New South Wales has scrapped a A$5.3 billion contract to build a metro link in Sydney, part of which was being procured as a PPP. The project is the second Australian PPP to collapse this year - following Lane Cove Tunnel - and the country’s fourth PPP to fall over the last decade.
Aviva, the world’s fifth-largest insurer, has joined the likes of AXA and Allianz in backing an infrastructure fund, through its partnership with Hadrian’s Wall Capital. The team plans to launch an infrastructure debt fund that could reach one billion, split equally between pounds and euros.
Hochtief’s board of directors has approved the Hochtief Pension Trust’s decision to sell its three percent stake in the German company, worth just over €100m at yesterday’s share price.
The fund and its toll road vehicle, Itinere, are analysing several opportunities in the US, Australia and other OECD countries with a view to making a toll road investment this year.
Citadel Capital, the Cairo-based private equity firm, has become a significant shareholder in Rift Valley Railways, which holds a concession to run a railway line between Kenya and Uganda. Citadel says it will seek to invest more than $150m in Kenya Uganda Railways over the next five years.
French rail agency RFF and a VINCI/AXA Private Equity-led consortium have finally reached financial close on the €1bn GSM-R rail communications PPP, after several months of delays. The deal is France’s first rail PPP but is unlikely to serve as a template for the other high-speed rail deals being managed by RFF.
The long-running sale of ACS’ ports division – which had revenues of €114m in 2008 – appears to be nearing its conclusion.
The toll road operator says it has placed an expression of interest for Sydney’s A$1.6bn Lane Cove Tunnel, which was placed in receivership last month after its sponsor failed to pay interest on A$1.16 billion of outstanding debt.
The global real estate and infrastructure firm has purchased a 2.9 million square foot portfolio, 60 percent of which is to be leased back by JPMorgan Chase.
The European Bank for Reconstruction and Development is waiting for final approval to lend €100m to the sponsors of Pulkovo airport – Russia’s first airport PPP, in St. Petersburg. Russian bank VTB is seeking commercial banks to participate in the project alongside other multilaterals.
Belgian transmission operator Elia is in talks with Australia’s Industry Funds Management regarding a joint bid for Vattenfall’s German grid. The consortium is reportedly considering bidding around €800m for the asset. Vattenfall reopened the auction for its grid in November after exclusive talks with a Goldman Sachs/Allianz/RREEF consortium broke down over price.
Polish open pension schemes ended up being the biggest subscribers to the government’s share offer for 16% of Enea – Poland’s third-largest power group. The government intends to sell the remaining 51% it owns in Enea later this year for a control premium. RWE was in negotiations late last year to buy 67% of Enea but the sale fell through over price disagreements.
After several delays, France’s €1bn GSM-R rail communication PPP is set to reach financial close next week with between eight to ten commercial banks. The latest issue holding banks from writing the final cheque has been the need to get assurances regarding the status of the 15-year contract should rail agency RFF – a public company – be privatised in the future.
SunRay Renewable Energy, a Maltese solar power plant developer, is to be bought by Nasdaq-listed SunPower in a deal expected to close in the first half of this year. European solar firms such as SunRay have been assisted by a favourable regulatory backdrop.
In a letter to the CEO of FINRA dated 18 December 2009, obtained by PEM, the director of the SEC's division of investment management said the SEC might create an exception to the ban for registered broker-dealers acting as legitimate placement agents, if FINRA can implement rules that would prohibit pay-to-play practices. Read the full text of the letter.