A Freshfield survey shows that Europe’s infrastructure industry supports the Europe 2020 Project Bond initiative. But investors want more clarity on how it will work and a speedy implementation. The latter is also defended by the EIB president (pictured).
Michiel Boersma, a former chief executive of Dutch utility Essent, has become the fourth senior advisor to First State’s European unlisted infrastructure investments team, which has raised close to €600m for the its debut fund.
The €245m closed-end fund will group 23 photovoltaic plants – some of them already operational – generating close to 123MW. Commerz Real is touting the vehicle as ‘Germany’s largest solar fund’.
A pre-close trading update reveals that the UK-listed infrastructure investment firm has generated healthy income from its portfolio during April to September this year. But declines in the Indian equity markets and junior debt market hit the value of two of its investments.
The global financial crisis has encouraged a new appreciation of infrastructure’s long-term characteristics – at the same time as priorities have shifted to the short term
The French fund manager is due to raise €1 billion by the end of November, with a further big-ticket commitment expected before the year is out. The potential sale of AXA Private Equity, expected to be concluded in November, might cause some delays to fundraising though.
The proceeds from the new fundraising will be used to buy nine operational PPP projects from John Laing, increase a stake in an existing project, and reduce the fund’s debt. The fund is also in negotiations to acquire a ‘small portfolio of third-party social infrastructure assets’.
The investment adviser – which focuses on private equity, real estate and infrastructure – has lured two new recruits, as well as promoting Joseph Chang to head up its Hong Kong office.
The UK renewable energy investor has announced the final close of its New Energy Investors II fund, within its target range of €300m to €400m. The firm’s second private equity fund is seeking to identify opportunities in renewable power generation.
Nine members of the Association of Southeast Asian Nations have contributed $335m to a fund that will finance major infrastructure projects in the region. The Asian Development Bank is committing $150m to the vehicle.
Alex Price, chief executive of real estate manager Palmer Capital, says his firm’s new UK solar park fund – which is aiming to raise £52m – could herald a trend of real estate funds targeting the renewable energy infrastructure space.
Estradas de Portugal, which doles out the availability payments for Portugal’s road PPPs, may not be able to finance itself starting in 2013. The agency’s bank debt is set to rise to €4.2bn by 2015 and since most of it is short-term, there is a chance the agency won’t be able to refinance.
The UK PFI developer and investor has reached its target of £150m for its second core infrastructure fund – and has now set a new target of £250m by the end of this year.
The EU-focused infrastructure fund manager is in the race to build, operate and maintain a 49km stretch of the A66 highway alongside Spanish companies FCC, Sacyr and COMSA. Five other teams, one of which includes Meridiam, are also bidding for the highway.
India Infrastructure Finance Company, Life Insurance Corporation of India and India Development Finance Corporation have agreed to take out up to 50% of an infrastructure project’s debt to unblock some $6bn of new funding.