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14 December 2020  |  Toronto

DIF Capital Partners sells its 50% stake in US solar project Lone Valley to Munich Re

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its 50% stake in Lone Valley to Munich Re, represented by Munich Re’s global asset manager MEAG. Closing of the transaction is expected to take place in Q1 2021.

Lone Valley consists of two single-axis tracking utility scale solar photovoltaic projects: Lone Valley I, which is a 10 MWac facility, and Lone Valley II, which is a 20 MWac facility, both located next to each other in San Bernardino County, California, USA.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the successful exit of DIF’s first renewable energy investment in the USA and are confident that MEAG will be a strong steward of the project going forward.”

Holger Kerzel, Member of MEAG’s Management Board, said: “By further expanding our renewable energy portfolio, we contribute to avoiding climate-damaging emissions near one of the world’s largest conurbations. With the solar energy produced in these plants, around 10,000 households can be supplied with electricity.“

DIF was advised by Fifth Third Securities (financial) and Stoel Rives LLP (legal). MEAG was advised by Ballard Spahr (legal).

 

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €334 billion, around €67 billion of which in its business with institutional investors and private customers.

MEAG invests in alternative assets in North America on behalf of investors from the Group and institutional investors. MEAG’s most recent investments in the US comprise a timberland investment in Oregon, the infrastructure investment Astoria Energy Partners in N.Y.C. and the real estate investment 330 Madison Av. in Manhattan.

 

Contact DIF: Allard Ruijs, Partner a.ruijs@dif.eu.

Contact MEAG: Josef Wild, Spokesperson j.wild@meag.com.

 

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28 August 2020  |  Toronto

DIF Capital Partners invests in 900 MW Canadian power project

DIF Capital Partners, through DIF Infrastructure VI (“DIF”), is pleased to announce its investment in the 900-megawatt Cascade Power Project (“Cascade” or the “Project”) in Canada. Together with joint equity sponsors OPTrust and Axium Infrastructure, DIF will invest in the construction of Cascade. The equity sponsors and its development sponsors Kineticor and Macquarie Capital, successfully closed financing of the CAD 1.5 billion Project today, including securing non-recourse project financing.

Cascade is a 900-megawatt combined cycle natural gas-fired generating facility to be located near Edson, Alberta. Siemens Energy will provide two highly efficient single shaft SCC6-8000H power trains and provide maintenance support under a long-term service agreement. Cascade is strategically situated in proximity to significant gas production as well as the NGTL System and high voltage electrical transmission lines, an important competitive advantage for Cascade. Construction will start immediately with commercial operations commencing in 2023. Cascade is contracted and benefits from long-term gas netback agreements which provide cashflow stability and downside protection once the project is commissioned.

Cascade will lead the transition to a lower carbon intensive power grid in Alberta by supporting the province’s transition off coal-fired power, generating low emissions electricity that is expected to supply over 8 percent of the province’s average demand. With Alberta contributing over 50 percent of Canada’s greenhouse gas emissions from electricity generation, Cascade is expected to result in one of the largest emissions reduction opportunities in the country’s electricity sector.

BPC, a joint venture between affiliates of PCL Construction and Overland Contracting Canada, Inc., a Black & Veatch Company, will construct the facility under an Engineering, Procurement and Construction Services contract with Kineticor acting as construction and asset manager. Cascade will additionally benefit the local community with over 3 million work hours of labour required for construction, creating approximately 600 jobs during peak construction as well as 25 long-term jobs during operation.

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.6 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF has a team of over 145 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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24 April 2020  |  Schiphol

DIF Capital Partners closes refinancing Finnish district heating network

DIF Capital Partners is pleased to announce the closing of the refinancing of Loimua’s (formerly known as Elenia Heat) acquisition debt facilities.

DIF Capital Partners, together with its partners LPP Infrastructure and Aberdeen Standard Investments, acquired Loimua in July 2019 with DIF Infrastructure V (link to original press release). Loimua is the second largest private supplier of district heating in Finland, providing environmentally sustainable heating to residential, commercial and public sector customers. The company owns and operates 640 MW of heat production capacity across 16 networks, covering circa 500 kilometers and circa 4,600 supply points (85,000 end-users).

Through the refinancing of the acquisition facilities Loimua established a common terms multi tenor debt platform including long term bank debt and 10, 12, and 14 year private placement tranches from institutional debt providers, alongside working capital facilities for general and capex financing purposes. The refinancing further de-risks the company’s long term capital structure and provides operational flexibility to deliver growth in line with the business plan. The transaction was concluded at favourable terms and covenants, emphasizing that there is still strong support from debt providers for stable and sustainable businesses such as Loimua despite the recent capital market developments.

DIF Capital Partners and its partners were advised by DC Advisory (financial) and Shearman& Sterling (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €6.7 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.

DIF has a team of over 140 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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23 December 2019  |  Santiago

DIF Capital Partners closes acquisition of Cerro Grande wind farm in Uruguay

DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the 100% acquisition of the 50 MW Cerro Grande wind farm in Uruguay from Enercon and eab New Energy.

The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by Enercon under a long-term agreement and asset management services continue to be delivered by SEG Heliotec.

Following the recent opening of its Latin American office in Santiago (Chile), this marks DIF’s first investment in Uruguay and fits well within DIF’s mandate as the investment is in an operational wind project with long-term contracted off-take.

Daniel Aninat, Managing Director and head of DIF’s South American operations added: “We are very pleased to acquire our first renewable energy project in South America. The transaction is the result of our strong relationship with Enercon and we believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (financial), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax) and Mazars (model audit). Enercon was advised by Ficus Capital.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Thijs Verburg, Investor Relations & Business Development
Email: t.verburg@dif.eu

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21 November 2019  |  Paris

DIF Capital Partners invests in a portfolio of LNG assets

DIF Capital Partners, through its DIF Core Infrastructure Fund I (“DIF CIF I”), is pleased to announce that it has signed final documentation alongside ship-owner Geogas Maritime and Access Capital Partners for the acquisition of a 50% stake in a French incorporated company that will own and operate a fleet of five to-be-built LNG carriers. The remaining 50% will be held by Nippon Yusen Kabushiki Kaisha (NYK), a leading Japanese shipping and logistics company.

The five 174,000 cbm vessels will be built by leading South Korean shipyards and equipped with state-of-the-art LNG fuelled propulsion technology, resulting in best-in-class environmental performance. The first ship is expected to become operational in April 2020. All five ships will fly the French flag. The vessels will be chartered to a large French and a large European utility under long-term contracts and will be project financed under a customary French lease structure.

Thomas Vieillescazes, Head of France, said: “This is an excellent opportunity for DIF CIF I to invest in high quality assets and grow DIF’s footprint into the expanding LNG sector alongside strong and experienced counterparties. We’re also very proud to participate in a strategic project for the further development of the French LNG sector”.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

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20 November 2019  |  Toronto

DIF Capital Partners closes the acquisition of 100% of energy platform BluEarth Renewables

DIF Capital Partners, through its most recent fund DIF Infrastructure V (“DIF V”), is pleased to have closed the acquisition of 100% of BluEarth Renewables LP (“BluEarth”) from Ontario Teachers’ Pension Plan (“OTPP”).

BluEarth is a leading, independent, power producer that develops, builds, owns and operates wind, hydro and solar facilities. Since its inception in 2010, BluEarth has developed and acquired 19 hydro, wind and solar projects across North America, representing 405 MW of gross capacity. In addition it has over 1,000 MW of projects under development. Headquartered in Calgary, Alberta, the company has been recognized as one of Alberta’s Top 75 Employers.

“We are very pleased to close this transaction,” said Paul Huebener, Partner and Head of DIF Americas. “BluEarth is an attractive investment that will provide attractive returns and stable cash flows to our investors. As we’ve been working together over the last several months, we also see strong growth potential ahead for BluEarth – particularly in the U.S. market.”

To support the company’s U.S. growth objectives, BluEarth recently established a commercial U.S. office located in Phoenix, Arizona.

DIF V was advised by Baker McKenzie, BMO Capital Markets, Agentis Capital, and KPMG. Financing is provided by BMO, Desjardins, and National Bank.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

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11 September 2019  |  Madrid

DIF Capital Partners agrees to sell portfolio of Spanish infrastructure concessions

DIF Infrastructure Fund III (“DIF III”), alongside its co-investors Swiss Life Asset Managers and Industriens Pension, is pleased to announce the signing of an agreement for the sale of its stakes in a portfolio of Spanish availability-based infrastructure concessions to Brookfield Super-Core Infrastructure Partners, an open-ended infrastructure fund managed by Brookfield Asset Management.

The portfolio includes significant shareholdings in concessions of the Majadahonda hospital in Madrid; the Line 9 section IV metro stations in Barcelona; and three transport hubs in Madrid: Avenida de America, Plaza de Castilla and Principe Pio.

Andrew Freeman, Head of Exits, said: “This is our first major exit in the Spanish infrastructure concession market, and represents an attractive exit for DIF III and our co-investors. It is part of our strategy of proactively targeting the sale of assets from our mature funds which have been successfully optimized.”

DIF was advised by Santander (M&A), HSF (Legal), Arup (Technical) and KPMG (Tax & Accounting).

Closing of the transaction is subject to receipt of usual consents from project counterparties.

About DIF Capital Partners

DIF Capital Partners (“DIF”) is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in construction and operational infrastructure assets, that generate stable and predictable cash flows, located in Europe, Americas and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 130 professionals, based in nine offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

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9 September 2019  |  Santiago

DIF Capital Partners to acquire 50 MW wind farm in Uruguay

DIF Capital Partners (“DIF”), through its most recent fund DIF Infrastructure V, is pleased to announce the signing of an agreement with Enercon and eab New Energy from Germany for the 100% acquisition of the 50 MW Cerro Grande wind farm located in eastern Uruguay.

The project, comprising 22 turbines, has been operational since January 2018 and benefits from a 20-year power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be operated and maintained by Enercon and asset management services continue to be provided by SEG Heliotec.

Wim Blaasse, Managing Partner of DIF Capital Partners added: “We are pleased to achieve the milestone of making our first investment in South America, following the recent opening of our South American office in Santiago (Chile). The acquisition is the result of our strong relationship with Enercon. The long-term project agreements provide a high degree of predictability of future cash flows, making this an attractive investment for DIF’s investors.”

DIF has been advised by Voltiq (transaction), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV GL (technical), KPMG (tax), Mazars (model audit) and Aon (insurance). Enercon was advised by Ficus Capital.

Closing of the transaction is subject to receipt of usual consents from project counterparties and is expected to take place in the course of 2019.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in construction and operational infrastructure assets, that generate stable and predictable cash flows, located in Europe, North America, Australasia and South America through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 130 professionals, based in nine offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

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1 August 2019  |  Toronto

DIF Capital Partners acquires 203MW wind portfolio in the US

DIF Infrastructure Fund V (“DIF”) is pleased to announce financial close of the 100% acquisition of MIC Renewable Energy Holdings LLC’s indirect interest in two operating wind projects located in the United States with a gross capacity of 203MW.

Idaho Wind Partners (Idaho) and Brahms Wind (New Mexico) have been operational since 2011 and 2014, respectively. Both projects have long-term power purchase agreements with investment grade off-takers. The projects will be operated and managed by Longroad Energy Services under asset management and operations & maintenance agreements.

This investment fits well within DIF’s mandate to acquire infrastructure and renewable energy assets and adds to DIF’s existing portfolio of renewable energy assets in the United States.

Paul Huebener, Partner and DIF’s Head of Americas added: “We are pleased to add these established wind projects to our portfolio of long-term, contracted assets. We believe the projects will provide attractive returns and stable cash flows to our investors.”

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 125 professionals, based in nine offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Thijs Verburg, Director
Email: t.verburg@dif.eu

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1 July 2019  |  Schiphol

DIF, Aberdeen Standard Investments and Local Pensions Partnership to acquire Elenia Heat

DIF Infrastructure V (“DIF”), SL Capital Infrastructure II (“ASI”) and Local Pensions Partnership Investments (“LPPI”) are pleased to announce the signing of an agreement to acquire 100% of Elenia Lampö Oy (“Elenia Heat”) from Elenia Oy.

Elenia Heat is the 9th largest district heating company in Finland. The company owns and operates 16 district heating networks across Finland with a total network length of 499km, via which it operates in 10 municipalities and serves approximately 85,000 end-customers. Elenia Heat also owns a gas distribution business, selling gas via 6 distribution networks. In addition, the company holds a 50% stake in Oriveden Aluelämpö Oy, a small district heating network in Central Finland in the city of Orivesi.

The consortium was advised by Jefferies as sole financial adviser.

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America, South America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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4 June 2019  |  London

DIF acquires stake in Dublin Waste to Energy PPP project

DIF, through its most recent fund DIF Infrastructure V, is pleased to announce that it has closed the acquisition of a stake in the Dublin Waste to Energy PPP project (the “Project”). The Project is an operational waste to energy facility supported by a 45 year contract with Dublin City Council. DIF Infrastructure V acquired the stake from Macquarie’s Green Investment Group Limited (“GIG”), who remain a shareholder in the Project.

Located in Poolbeg, Dublin Port, the Project processes 600,000 tonnes of residual waste annually and generates electricity which is exported to Ireland’s national grid – sufficient to power 80,000 homes. The facility has been designed to provide highly efficient incineration and is classified as energy recovery in line with EU policy on waste. The Project is part of a wider Dublin regional waste management plan, which is aimed at reducing waste, maximizing recycling and generating energy from waste. The Project benefits from the Irish renewable energy feed-in tariff. The facility was constructed by Covanta who are also its long term operators.

Gijs Voskuyl, Partner at DIF, said “DIF is pleased to invest in the Dublin Waste to Energy Project, a well-managed and high-quality asset, which is expected to provide a stable return to our investors. As result of the investment, DIF further expands its footprint in the waste to energy sector, following the investment in Avertas Energy, an Australian waste to energy facility, alongside Macquarie in 2018. DIF is delighted to invest again in Ireland, partnering with GIG and Covanta, who are both very active and reputable investors in the waste sector”.

DIF was advised by Ashurst (Legal), PwC (Financial), Arup (Technical), SLR (Market) and Grant Thornton (Tax).   

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

One child carrying another
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16 May 2019  |  Toronto

DIF to acquire Canadian energy platform BluEarth Renewables

DIF Infrastructure V (“DIF V”) is pleased to announce the signing of an agreement to acquire 100% of the equity interest of BluEarth Renewables LP (“BluEarth”) from Ontario Teachers’ Pension Plan (“OTPP”).

BluEarth is a leading, independent, power producer that develops, builds, owns and operates wind, hydro and solar facilities. Since its inception in 2010, BluEarth has developed and acquired 19 hydro, wind and solar projects across North America, representing 405 MW of gross capacity. Headquartered in Calgary, Alberta, the company has been recognized as one of Alberta’s Top 75 Employers.

This investment fits well within DIF V’s mandate to acquire infrastructure and renewable energy assets. Paul Huebener, Partner and DIF’s Head of Americas added: “We are excited to support BluEarth in its next phase of growth. The BluEarth team and its portfolio of stable renewable energy projects are a key addition in DIF’s continued expansion in North America.”

The transaction is subject to receipt of usual and customary regulatory approvals and consents for transactions of this nature. Closing is expected to take place in the course of 2019.

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.