David Metter, the head of Innisfree and UK trade body PPP Forum, told Parliament he would reject cuts to contractually agreed PFI returns. He also said he would be ‘unhappy’ with sharing profits from PFI equity sales, but Bill Doughty, head of fellow fund manager Semperian, was open to the idea.
The UK core infrastructure developer and investor has raised over £100m for its second fund, boosted by three new capital commitments. The fund, which posted a first closing on £70m in January this year, has a final target of £150m.
Areva Solar and Wind Prospect are the preferred bidders to develop a 250-megawatt solar thermal gas hybrid power plant. The developers are in talks with equity investors and European and Asian banks to raise A$675m to close the project later this year.
The UK engineering and development consultancy has been appointed technical adviser to the Neva water project, the first water supply public-private partnership in Russia. The project is expected to reach financial close in the fourth quarter of 2012.
The London-listed infrastructure investor has acquired an interest in the South Ayrshire Schools PPP for £15.75m. The schools included in the finance, design and construction project are all now operational.
The fund has reached a first close with $479m in commitments from institutional investors from Europe, North America and Asia, including PGGM and the Korean Teacher’s Credit Union. It will also have access to an extra $250m for co-investments. Final close is scheduled for 2012.
The UK-based developer and investor has acquired a 50 percent stake in the Oldham and Rochdale street lighting projects in north-west England. Both projects involve 25-year concession contracts.
BBVA, Export Development Canada, Intesa San Paolo and KfW are providing A$366m in debt for the project, which will also be funded with a A$365m grant from the Queensland government.
The Royal Adelaide Hospital, Australia’s largest public-private partnership in the health sector, also received A$300m in equity from five investors, the largest of which was InfraRed Capital Partners.
The European Bank for Reconstruction and Development (EBRD) has approved an equity investment of up to €100m in a sub-vehicle that will form part of Meridiam’s second European infrastructure fund. Meridiam has raised at least half of the €1bn it is targeting for Fund II.
BBVA, CIC, Dexia, Natixis and SG are backing a consortium led by a subsidiary of Bouygues in the financial close for the 30-year contract to build and operate France’s new Ministry of Defence. The €806m loan will start syndication this month to European banks.
A club of three commercial banks together with the EIB are providing €298m in debt for a 58-kilometre stretch of the A8 highway, the first project in the second wave of Germany’s A-model highways to reach financial close.
AMP Capital Investors, the Sydney-based fund manager, has appointed former senior Macquarie executive Scott Davies as its new global head of infrastructure. Davies, who assumes the role next month, replaces Phil Garling, who is retiring from full-time roles.
The purchase of G6 Rete Gas from GDF Suez marks the consortium’s third acquisition in the Italian gas distribution sector over the last two years. The deal is set to close in the fourth quarter of 2011.
What impact will the dramatic increase in shale gas reserves have on the power project finance market in the US? Keith Larson of Hogan Lovells provides answers