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  • Latin America: BlackRock places third Mexican infrastructure fund
    18-September-2018

    US-private equity investor BlackRock has placed up to USD 500m in 15-year Project Investment Certificates (CERPIs) on the Mexican Stock Exchange (BMV), according to public filings.  While BlackRock’s previous two Mexican funds were Capital Development Certificates (CKDs) and thus restricted to investing exclusively inside Mexico, the CERPI vehicle

  • North America: Munich Re transfers trio for Americas infra push
    17-September-2018

    The asset management arm of Munich Re transferred three employees to New York to lead a push into infrastructure debt and equity investing in the Americas, according to sister publication SparkSpread. The unit, MEAG Munich ERGO Asset Management (MEAG), is transferring the employees to its US division MR Infrastructure Inc. They are Rudi Stuetzle, senior

  • EMEA: Loomes departs InfraRed after one year
    17-September-2018

    Investment manager InfraRed Capital Partners on Monday (17 September) announced the departure of Ben Loomes as head of infrastructure just over a year after he was appointed.  Ben Loomes will be replaced by InfraRed managing partner James Hall-Smith and director Harry Seekings, who will be co-heads of infrastructure. InfraRed invests in infrastructure

  • Aus & NZ: IFM launches USD 3.5bn Melbourne Airport rail bid
    16-September-2018

    IFM Investors has pledged AUD 5bn (USD 3.5bn) in a market led proposal (MLP) to build the Melbourne Airport rail link from Southern Cross Station in the city. The fund manager is leading a consortium called AirRail Melbourne that said on Sunday (16 September) it will begin construction on the new 27km rail line by 2020, two years earlier than currently

  • Aus & NZ: Procurement starts for Melbourne Airport rail
    12-September-2018

    Victoria has called for registrations of interest from private investors along with rail construction firms to help finance the AUD 10bn (USD 7bn) Melbourne Airport rail line. Premier Daniel Andrews and Minister for Public Transport Jacinta Allan on Wednesday (12 September) launched the “global” registrations of interest process, calling for sponsors,

  • EMEA: In-depth: UK rail sector signals to investors
    12-September-2018

    A pipeline of privately financed rail projects in the UK may be coming down the tracks, starting with the first rail PF2. But doubts around a multi-stage procurement and contractor appetite are growing, as René Lavanchy reports In today’s infrastructure investment market, the appearance of a genuinely new core infrastructure pipeline in a mature

  • APAC: Three bidders in frame for Hokkaido airports concession
    12-September-2018

    Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) has shortlisted three groups for seven airport concessions on Hokkaido island, it said on Wednesday (12 September). In its announcement, MLIT said it had accepted three of the four first round bids submitted last month, but declined to provide further details. A local financial

  • APAC: Italian developer seeks investors for Vietnam solar pipeline

    Italian developer Limes Renewable Energy is seeking financial partners for a portfolio of solar projects in Vietnam as it extends its footprint into Southeast Asia, Inframation has learned.  The Milan-based company has identified multiple sites for ground solar PV plants with a designed capacity of 30-110MW each, a source said. It now has access to

  • Latin America: ATCO acquires minority stake in Latin American terminal business
    12-September-2018

    Canadian energy conglomerate ATCO has completed the acquisition of a 40% stake in Ultramar’s Neltume Ports for approximately CAD 450m (USD 342.61m) it announced in a 12 September press release. Neltume operates a network of 16 Latin American port terminals and three stevedoring businesses in Argentina, Brazil, Chile and Uruguay, with most of the ports

  • EMEA: JLEN targets share placing amid expansion
    12-September-2018

    UK infrastructure fund John Laing Environmental Assets Group (JLEN) is targeting a GBP 50m equity raise through the placing of new shares on the London Stock Exchange on Wednesday (12 September). The listed fund has announced the new shares are priced at GBP 1.02 each, with an option to increase the size of the issue if it is oversubscribed. This price

  • North America: Utah DOT seeks advisor for possible transit P3
    11-September-2018

    The Utah Department of Transportation (UDOT) has issued an RFQ for an advisor to provide preconstruction engineering services on a transit project that could move forward as a P3.   Responses are due on 27 September. The advisor will advise on the Zion area transit from St. George to Springdale project. UDOT is looking at instituting a transit

  • North America: Fortress launches USD 300m bond deal
    11-September-2018

    Fortress Transportation and Infrastructure Investors (FTAI) launched a USD 300m senior secured bond deal on a call earlier today, Inframation has learned. The notes are registered as 144a for life and are due in 2025. Proceeds would be used to repay USD 125m of borrowings under its revolver and for general corporate purposes. Barclays, JP Morgan

  • North America: TIAA-CREF execs near infra fund launch
    10-September-2018

    Former executives of TIAA-CREF’s infrastructure investment team are poised to launch their own infrastructure fund Upper Bay Infrastructure Partners (UBIP) in the fourth quarter or early next year, Inframation has learned. The mid-market fund has a target between USD 1.25bn and USD 1.5bn. It will be led by Marietta Moshiashvili, former managing director

  • Aus & NZ: NSW extends build-to-rent EOI call
    10-September-2018

    New South Wales has given a three-week extension for expressions of interest in its latest social housing development pitched at long-term investors. On 1 August the New South Wales government set 25 September as the deadline for its Communities Plus build-to-rent project in Sydney, but on Monday (10 September) extended this to 16 October. The

  • EMEA: Lenders emerge for French events centre PPP
    10-September-2018

    Eiffage Concessions has selected two banks to finance its recently awarded Reims Events Centre PPP, financial close of which is due in weeks, it is understood. The two lenders, Deutsche Pfandbriefbank (PBB) and La Banque Postale, are expected to each provide half of a circa EUR 66m long term debt package. The two banks are increasingly supporting

  • North America: Michigan selects preferred proponent for I-75 Modernization P3
    07-September-2018

    The Michigan Department of Transportation (MDOT) has selected Oakland Corridor Partners (OCP) to develop the I-75 Modernization Project P3, Inframation has learned. The consortium entails AECOM Capital, John Laing, Dan’s Excavating, C.A. Hull, AJAX Paving, and Jay Dee Contractors. The SPV is expecting to reach financial close in November or December,

  • APAC: Standard Bank to back PowerChina's Kenyan road PPP
    07-September-2018

    PowerChina International has secured financing from Standard Bank of South Africa for its first road PPP project in Kenya. The overseas unit of the state-owned engineering company will DBFOM the KES 6.75bn (USD 66m) Lot 32 Roads Annuity Project, which is also known as the Illasit-Njukini-Taveta Road. The Chinese company said the project is being carried

  • Latin America: Costa Rica seeks to advance road plan through PPPs
    07-September-2018

    Costa Rica announced an ambitious USD 4.6bn road PPP plan, according to a 6 September press release. The total capex of the projects that it wishes to advance, totals USD 4.6bn and will include at least six highways as PPPs, Inframation understands. The plans form part of Costa Rica’s “Plan for Economic Reactivation” which were presented by

  • Latin America: MRP hires banker to raise capital for Chilean renewable platform 
    06-September-2018

    Irish developer Mainstream Renewable Power (MRP) hired KPMG to sell equity stakes in its Chilean renewable platform, Inframation has learned. The platform, Andes Renovables, contains three renewable portfolios, comprising seven wind farms and three solar parks. The first portfolio, with a combined capacity of roughly 550MW, is anticipated to reach

  • EMEA: BlackRock hires Macquarie Capital energy infra specialist
    05-September-2018

    BlackRock has hired Macquarie Capital’s Edward Winter as a managing director in its European energy and power infrastructure team in London, following the departure earlier in the summer of Ed Fidler for Allianz Capital Partners.  Winter previously spent nearly 13 years at Macquarie Capital, including nearly four as a managing director. He served

  • Aus & NZ: IFM to hand back fees
    04-September-2018

    IFM Investors will rebate 7.5% of its base management fees for the year to June 2018 to LPs, the first time it has done so in six years, as the pressure to deploy funds while cutting fees continues. Chief Executive Brett Himbury announced the move today citing higher than expected returns across most of its asset classes and a desire to cap its gross

  • APAC: I Squared to sell USD 1bn Asia energy and renewables portfolio  

    I Squared is preparing to sell a 500MW to 700MW portfolio of Asian solar, combined heat and power and utility projects and co-generation projects. Two investment bankers said that they have received requests for proposals to sell the portfolio, but a third source said the portfolio is still under strategic review, pending a final decision to sell. I

  • Latin America: Peru slated to hire advisors on Lake Titicaca project 
    04-September-2018

    ProInversión is expected to hire CAF (The Latin American Development Bank) to carry out supplementary financial and legal studies for the Lake Titicaca waste-water treatment project, Inframation understands. The contract award is to take place at 11:30 Peruvian time (12:30 EST). A source close to the deal stated that Dutch headquartered advisory

  • Aus & NZ: Sydney Metro consortium prepares for AUD 3bn debt raise
    03-September-2018

    Sydney Metro Northwest’s PPP is to tap banks for close to AUD 3bn (USD 2.1bn) in refinancing and for a new facility to partially extend the project, Inframation understands. Several sources familiar with the matter said the Northwest Rapid Transit (NRT) consortium is seeking to refinance about AUD 1.6bn of debt in the Operations Trains and Systems

  • APAC: WPD's Taiwan USD 2bn wind loan three times oversubscribed 
    03-September-2018

    WPD has received around NTD 195bn worth of bids in a roughly three times over-subscribed loan syndication for its 708MW Yunlin wind farm off the coast of Taiwan. About 10-15 banks among the 30 banks that have signed up to the syndication are expected to be lead underwriters of the NTD 60bn (USD 1.92bn) syndicated loan, a source told Inframation. Among

  • North America: DIF sells solar plants to US insurer
    03-September-2018

    Dutch asset manager DIF has sold a portfolio of four Canadian solar PV plants held in a mature infrastructure fund, signalling its first exit in North America. The portfolio has been sold to Ullico Inc’s infrastructure investment business, DIF confirmed on Monday (3 September). Ullico, a US insurance and financial services company, meanwhile recently

  • EMEA: Antin Infra lands salmon farming support company
    03-September-2018

    Antin Infrastructure Partners has agreed to acquire a majority stake in Sølvtrans, a Norwegian operator of boats used in the salmon farming industry, from alternative asset management firm Oaktree Capital Management. Antin and Oaktree, which announced the deal in a joint statement on Monday (3 September), said Sølvtrans has the world’s largest fleet

  • North America: SNC-Lavalin and ABB form JV
    31-August-2018

    SNC-Lavalin and ABB have formed a joint venture for the execution of turnkey electrical AC substation projects, the companies announced on 31 August. The joint venture, Linxon, will have an opening order backlog of USD 340m (CAD 440m).   Linxon will undertake turnkey electrical alternating substation projects related to renewable and conventional

  • EMEA: ADP privatisation set to attract infra heavyweights
    30-August-2018

    Vinci and at least three other infrastructure heavyweights are expected to take part in next year’s sale of a majority stake in Groupe ADP, according to sources. Vinci, which owns 8% of the operator of Paris CDG and Orly airports, is expected to fight hard to win the auction process, which involves the sale under a 70-year concession term of the state’s

  • EMEA: Vinci completes OMERS airports takeover
    29-August-2018

    Vinci Airports has reached financial close on its acquisition of a portfolio of airports owned by OMERS Infrastructure, giving it full ownership of Belfast International Airport as well as a foothold in the US airport sector. The French investor said on Wednesday (29 August) it has completed the takeover of eight airport assets, following clearance

  • Aus & NZ: HICL sells Australian desal stake at 7% premium

    HICL Infrastructure Company has agreed to sell its stake in the largest desalination plant in the southern hemisphere and its sole Australian asset for around AUD 160.5m (GBP 89m). The London-listed infrastructure investor said on Wednesday (29 August) that it expects to reach financial close next quarter on the sale of its 9.7% interest in the AquaSure

  • Aus & NZ: Private money "stampede" expected to AUD 50bn rail loop
    28-August-2018

    Victoria has announced an AUD 50bn (USD 36.7bn), 90km underground train line circling Melbourne's suburbs and connecting 12 new stations, as well as the planned airport rail link. Premier Daniel Andrews, in the midst of campaigning ahead of a November state election, first announced the Suburban Rail Loop plan on his Facebook page on Tuesday morning

  • APAC: COSCO Shipping Ports expects revaluation in global port asset prices
    28-August-2018

    COSCO Shipping Ports(CSP) thinks a “repricing” of overseas port assets is on the cards as it scours Latin America, Southeast Asia and Africa for targets.  The Chinese state-owned port operator, which owns the Noatum Port Terminal in Spain and Piraeus Container Terminal in Greece, maintains a “proactive attitude” towards overseas port assets

  • Latin America: KfW and IDB Invest to back USD 150m Argentina wind farm
    28-August-2018

    German development bank KfW and the IDB Invest (previously IIC) are lining up a debt facility for the 100MW Del Bicentenario wind project in Argentina, Inframation has learned. The two lenders are negotiating a roughly USD 100m credit facility for the USD 150m project. Financial close is not likely to occur before October, according to a source briefed. The

  • APAC: Sumitomo buys stake in Belgium offshore wind project
    27-August-2018

    Trading house Sumitomo has acquired a 30% stake in a 219 MW wind power project off the coast of Belgium. Sumitomo said Monday (27 August) that Belgian offshore wind power developer Parkwind is developing the project, Northwester2, in the North Sea about 52km off the coast of Belgium (water depth of about 40 meters). A Sumitomo spokesperson said

  • APAC: Taiwan wind loan to attract over a dozen banks
    27-August-2018

    WPD expects 12-16 banks to participate in the NTD 60bn (USD 1.92bn) syndicated loan for its 708MW Yunlin Offshore Wind Farm off the coast of Taiwan, a company source told Inframation. The source added that the developer has already talked with over 40 banks for the loan and is expecting foreign bank financing to account for a larger share of the syndication

  • North America: Jefferson Parkway authority rejects unsolicited P3 proposal
    27-August-2018

    The Jefferson Parkway Public Highway Authority (JPPHA) rejected an unsolicited proposal from Northwest Parkway LLC to build and operate the Jefferson Parkway. JPPHA is scheduled to release an RFQ for the design-build-finance-operate-maintain (DBFOM) of the Jefferson Parkway, the 9.2 final link in the Denver Metropolitan Beltway, in the coming weeks,

  • North America: Three teams identified for Nova Scotia Highway P3
    24-August-2018

    Inframation has identified three teams that are lining up to respond to a request for qualifications (RFQ) for the Nova Scotia P3 Highway project. The teams are:   •    ACS, Dragados, Colas, Miller •    Fengate, Vinci, Parsons  •    Dexter Construction    The RFQ was issued in late July. The deadline for qualifications is 30

  • Latin America: Credit Suisse infra banker joins GIP
    23-August-2018

    John Morton has left his role as director of transportation, logistics and infrastructure at Credit Suisseto join Global Infrastructure Partners (GIP) in New York, Inframation understands.  Morton will be a principal at GIP focusing on transportation infrastructure deals in the Americas region.  A spokesperson for GIP declined to comment and

  • Latin America: MIRA acquires majority stake in Mexican solar portfolio
    23-August-2018

    Macquarie Infrastructure and Real Assets (MIRA) announced on 21 August that it has acquired a 322MW portfolio of solar assets in Mexico alongside Spanish renewables developer Eosol. MIRA will own 90% and Eosol Invest Mexico Uno will own 10% of the portfolio of operational (67MW), under construction (109MW) and development stage solar plants (146MW).  Construction

  • Aus & NZ: Decision on Transurban's WestConnex bid brought forward
    22-August-2018

    Australia’s competition regulator will give its verdict on the Transurban-led consortium’s bid for WestConnex a week earlier than it previously flagged. In a notice released late on Tuesday (21 August), the Australian Competition and Consumer Commission (ACCC) said it had changed the deadline for a decision from 6 September to 30 August to “take

  • APAC: China State Construction to secure Portuguese PPPs
    22-August-2018

    One of China’s biggest builders expects to secure new Portuguese PPP projects in the coming months,Inframation has learnt. China State Construction Engineering Corporation (CSCEC) is on track to sign “several PPPs” involving civil engineering projects, Zhou Yong, chairman of China State Construction International (CSCI) told this news service.

  • Latin America: ACS, GIP refinance Peruvian power line
    22-August-2018

    An ACS-backed entity is lining up a bond worth some USD 170m through a private placement to refinance a transmission line in Peru, sources briefed told Inframation. The notes are expected to carry a long-term tenor that almost extends to the end of the 30-year concession contract and would carry an interest rate in the mid-5% range. Natixis is

  • EMEA: News Analysis: Atlantia scenarios after Genoa bridge disaster
    21-August-2018

    Just how damaging and far-reaching could Atlantia’s connection to Italy’s tragic bridge collapse prove to be, ask William Cain and Alessandra Castelli  A stock price decline of 23% in the week since the Genoa Bridge disaster has wiped almost EUR 5bn from Atlantia’s market value. And there’s plenty at stake for the infrastructure specialist

  • APAC: Changi joins battle for Hokkaido airports concession
    21-August-2018

    Singapore’s Changi Airports International has made a bid for seven airports on Hokkaido island - one of four bid groups to join the battle for the 30-year concession, according to two sources.    Investors are closely watching the contest to operate a bundle of seven airports in Hokkaido in northern Japan, which includes the nation’s fifth busiest

  • North America: Ex-KKR infra co-head hires for new fund
    17-August-2018

    Jesus Olmos, the former co-head of global infrastructure at KKR in London, has hired a U.S. commodities originator at Morgan Stanley as part of the build out of a new infrastructure fund, according to sister news service SparkSpread. The new hire, Nicole Hildebrand, is set to join Asterion Industrial Partners. Hildebrand, a vice president and nine-year

  • EMEA: Bidders shortlisted for Euroports sale
    17-August-2018

    CVC Capital Partners and DWS – formerly Deutsche Asset Management – have been shortlisted as part of the Euroports sale process ahead of final bids in mid-September, it is understood. Macquarie did not submit an initial bid by the July 19 deadline, while strategic investors including DP World and APM Terminals have shied away from the deal, sources

  • Aus & NZ: US private placement considered for Peninsula Link PPP refinance
    17-August-2018

    The Southern Way consortium is understood to be looking at both a US Private Placement as well as bank debt for its AUD 750m (USD 544m) refinancing of the Peninsula Link PPP. The PPP still has 17 years to go on a 25-year concession from the Victorian government. The project reached financial close in February 2010. Several debt market and lender

  • Latin America: Sacyr signs USD 110m in bridge loans for Colombian roads
    17-August-2018

    Sacyr said it has signed two bridge loans worth USD 110m to advance construction of respective road projects in Colombia.   The Spanish builder, through the SPV Concesionaria Vial Montes de María, agreed to a USD 50m bridge facility to fund the Puerta de Hierro – Palmar de Varela y Carreto – Cruz del Viso road. BTG Pactual was a mandated lead

  • North America: Morgan Stanley to launch third infra fund this year
    17-August-2018

    Morgan Stanley’s infrastructure fund manager North Haven Infrastructure Partners (NHIP) is expected to start fundraising for its third infrastructure fund later this year, said two sources briefed on the situation. The fund has a target of USD 4bn, it is understood. Advisors have not been hired yet, Inframation understands. Probitas Partner was

  • Aus & NZ: Downer says PPP pipeline slowing
    16-August-2018

    Downer Group said it is targeting a number of rail PPPs across Australasia, but none of the formal bids will be during 2018 and in some sectors the flow of deals is slowing down. At the same time the infrastructure and mining services company is grappling with the troubled Royal Adelaide Hospital PPP and has forecast no revenue from that concession

  • Aus & NZ: Victoria promises big pipeline but PPP changes needed
    16-August-2018

    Victoria will continue to use PPPs to finance new infrastructure, but new models will need to be devised, Premier Daniel Andrews said on Wednesday (15 August). He said he would announce a big transport building program from now until the 24 November state election, but it appears privatisations are not on the agenda to fund it. “Labor will undertake

  • EMEA: Project finance team launch energy and infra transaction firm
    16-August-2018

    A group of senior project finance professionals led by CEO Helen Wade has formed new energy & infrastructure transaction services business. Wade, a former director of project finance at NAB and head of project finance at Riverstone portfolio company Velocita Energy Development, is CEO of London-based Andaman Energy & Infrastructure. Other senior

  • Latin America: Peruvian IPP seeks financial advisor for CCGT project
    15-August-2018

    Independent power producer Gaz Et L’Energie (GEL) is seeking a financial advisor to support the financing of the 500MW thermal power plant in Peru, three sources briefed on the situation said. The sponsor is understood to have visited New York City earlier this year to meet potential advisors and introduce the USD 500m combined-cycle gas-fired power

  • North America: Fiber infra business engages banks to run sale process
    15-August-2018

    Court Square Capital has engaged Evercore Partners and TD Securities to sell fiber network business Conterra Networks, said four sources briefed on the situation. The Charlotte-based business has 11,100 fiber route miles clustered in the Southeast, South Central and in the Western part of the US. It is generating USD 50m in run-rate adjusted EBITDA from

  • APAC: Macquarie’s GIG buys Conergy Asia solar team and portfolio
    14-August-2018

    Macquarie-backed Green Investment Group (GIG) has acquired Conergy Asia & ME’s solar development portfolio for an undisclosed amount. Goldman Sachs BDC and US private equity firm Tennenbaum Capital Partners have owned the Singapore-headquartered EPC contractor and O&M service provider since August 2017.  Conergy employees located in Singapore,

  • Latin America: Colombia unsolicited proposal road soon to be on feasibility stage
    14-August-2018

    Colombian infrastructure agency ANI could award an unsolicited proposal for a 124km road section between El Santuario and Puerto Triunfo as early as next year. The section is part of the Medellín–Bogotá highway, the two main cities in Colombia. A local consortium named Vías de La Paz presented the proposal that is currently on its prefeasibility

  • North America: Brookfield CEO articulates optimism for Q4 fund launch 
    13-August-2018

    Brookfield Asset Management CEO Bruce Flatt stated during the company’s 2Q18 earnings call that contemporary market conditions are expected to make the company’s fourth infrastructure fund considerably larger than its predecessor. “There are very significant amounts of capital available today on the supply side of institutional investors for infrastructure,”

  • APAC: News analysis: Why China's EfW giants are flocking to Southeast Asia 
    10-August-2018

    The rapid urbanisation of Southeast Asian countries is driving an increasing need for energy from waste projects. That has led to an influx of Chinese environment groups, such Everbright and Jinjiang, which posses the cutting edge technology to exploit these opportunities. Celine Ge reports. One Belt and One Road is not only about building

  • EMEA: GIP targets select group for Gatwick sale
    10-August-2018

    Global Infrastructure Partners (GIP) is set to launch the long-awaited sale of its 42% stake in Gatwick Airport, as it fights to retain management control over the asset, sources said. The New York and London-based manager, which acquired the asset from BAA in 2009 for GBP 1.5bn, has reached out to a select group of advisers and investors in advance

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