10 April 2018  |  Sydney

DIF enters Australian renewable energy joint venture with Synergy and Cbus

DIF Infrastructure V (DIF V) is pleased to announce that it has entered into a joint venture with Synergy and Cbus Super to form Bright Energy Investments (BEI). BEI is to invest in a portfolio of utility scale wind and solar PV power projects located in Australia, with DIF V and Cbus Super to hold about 40% per cent equity interest in BEI, and Synergy to hold about 20%. Synergy is an electricity generator and retailer that is owned by the Western Australian Government.

Initially BEI is to acquire the operational 36MW Albany Grasmere Wind Farm, the 40MW Greenough River Solar Farm (10MW in operation and 30MW in construction) and the proposed 180MW Warradarge Wind Farm. All projects are located in Western Australia. A pipeline of additional projects have also been identified that BEI will look to acquire, subject to certain investment criteria being met.

This investment fits neatly within DIF’s mandate to acquire infrastructure and renewable energy assets that will deliver long-term stable cash flows for the fund. The investment adds to DIF’s existing portfolio of Australian renewable energy assets, including the Royalla, Clare and Bungala solar PV projects.

Marko Kremer, DIF’s Head of Australasia added: “”DIF is excited to enter into this joint venture with Cbus and Synergy, as well as adding a variety of wind and solar farms to its existing investment portfolio. We are excited to be part of the growing Australian renewable energy market, which supports the nation’s commitment to a greener economy, as well as creating job opportunities in Western Australia.””

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €5.1 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds, including DIF Infrastructure V, target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities.

Both strategies targets both greenfield and brownfield projects in Europe, North America and Australasia.
DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu

30 May 2017  |  Sydney

DIF acquires 125 MW solar project in Australia

DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 125 MW Clare Solar PV project from Fotowatio Renewable Ventures (FRV), via a 50 – 50 joint venture with Lighthouse Infrastructure.

Developed by FRV, the Clare Solar Farm is located around 35 km south-west of Ayr in Northern Queensland. The 125MW (DC) photovoltaic solar farm is currently under construction and is scheduled to commence operations in late 2017. The project will create up to 200 jobs during construction and when completed will generate enough electricity to power approximately 42,000 Queensland homes, abating nearly 200,000 tonnes of CO2e emissions annually.

Origin Energy, a major Australian energy company, has entered into a long-term contract to purchase 100% of the electricity output and large-scale renewable energy certificates (LGCs) generated by the project.

Project finance has been provided to the project by NAB and SMBC.

RBC Capital Markets and Société Générale were financial advisers to Lighthouse and DIF in relation to the acquisition and King Wood Mallesons acted as legal adviser.

Marko Kremer, DIF’s Head of Australasia added: “This acquisition represents DIF’s third large scale solar PV project in Australia, and we are delighted to further extend our relationship with FRV following the acquisition of the Royalla Solar Farm in 2016”.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner, Head of Renewable Energy
Email: c.mansfield@dif.eu

Allard Ruijs, Partner, Head of Investor Relations & Business Development
Email: a.ruijs@dif.eu

10 April 2017  |  Sydney

DIF acquires 275 MW solar project in Australia

DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 275 MW (dc) Bungala Solar PV project from Reach Solar Energy, via an equal joint venture with Enel Green Power.

Developed by Reach Solar Energy, the Bungala Solar Project will be one of the largest solar PV plants in Australia. The utility-scale solar power project is located near Port Augusta, South Australia and covers approximately 700 hectares of land. The project will produce enough electricity to power approximately 82,000 homes, avoiding the emission of about 520,000 tonnes of CO2.

Origin Energy, a major Australian utility will purchase all electricity and renewable certificates from the project. The project is split into two equal solar farms of 137.5 MW, located on two adjacent plots of land. Construction works at Bungala Solar One are expected to begin by mid-2017, followed by Bungala Solar Two, whose construction will start by the end of this year. The overall 275 MW project will be fully operational by the third quarter of 2018.

Marko Kremer, DIF’s Head of Australasia added: “DIF is delighted to add Bungala solar farm to its existing investment portfolio. It represents DIF’s second solar PV project in Australia, following the acquisition of Royalla in 2016. We are excited to be part of the Australian renewable energy landscape which supports the nation’s commitment to a greener economy as well as creating significant job opportunities in the Port Augusta region. This investment represents an attractive, large scale solar PV energy investment, underpinned by stable, long term contracted cash flows.”

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 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:

Christopher Mansfield, Partner, Head of Renewable Energy
Email: c.mansfield@dif.eu

Allard Ruijs, Partner, Head of Investor Relations & Business Development
Email: a.ruijs@dif.eu

20 March 2017  |  Paris

DIF and co-shareholders complete refinancing of French solar portfolio

DIF and its co-shareholders Caisse des Dépôts and Solairedirect complete refinancing of a 34MWp ground-mounted solar PV portfolio.

DIF, Caisse des Dépôts (“CDC”) and Solairedirect (together the “Sponsors”) have completed the refinancing of a portfolio of 4 operational ground-mounted solar PV projects located in the south-east of France, taking advantage of their strong operational track record since inception as well as the prevailing competitive debt markets. The projects, originally developed by Solairedirect were later partly sold to CDC and DIF as part of a portfolio. The portfolio is 35.25% owned by the DIF Infrastructure III fund, with CDC owning 49.75% and Solairedirect the remaining 15%. All 4 projects have been operational for more than 5 years.

Auxifip (part of the Crédit Agricole group), The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation acting as co-MLAs, together with BPIFrance Financement as participant, provided approximately EUR 145 million of senior debt facilities to refinance the existing debt. The refinancing provides for an extraordinary distribution to the shareholders in the portfolio, while still allowing for a strong cash yield from the projects over their remaining life.

The Sponsors were advised by Astris Finance (financial), Clifford Chance (legal – tax structure and financing) LPA-CGR (legal – corporate and project DD) and Noveo Finance (hedging).

The lenders were advised by Herbert Smith Freehills (legal), OST (technical), Deloitte (model audit) and MARSH (insurance).

For DIF in France, this follows the refinancing in 2016 of 2 portfolios of solar PV assets of 31.2MWp and 20.1MWp.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately EUR 3.5 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP/ P3, renewable energy and other core infrastructure 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:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu

9 January 2017  |  Toronto

DIF completes the refinancing of a 30 MWac ground mounted solar PV portfolio

DIF has completed the refinancing of a portfolio of 3 operational, ground-mounted solar PV projects located in Ontario, Canada. The DIF Infrastructure III fund owns 100% of the projects, which commenced operations in 2014 and 2015. The projects sell power pursuant to 20 year feed-in-tariff contracts with the Independent Electricity System Operator (formerly known as the Ontario Power Authority).

Natixis New York Branch, acting as the sole mandated lead arranger, together with Samsung Life Insurance Co. Ltd., Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd., and Raymond James Banks, NA as lenders, provided approximately CAD$180 million of senior debt facilities to refinance the existing debt.

The lenders were advised by McCarthy Tetrault LLP (legal), DNV KEMA Renewables Inc. (technical), and Intech Risk Management Inc. (insurance). DIF was advised by Torys LLP (legal), KPMG (tax), Riverside Risk Advisors (hedging), Mazars (model audit) and LCN Legal (UK legal).

For more information, please contact:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu