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Fiera Axium Infrastructure Consortium Buys Stake in US Wind Energy Portfolio
Friday 17 April 2015

17 April 2015 - A consortium led by Canadian private equity firm Fiera Axium Infrastructure Inc. has acquired a minority ownership interest in a 1,100 mw portfolio of eight operating wind farms (Portfolio) located throughout the United States from US-based wind energy company EDP Renewables, Fiera Axium said on Friday.

Terms of the deal were not disclosed.

The consortium is composed of Fiera Axium Infrastructure US L.P., Swiss Life Funds Global Infrastructure Opportunities S.C.A., SICAV-SIF and John Hancock Life Insurance Co.

According to Fiera, the portfolio, which is well diversified across power markets and turbine technologies, consists of assets located in seven states and is fully contracted under long-term power purchase agreements with a weighted average life of over 16 years.

EDPR will retain a majority of the cash equity interests in the portfolio and will continue to act as the manager of all of the assets.

The transaction follows Fiera Axium's acquisition of a 49% ownership interest of Wheat Field, a 97mw operating project in Oregon from EDPR in November 2013.

In connection with the acquisition, Santander Bank N.A. and Prudential Capital Group have provided credit facilities to support the acquisition financing.

Fiera Axium is an independent portfolio management firm focused generating long-term investment returns through investing in core infrastructure assets.

The firm manages dedicated infrastructure funds having in excess of USD 1.2bn in assets under management. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties.

Norton Rose Fulbright US LLP acted as legal advisor to Fiera Axium's consortium and Latham and Watkins LLP acted as legal advisor for the lenders.
Date Published: 17/04/2015
Target: Stake in eight operating US wind farms
Country: USA
Deal Size: Terms of the deal were n (USD)
Sector: Alternative Energy
Type: Stakebuilding
Financing: Cash
Status: Closed
Vendor: EDP Renewables
Buyer: Fiera Axium Infrastructure/Consortium
Buyer Advisor: Norton Rose Fulbright US LLP , Latham and Watkins LLP