DIF Infrastructure IV is pleased to announce that it has acquired from SSE PLC (“SSE”) a 100% interest in the Newcastle & North Tyneside UK PFI Streetlighting project located in the two metropolitan boroughs of Newcastle and North Tyneside (the “Project”).
This is the first of the three UK PFI Streetlighting projects (the “Projects”) that DIF has agreed to acquire from SSE and consists of over 40,000 street lighting assets in Newcastle and over 30,000 street lighting assets in North Tyneside.
The other two Projects are located in Leeds and Stoke on Trent and are expected to close in the coming weeks. The Projects are availability based and have all been operating for over 5 years. All Projects benefit from long term financing provided by RBS. Operations and lifecycle will continue being performed by an affiliate of SSE under a long term contract.
Paul Nash, DIF’s head of Infrastructure: “We are pleased to be adding the Newcastle and North Tyneside Streetlighting PFI to our portfolio of investments. Streetlighting PPP is a sector that DIF understands well and we look forward to working with our operational partner SSE, who we consider to be a high quality developer, owner and operator”.
DIF is being advised by Operis (Financial), WSP (technical) and Osborne Clarke (Legal).
DIF is an independent and specialist fund management company, managing funds of approximately €3.5 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3 and renewable energy assets in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney. For more information, please contact:
For more information, please contact:
Paul Nash, Partner
Allard Ruijs, Partner