The London Pension Collective Investment Vehicle’s (CIV) is understood to have chosen US-based adviser Stepstone as the fund manager for its planned GBP 2bn infrastructure vehicle.  London CIV, an investment vehicle for Greater London’s 33 local government pension schemes, is believed to have appointed Stepstone as the underlying fund manager for

PV Operations Europe will host hundreds of PV Asset Owners and investors to discuss maximising the profitability of their plants and optimising power output on 27-28th February in Munich.

Former OTPP Infrastructure head Andrew Claerhout is looking to raise a USD 1bn mid-market infrastructure fund, focussing on North American core plus and value add opportunities, Inframation has learned.    The 12-year close ended fund will average USD 75m to USD 125m per investment and concentrate largely on brownfield investments with the opportunity

DC Advisory has recruited its first renewables and port specialists, as the infrastructure M&A and debt advisory firm becomes a truly full-service offering, Inframation has learnt.   The London-based firm, a subsidiary of Japanese investment bank Daiwa Securities Group, has hired renewables specialist Philippe Sciorella from Greentech Capital Advisors,

Orsted has closed the sale and stapled debt financing of a 50% stake in the 1.2GW Hornsea 1 project, the largest offshore wind project in the world. The Danish wind giant has sold the shares in the UK North Sea project to Global Infrastructure Partners and has put in place a record-breaking GBP 3.5bn staple financing package to support the GBP 4.46bn

Colombia´s National Infrastructure Agency (ANI) is planning to launch a new auction for the Malla Vial del Valle del Cauca Zona Pacífica road project, said Transportation Minister Ángela María Orozco at a press conference at the XV National Infrastructure Congress in Cartagena on 22 November. ANI is working on the structure the project, but has

A consortium, comprised of China State Construction Engineering Corporation (CSCEC), France’s SUEZ Water and other Chinese firms, has won a key river water treatment PPP in central China. The procuring authority - Wuhan Water Resources Bureau - selected the winning bidder to DBFOM the RMB 4.77bn (USD 688m) Phase II of Huangxiao River, Jichang River

CK Infrastructure (CKI) is considering a proposal that will see the company and its affiliates sell minority interest in some of their European infrastructure assets to a new investment group planned to be listed on the London Stock Exchange.  The new investment company is intended to provide investors in the London market with opportunities to invest

Teasers for Macquarie’s sale of its 36% stake in Brussels Airport were released last week, with the seller and potential buyers alike expecting a competitive auction.  Canadian pension plan OMERS, APG Asset Management, Allianz and PGGM are understood to be interested in bidding, while Singapore’s sovereign wealth fund GIC is believed to be

The race for Curtin University's Stage One expansion is in the final lap, with InfraRed Capital Partnersthe favourite to take out the AUD 200-300m (USD 146m - 219m) university expansion project, Inframation understands. The UK-headquartered infrastructure fund is currently in negotiations with project advisors, which includes financial advisors Paxon

InfraRed hired Scotiabank to sell its majority stake in the Iqaluit International Airport Improvement P3 Project, Inframation has learned. This divestiture will be conducted as a two-stage auction process. Teasers were distributed earlier this month.  The CAD 296m (USD 286m) Iqaluit International Airport project reached financial close in September

South Australian Treasurer, Rob Lucas, said it is possible a new Women’s and Children’s hospital could be offered as a PPP, but has stressed there is a lot of “reputational damage” to overcome. A working party is looking at options for locations and procurement of the new hospital to replace the existing facility in Adelaide, he said. The working

. Leveto, who was most recently head of strategic opportunities within Deutsche’s credit structuring group, could not be reached.  A spokesman for Deutsche declined comment.  Leveto joined Deutsche in 2015 from Goldman Sachs, where he was latterly v.p. in the hard asset trading group.  He was subsequently named co-head of the transportation, infrastructure

Portuguese developer Mota Engil has become the first developer to launch its own MXN 3bn (USD 150m) 50-year CERPI investment fund in Mexico, according to sources familiar.  The European company, which has extensive Latin American operations, disbursed MXN 600m from AFOREs (Mexican pension funds) and institutional investors in the initial issuance of

CGN Capital Partners Fund III has hired Cantor Fitzgerald as its global financial advisor for the sale of its renewables asset, Inframation understands. The New York-headquartered financial services firm is expected to advise the manager and outlineproposals on the processes for carrying out the asset sale, as the RMB 3.69bn (USD 556.3) China renewables

Argentinian sovereign debt was downgraded by Standard and Poor’s to B from B+, due to the growth expectations, the inflation and the debt profile after the austerity plan the government is embracing, the rating agency said on a press release. The outlook of the rating is stable. “The stable outlook reflects our expectation that the government

Abengoa announced that it reached an agreement to transfer the Peruvian ATN3 transmission lines to its joint venture company with Algonquin, AAGES, according to its 3Q18 earnings call on 13 November.  Abengoa CEO Víctor Pastor said that the agreement with AAGES will close in early 2019 and that the company has also agreed to sell its remaining 16.5%

A Chinese consortium proposed to build and finance the fourth metro line of Kiev, estimated to cost about USD 2.7bn. The China Pacific Construction Group (CPCG) and China Railway International have completed the feasibility study and investment cost estimate of the Kiev Metro Line 4 project in the capital of Ukraine, according to a company statement Monday

New South Wales is seeking to fast track four electricity network projects to allow more investment in renewable energy projects. In a strategy paper released by NSW Minister for Energy, Don Harwin, on Monday (12 November) the state said it would try to lop up to nine months off upgrades to two interconnectors – one from NSW to Queensland and another

  Binding bids were due 6 November in the auction of Trans Bay Cable, a 53-mile, 400MW submarine high-voltage direct current (HVDC) transmission line that delivers electricity to San Francisco, sister publication SparkSpread reported.  RBC Capital Markets is advising SteelRiver Infrastructure Partners on the sale process of the transmission

John Laing Capital Management has hired Joe Hardy, formerly with Temporis Capital, in the new position of head of wind asset management. Hardy (Head of wind asset management) joined John Laing in London this month following seven years at Temporis, another U.K.-based asset manager that specializes in renewable energy investments. As head of

Kathryn Roos has been appointed as the interim director of the Washington, DC, Office of Public-Private Partnerships (OP3), according to an 8 November announcement by Mayor Muriel Bowser. Roos will replace the long-standing OP3 Director Seth Miller Gabriel.  When asked whether or not Miller Gabriel would continue to have a role in the government, a

Corsair Capital is no longer pursuing the sale of its 30% stake in Kelda Water after some 18 months of negotiations, as it also struggles to sell its three other assets within its Gateway Infrastructure Fund, Inframation has learnt. The New York-based manager founded by Citigroup has been running a joint process with DWS to sell their combined majority

Lendlease has started a "comprehensive review" of its engineering and services infrastructure business after it announced an AUD 350m (USD 253m) after-tax provision on Friday (9 November), due to further delays and errors in its projects. CEO Stephen McCann said "all options are on the table", adding that he would not rule out a sale of the business. The

PowerChina has agreed to team up with Turkish conglomerate Polat Holding to develop a 750MW solar park in Hungary. The state-owned power giant, also known as Sinohydro, signed an MOU to contribute its design, technical, financing and operation expertise to the planned solar PV plant, according to its Tuesday (6 November) statement. “The deal

Hochtief has identified a EUR 210bn (USD 240bn) PPP project pipeline, the German construction firm’s executives said in the 3Q18 earnings call held 7 November. In the US, Hochtief noted a “slow but steady rise” in the US P3 market and said the company is optimistic for 2019, pointing to Texas, Georgia and Alabama as states with significant activity, according

Japan’s Green Power Investment is seeking project financing to develop a 100MW offshore wind farm in Hokkaido, a company official told Inframation. Worth around JPY 70bn (USD 618m), the offshore wind project involves building a wind farm at Ishikari Bay New Port on the country’s northernmost island from 2020.    Green Power, majority owned

Shanghai Electric Group subsidiary SE Energy Investment has joined UK-based independent power producer Hive Energy as an equity partner for a 58MWp Cuban solar project, according to Hive Energy’s announcement. The developer did not disclose the ownership split of the project SPV. Construction on the solar project is expected to begin late this

The Portuguese government has stopped honouring availability payments owed to the concessionaires of numerous motorway PPPs worth several billion euros, sparking the threat of litigation as debt and equity investors feel the impact of the fall-out, Inframation understands. The granting authority, Infraestruturas de Portugal (IP), has halted paying the

AECOM is planning to reduce the scope of its infrastructure investment business function within AECOM Capital and is stepping back from P3 bidding, Inframation has learned.  Several market sources confirmed the rumors, which started circulating last week. The decision was understood to be made in the middle of October.  AECOM has made no mention

Arjun Infrastructure Partners has become the latest infrastructure investor to target utility connections for new developments, agreeing to acquire Indigo Pipelines from Scottish Equity Partners (SEP).  Arjun, which is not raising debt for the takeover, is paying just over 20 times Indigo’s GBP 9m EBITDA for the year to March 2018, it is understood. Arjun’s

Transurban has raised CAD 650m (USD 495.64m) on the Canadian bond market to provide a “balance sheet hedge” against its investment in Montreal's A25 toll road. The senior secured deal was priced on 5 November and settlement is expected on 13 November, according to a securities exchange statement. A spokesperson for Transurban confirmed that the

Property Exchange Australia (PEXA) looks set to fall into the hands of existing shareholders Link Group, Commonwealth Bank (CBA) plus Morgan Stanley Infrastructure (MSI), after a AUD 1.6bn bid (USD 1.15bn) lodged in early October. The bid has “been accepted by shareholdings representing greater than 50% of PEXA’s issued capital”, Link Group,

Apollo Global Management is planning to launch a new infrastructure equity investment platform following its USD 1bn acquisition of energy assets from GE Capital, Co-founder and Senior Managing Director Josh Harris said during the firm’s 3Q18 earnings call. “We are excited by the unique opportunity to extend our distinct infrastructure capabilities

The special purpose vehicle (SPV) behind the USD 1.1bn Uruguay Central Train is evaluating lenders’ proposals to fund construction of the project, three sources briefed said. Sacyr sent a request for proposals by mid-October for debt of approximately USD 850m split into tranches denominated in local currency and US Dollar, with a USD 490m portion

South Australia’s schools PPP project has garnered a high level of interest amid a lull in public private partnership tenders. Several bidder sources have identified around five and six groups that lodged expressions of interest (EOI) for the South Australian Schools PPP Project by the 12 October deadline. These are understood to include Macquarie

Four to five teams have returned qualifications for the Regional Express Rail (RER) package 3 project, Inframation has learned. Three out of the four teams which submitted proposals will be shortlisted said a source familiar with the procurement. The evaluation could take two months as there is a lot of material to go through, the source added. The

Irish-investment bank Rubicon Infrastructure Advisors has hired two new executives to work in its first Latin American office in Bogotá, Colombia, according to a 23 October company press release. Rubicon has hired Patria Investimentos’ Colombian head Andrés O’Byrne as managing director and Juan José Montoya, who until recently was executive director

Another fairly modest water asset is on the block in Australia with Jemena’s AquaNet about to go to market. Flagstaff is on the ticket as advisors to sell the niche water recycling business thought to be worth between AUD 50m-100m (USD 35m-70.6m), Inframation understands. This valuation is based on company earnings (EBITDA) of circa AUD 6m (USD

President Donald Trump signed America’s Water Infrastructure Act (S.3021) into law on 23 October. The bill authorizes harbor, waterway, flood protection and other water infrastructure projects, and reauthorizes the WIFIA loan program. The Senate passed the bill by a 99-1 vote on 10 October. The House of Representatives approved the bill unanimously

HNA Infrastructure, a key unit of acquisitive Chinese conglomerate HNA, has pulled its focus back to aviation-related projects in Hainan province. The company on Friday (October 19) agreed to sell a Shenzhen-based construction firm to Tianji Wealth Management for RMB 1.385bn (USD 199m). This follows a move by its unit HNA Airport Group earlier this

Canada Pension Plan Investment Board (CPPIB) has declined to comment a UK broadcaster report that it is in talks to buy a stake in Gatwick Airport.  The report said the Canadian pension fund is part of a group of investors proposing to buy GIP’s 42% stake in Gatwick in a deal that could value it at more than GBP 3bn. In August Inframation reported

Chilean firm Trends Industrial is in talks with international companies interested in investing in its USD 500m solar-powered desalination project, CEO Rodrigo Silva told Inframation. The company is seeking partners to form a special purpose vehicle (SPV), which would be controlled by Trends and other equity investors, Silva said. The project SPV is named

Debt-ridden Infrastructure Leasing & Finance Services (IL&FS) has appointed advisors to assist in its asset sale program. The seven-member board of IL&FS, appointed by the federal government earlier this month, has selected Arpwood Capital Pvt and JM Financial Consultants Pvt as financial and transaction advisors to the IL&FS Group, the company said in

Executives at Swedish construction company Skanska have said the company will stop bidding for large construction P3s in the US after experiencing cost overruns on two projects. The executives said on a Thursday (18 October) earnings call that Skanska made project write downs of SEK 0.9bn (USD 100m) related to two US P3s that have come across delays

Chinese and Spanish investors have signed an exclusive development agreement with the government of Democratic Republic of Congo to develop a USD 14bn hydropower project in the African country. The China Inga III and Pro Inga of Spain consortia, respectively led by China Three Gorges and Spain’s ACS Group, will form a single consortium and update feasibility

Transurban chief executive Scott Charlton has said that the high prices recently paid for infrastructure assets have not indicated the kind of over leveraging which occurred before the financial crisis. Transurban is famed for building its business partially on savvy purchases of distressed toll roads that were often built based on overoptimistic traffic

UK infrastructure investor John Laing has provisionally agreed to purchase the 128 MW (dc) Cunderdin solar project in Western Australia from Sun Brilliance, Inframation sister title SparkSpread has learned. KPMG is advising on the equity sale and also a debt raising. Any John Laing purchase would be conditional on Cunderdin securing a power purchase

Risen Energy is eyeing a 2GW global renewable project pipeline by the end of 2019 as part of the Chinese solar developer’s overseas investment push. It is also mulling investments in energy storage projects and other renewables, targeting Australia and countries along the Belt and Road, a spokesperson told Inframation. “We are looking at the

The Western Santiago Metropolitan Hospital (former Felix Bulnes), is assessing information regarding the potential impact from the situation at Astaldi, its parent company, the SPV said in a market release. The Astaldi-controlled SPV said in the filing that the company is up to date with its current obligations and that it expects to finish the construction

Zuma Energía engaged Bank of America Merrill Lynch (BAML) to sell the Mexican energy company, Inframation understands. British fund manager Actis and Costa Rica-based Mesoamerica currently own Zuma in a 70:30 equity split. The partners launched a sale process in July and received an unspecified number of non-binding bids last week, according to two

Macquarie Infrastructure Partners (MIP) has chosen Evercore as an advisor on the sale of its North American port assets, said three sources briefed on the situation. The process is still at an early stage, the sources added. The assets comprise Penn Terminals in the US, and Fraser Surrey Docks and Halterm Ltd in Canada. They were owned by MIP I and

Global Infrastructure Partners (GIP) is close to an agreement to sell its 42% stake in London’s Gatwick Airport, sources said.  The New York-headquartered infrastructure investor has been in advanced talks over the sale of its stake in the airport and could announce an agreement on the sale in coming weeks, two sources following the process said. A

In an attempt to address a hegemony of funds in the North American P3 market, Infrastructure Ontario has taken a progressive new approach to procurement. Abigail Miller and Jon Berke analyze the barriers to entry that have caused this hegemony and look at how IO plans to change it.  The public-private partnership (P3) market in the United States and

JP Morgan Asset Management (JPMAM) is understood to have signed-up three new European investors to its global infrastructure fund, as the net asset value of the fund’s investments exceeds EUR 8bn. The New-York headquartered asset manager, which has been fundraising for its open-ended fund since 2007, is understood to have raised commitments for

Indicative bids for Brookfield Infrastructure's majority-owned Flow Systems are due late next week, Inframation understands.   A source who has seen the IM told Inframation the sale timeline for the multi-utility water services provider is opaque, with no indication if there will be a final bid round. As reported, shareholders are hoping to hit

I Squared Capital-backed Cube Highways is in talks with Hindustan Construction Company Ltd (HCC) to acquire one more road project from the developer, Inframation has learnt. HCC is close to acquiring a 100% stake in Baharampore-Farakka Highways Ltd (BFHL), a source said. Last month, HCC signed a definitive agreement with Cube to sell 100% of Farakka-Raiganj

Infracapital transaction director has resigned from his role at the infrastructure investor to join KKR’s European infrastructure team, it is understood. Signori joined London-based Infracapital in 2012, having previously been global co-head of utilities and infrastructure in the M&A team at Commerzbank.   At Infracapital, his roles included

The AUD 646m (USD 455.8m) refinancing of Peninsula Link PPP has been signed off, with a mixture of Asian and Australian debt lining up for one of the bigger refi deals of 2018. As previously reported the new debt structure involves two tranches, including a 10-year tranche, marking a doubling of the existing tenor facility, advisors Plenary confirmed

IFM Global Infrastructure Fund and commodity trader Trafigura agreed to invest in certain assets owned by Trafigura’s Impala Terminals unit, according to an 8 October press release. Trafigura enaged Citi earlier this summer to sell a 50% stake in Impala’s Latin American operations. Not all of the assets are included in this current announcement.