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20 November 2023  |  Sydney

DIF Capital Partners achieves full tenor refinancing on Bay Village -Karratha Accommodation Project

DIF Capital Partners (via its DIF V fund) is pleased to announce that it has successfully refinanced the Bay Village – Karratha Accommodation Facility, securing full tenor financing for the remainder of the availability based ~12-year concession, eliminating refinancing risk and providing future certainty for global energy company Woodside.

The value accretive refinancing delivers outperformance to investors and consists of a full tenor, low-cost, fully hedged senior debt facility from lead underwriter MUFG, leveraging DIF’s strong local relationship and taking advantage of the asset’s robust operational performance.

Bay Village, located in Karratha, Western Australia, comprises a 604-bed fly-in-fly-out (FIFO) facility purpose-built to accommodate employees and contractors engaged in Woodside’s North-West Shelf and Pluto energy projects. The facility offers a range of amenities, including a gym, outdoor swimming pool, recreational spaces, dining areas, multi-use sports courts, extensive food offerings, and social initiatives to promote the health, wellbeing and comfort of its residents.

Bay Village plays a pivotal role in supporting and bolstering Woodside’s energy projects in Australia, aligning with the global energy transition, and supporting neighbouring nations in emission reduction efforts.

The successful refinancing underscores DIF’s value creation capability, ability to secure competitive financing for critical infrastructure projects and track record of providing substantial value to our investors.

DIF Capital Partners was advised by Tetris Capital, Corrs Chambers Westgarth and Advisian. MUFG was advised by Allens.

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital infrastructure, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu or follow us on LinkedIn.

Press contact: press@dif.eu

Bay Village - Karratha Accommodation
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5 September 2022  |  Sydney

DIF Capital Partners to acquire Rail First, Australia’s leading rail freight leasing company

DIF Capital Partners (“DIF”), through its DIF Core-plus Infrastructure Fund III (“CIF III”), and Amber Infrastructure Group are pleased to announce they have signed an agreement to jointly acquire Rail First (the “Company”), the leading Australian rail freight leasing company, on a 50-50 basis, from Anchorage Capital Partners.

Rail First offers leasing solutions for rolling stock such as locomotives, as well as intermodal and hopper wagons. The Company’s leasing offering is supported by a growing locomotive and wagon maintenance operation. Rail First has a blue-chip customer base, reflecting a meaningful proportion of Australia’s haulage task, with a well-diversified underling product mix. Typical leases are for 3-5 years, aligning with the underlying haulage contracts. The strength of the Company’s resilient business model was demonstrated during COVID-19, when major intermodal volumes remained steady. Rail First has strong barriers to entry and is expected to benefit from several long-term tailwinds, including the Inland Rail project between Melbourne and Brisbane once operational. Rail First will drive the transition towards lower emission intensity transport offerings, with a proven ESG track record and several long-term initiatives in place.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, said “DIF is delighted to invest in Rail First, as it provides unique access to Australia’s attractive rail leasing market. The Company is well positioned to partner and grow with its customers. We look forward working together with the Company’s experienced management team to offer more environmentally friendly leasing solutions to the Australian rail market.”

Mark Kirkpatrick, CEO of Rail First, added: “We are excited to partner with DIF, given their successful track record of rail and infrastructure investments, globally and in Australia. Their prior experience combined with significant capital commitment to fund our continued growth places Rail First in a strong position to grow alongside our customers.”

The transaction is subject to approval by Australia’s Foreign Investment Review Board. The transaction is expected to close by end-October 2022.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

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

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28 October 2021  |  Sydney

DIF Capital Partners consortium reaches financial close on A$11.1 billion Australian North East Link PPP

DIF Capital Partners (“DIF”) is pleased to announce that the SPARK consortium comprising DIF Infrastructure VI (“DIF VI”), Capella Capital, John Laing, Pacific Partnerships, CPB Contractors, GS Engineering & Construction, WeBuild, China Construction Oceania and Ventia has reached financial close on the landmark North East Link project in Melbourne, Australia.

North East Link will be the largest transport project in Victoria’s history and the largest PPP project in Australia, with a total cost of A$11.1 billion. DIF VI will own a 20% stake in the Primary Package PPP, which has an unprecedented long-term financing structure in place with top tier local and international financiers.

North East Link (click here for video) will be Victoria’s longest twin road tunnel, with three lanes and ca. 6.5 kilometres in length, finally closing the missing link in Melbourne’s freeway network. Up to 135,000 vehicles will use North East Link every day, reducing congestion in the north-east, and giving back local roads to local communities. North East Link will slash travel times by up to 35 minutes, take 15,000 trucks of local roads each day, and create more than 10,000 local jobs.

The project will be delivered by a design & construction joint venture consisting of WeBuild, CPB Contractors, GS Engineering and China Construction Oceania. Operations and maintenance will be undertaken by Ventia.

Gijs Voskuyl, Partner and Head of Investments for DIF VI added: “DIF is excited to work with the North East Link Project Authority and alongside our leading Spark consortium members to deliver this critical missing link in Melbourne’s road network. The North East Link project will not only create thousands of local community jobs, it will also reduce congestion and remove significant freight transport from the existing suburban roads, and thereby significantly improving the liveability of the surrounding communities.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in 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:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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15 January 2020  |  Sydney

DIF Capital Partners to invest in South Australian Schools PPP

DIF Capital Partners (“DIF”) is pleased to announce that the TESA Education consortium, comprising DIF Infrastructure V, Tetris Capital, Sarah Construction and ISS Facility Services, has reached financial close on the South Australian PPP Schools (“SA Schools”) project in Adelaide, Australia.

The SA Schools project involves the design, build, finance and maintenance of two new schools located ~40km north and south of Adelaide, respectively. Both schools will accommodate 1,500 students and will cater for an additional 100 students with learning difficulties. The schools will include community hubs, performing arts centres, gyms, sporting facilities, libraries and entrepreneurial hubs.

The availability-based project with the AA+ rated South Australian Department of Treasury and Finance has a tenor of 30 years, including a 28-year operational period.

Design and construction works will be undertaken by Sarah Construction and the facilities will be maintained by ISS Facility Services. Both schools are expected to open before the start of the 2022 academic year.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to invest in this new schools project, which will provide modern educational facilities in fast-growing regions of the South Australian community and thereby contribute to the socioeconomic development of the region.”

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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1 July 2019  |  Sydney

DIF consortium reaches financial close on Australian Cross River Rail PPP

DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has reached financial close on the Tunnel, Stations & Development PPP package of the Cross River Rail project in Brisbane, Australia.

Cross River Rail is South East Queensland’s largest infrastructure project, with the consortium delivering the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, including twin 5.9km tunnels under the Brisbane River and central business district. The availability-based PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International, Ghella and UGL. In addition, UGL will be responsible for maintenance services. Construction is expected to commence later this year.

The State Government is providing a A$5.4 billion capital contribution for the construction of the project.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to work with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network and unlock critical capacity on Brisbane’s constrained rail network, improving passenger comfort and service reliability.”

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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12 June 2019  |  Sydney

DIF to build Australian workers accommodation facility

DIF is pleased to announce that, together with its consortium partners, it has reached financial close on the Bay Village workers accommodation facility which will support the North West Shelf and Pluto LNG projects in Karratha, Western Australia.

The 15-year agreement includes the design, build, finance, operations and maintenance of a new 604-bed workers accommodation facility. Construction on the Bay Village facility will commence imminently, with operations expected to commence in mid-2020.

DIF Infrastructure V will be the 100% owner of the project, whilst design and construction works will be undertaken by Multiplex, and operations and maintenance services will be undertaken by Compass Group. The counterparties to the agreement are the North West Shelf and Pluto LNG projects, which are operated by Woodside, one of Australia’s largest natural gas producers.

BFIN (financial) and Corrs Chambers Westgarth (legal) advised the consortium. Financing was provided by Commonwealth Bank of Australia.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to be working with the North West Shelf and Pluto LNG projects to support their ongoing operations and growth plans. We are pleased to be involved with these Woodside-led projects, with LNG being an important solution to achieving a lower emissions future.”

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.

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12 April 2019  |  Sydney

DIF consortium selected as preferred bidder for Australian Cross River Rail PPP

DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has been selected as preferred bidder on the Tunnel, Stations & Development PPP package of the AUD 5.4 billion Cross River Rail project in Brisbane, Australia.

The availability based public private partnership contract with the Cross River Rail Delivery Authority includes the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, which includes twin 5.9km tunnels under the Brisbane River and central business district. The PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International and Ghella. UGL will be responsible for mechanical and electrical works, as well as the maintenance services.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to be working with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network.”

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
Email: a.ruijs@dif.eu

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15 February 2019  |  Sydney

DIF, CIMIC Group and CAF consortium reaches financial close on Regional Rail PPP

DIF is pleased to announce that the Momentum Trains consortium, comprising DIF Infrastructure V, CIMIC Group companies Pacific Partnerships, UGL and CPB Contractors, and Construcciones y Auxiliar de Ferrocarriles (CAF), has reached financial close on the Regional Rail design, build, finance and maintain project in New South Wales (NSW), Australia.

The availability based contract with Transport for NSW includes delivery of a new regional rail fleet, along with a purpose built maintenance facility in Dubbo, New South Wales. The fleet will enter service progressively from 2023 and will deliver a new standard in reliability, safety and comfort for regional and interstate travellers.

Rolling stock manufacturer CAF, will be responsible for building 117 new rail cars which are based on its successful Civity platform. CAF, together with CPB Contractors, will develop the maintenance facility and UGL will be responsible for maintaining the fleet and maintenance facility for the initial 15-year concession.

Wim Blaasse, Managing Partner of DIF, says: “DIF is excited to invest in this significant rolling stock project which will deliver a high quality rail experience for interstate and regional travellers and commuters. This project is the result of our strong relationship with CIMIC Group and CAF.”

Marko Kremer, Partner and DIF’s Head of Australasia, adds: “DIF is delighted to be working in partnership with Transport for NSW on this major rolling stock project and contributing to the economic development of regional NSW. This new rolling stock fleet will deliver improved comfort and reliability, and make long distance travel on the east coast of Australia safer, faster and more convenient.”

The Momentum Trains consortium was advised by MUFG (financial) and Herbert Smith Freehills (legal).

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 115 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
Email: a.ruijs@dif.eu

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29 January 2019  |  Sydney

DIF acquires Warradarge Wind Farm in Australia

DIF is pleased to announce the acquisition of the 180MW Warradarge Wind Farm, the third and largest asset to be acquired by the renewable energy investment vehicle ‘Bright Energy Investments’ which is a joint venture between DIF Infrastructure V, CBUS and Synergy.

The Warradarge Wind Farm is a greenfield project located near Eneabba in Western Australia and is recognised as one of the best renewable energy projects in Australia due to its location and abundant wind resource. The total output will have a circa 50% capacity factor, the equivalent to the average annual electricity needs of 135,000 Western Australian homes.

Vestas has been awarded the engineering, procurement and construction contract as well as the operations and maintenance contract with a yield-based availability guarantee. Construction is expected to commence in early 2019, creating up to 200 local jobs and first power is expected to be generated in 2020. Its 51 turbines will be among the largest in Western Australia with a tip height of 152 metres, sporting some of the longest blades onshore at 66 metres. Synergy, an electricity generator and retailer that is owned by the Western Australian Government, will purchase all electricity and renewable certificates from the project, assisting Synergy and Western Australia to meet its 2020 Large-scale Renewable Energy Target obligations.

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 and add to DIF’s existing portfolio of Australian renewable energy assets.

Marko Kremer, DIF’s Head of Australasia added: “DIF is delighted that it played a leading role in this significant project for Western Australia and excited to make a large contribution to 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.””

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 110 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
Email: a.ruijs@dif.eu

 

Wind turbines on sky background
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17 October 2018  |  Sydney

DIF invests in Australian waste-to-energy facility

DIF is pleased to announce that a consortium comprising DIF, Macquarie Capital and Phoenix Energy Australia has achieved financial close on a greenfield waste-to-energy facility in Kwinana, near Perth, Australia. DIF has acquired a 60% shareholding in the project through two of its funds: DIF Infrastructure IV and DIF Infrastructure V.

Once operational the facility will divert up to 400,000 metrics tons of household, commercial, and industrial waste from landfills each year, representing a quarter of Perth’s post-recycling rubbish. The facility will benefit from long term municipal waste supply agreements with Rivers Regional Council and the City of Kwinana, two regional councils located in the Perth region.

At the facility the waste will undergo thermal treatment, whereby the recovered energy is converted into steam to produce electricity. Metallic materials will be recovered and recycled, while other by-products of the process will be reused as construction materials. At full capacity, the facility will reduce carbon dioxide emissions by more than 200,000 metric tons per year, the equivalent of taking 43,000 cars off the road.

Acciona, a global leader in waste-to-energy facilities, will design and construct the facility. The facility will use Keppel-Seghers moving grate technology, a proven technology which is used in over 100 waste-to-energy facilities across the globe. During the construction phase, more than 800 jobs will be created including apprenticeships and a range of sub-contracting and supply opportunities for local businesses. Construction will commence this month, while start of operations is planned for the end of 2021.

Once operational Veolia, which operates over 60 waste-to-energy plants across the globe, will operate and maintain the facility under a 25-year agreement. During the operational phase approximately 60 full-time positions will be created.

Managing Director of DIF Australia, Marko Kremer, added: “DIF is excited to invest in this landmark waste-to-energy facility in Australia and looks forward to continuing its contribution to the sector going forward. European countries have long embraced the conversion of waste into energy, which has proven to deliver multiple benefits in terms of managing waste and contributing to a sustainable and secure energy supply.”

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 over 100 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please see www.dif.eu or further information on DIF.

For further information on the project please contact:

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

One child carrying another
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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