s existing management team, which remains in place to oversee day-to-day operations. Goldman Sachs Asset Management is expected to support research and development efforts, particularly around digital control and protection features, while maintaining the company’s current manufacturing footprint. The acquisition does not include any changes to NOJA Power’s customer contracts or warranty obligations.
With the transaction closed, NOJA Power gains access to deeper financial resources for product development and geographic expansion, while Goldman Sachs Asset Management secures a platform in the electrical infrastructure sector. The near-term focus will be on executing existing orders and advancing next-generation switchgear designs, with the ownership change unlikely to alter the company’s operational trajectory in the coming quarters.