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Where Investors Look Next North America December 2019/January 2020 • infrastructureinvestor.com Where investors look next Public-private problems The return of Blackstone Roundtable: What lies Renewables beyond 2020? on the rise GLOBAL CORPORATE AND INVESTMENT BANKING We provide leading advisory services and capital to our clients across the real assets sector. OMERS Infrastructure Northland Power RES and Steelhead Wind TC Energy has sold its 100% interest in its has agreed to acquire has agreed to jointly develop the has agreed to sell its P3 Healthcare Portfolio to Plenary Empresa de Energía de Boyacá (EBSA) 470 MW Maverick Creek Wind Project with Ontario Gas-Fired Portfolio to in a transaction valued at Liberty Power Ontario Power Generation in a transaction valued at Transaction Value Not Disclosed C$1.05 billion Transaction Value Not Disclosed C$2.87 billion Exclusive Financial Advisor to Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to OMERS Northland Power and Sole Provider of RES and Steelhead TC Energy a Fully Committed Bridge Financing Facility November 2019 September 2019 August 2019 July 2019 Kilmer Group and HMSHost Ontario Teachers’ Pension Plan SNC-Lavalin Williams and CPP Investment Board have sold their equity interests in ONroute to have sold its 100% interests in has announced that it has reached an have formed Northeast Joint Venture and Arjun Infrastructure Partners and Fengate BluEarth Renewables to DIF agreement to sell 10.01% interest in acquired remaining 38% interest 407 ETR to CPP Investment Board in Utica East Ohio System from in a transaction valued at Momentum Midstream Transaction Value Not Disclosed Transaction Value Not Disclosed C$3.25 billion US$3.8 billion Exclusive Financial Advisor to Exclusive Financial Advisor to Financial Advisor to Co-Financial Advisor to Kilmer and HMSHost OTPP SNC-Lavalin Williams May 2019 May 2019 April 2019 March 2019 Enmax Brookfield Axium Infrastructure SemGroup and KKR has agreed to acquire Emera Maine in a has made a strategic investment in has acquired Coachella Partners LLC, have formed SemCAMS Midstream joint transaction valued at TransAlta in a transaction valued at a 24.5% investment option in the venture and acquired 100% ownership of West of Devers Transmission Upgrade Meritage Midstream from River Stone Project from Oaktree US$1.31 billion C$750 million Transaction Value Not Disclosed C$1.9 billion Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor, Exclusive Financial Advisor, ENMAX Corporation and Sole Provider of TransAlta Sole Lender, Sole Structurer and Joint Bookrunner, Co-Lead Arranger a Fully Committed Bridge Swap Execution Agent to and Syndication Agent to Financing Facility Axium Infrastructure SemGroup March 2019 March 2019 February 2019 January 2019 Contact us: cibccm.com | +1 416 594-8793 CIBC World Markets Inc. is a legal entity name. CIBC Capital Markets is a trademark brand name under which different legal entities provide different services under this umbrella brand. Products and/or services offered through CIBC Capital Markets include products and/or services offered by the Canadian Imperial Bank of Commerce, the parent bank of CIBC World Markets Inc. and various other subsidiaries of the Canadian Imperial Bank of Commerce. CIBC World Markets Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. CIBC World Markets Corp. is a member of the Financial Industry Regulatory Authority. The CIBC logo and “CIBC Capital Markets” are trademarks of CIBC, used under license. All other trademarks are owned by their respective trademark owners. Contents How to contact us Senior Editor Bruno Alves [email protected], +44 20 7167 2031 Senior Special Projects Editor Graeme Kerr [email protected], +44 20 3862 7491 North America Special Projects Editor James Linacre [email protected], +44 20 7566 5465 ISSN 1759-9539 • DECEMBER 2019/JANUARY 2020 News Editor Kalliope Gourntis [email protected], +30 6937 230 121 Senior Reporters Make way for Blackstone Zak Bentley Insight The firm's $14 billion fund is focusing [email protected], +44 20 3862 7497 Jordan Stutts on North America 32 [email protected], +1 646 214 4158 2 Going low-carbon Reporters Eduard Fernández In the news Climate concerns drive CalSTRS in [email protected], +852 6996 4355 A selection of Infrastructure Investor’s top a new direction 35 Daniel Kemp [email protected], +61 452 300 346 stories from the past 12 months Contributors Kyle Campbell, Amy Carroll, Claire Coe Smith, Key trends Chase Collum, Julia Lee PPPs, Blackstone and renewables are Managing Editor, Production: Mike Simlett driving change 4 Head of Production: Greg Russell Production Editors: Daniel Blackburn, EDITOR’S LETTER Adam Koppeser Making a statement about US Copy Editor: Eric Fish infrastructure 6 Head of Design: Miriam Vysna Senior Designer: Lee Southey Designer: Denise Berjak Marketing Solutions Manager: Analysis Hywel Grimmett [email protected], +44 20 7566 5474 Subscriptions and reprints [email protected] 8 The year of renewables Customer Service Opportunities abound Wilmington Trust’s Will Marder [email protected] MIRA’s David Fass discusses the demand says solar and tech will dominate Editorial Director: Philip Borel for infrastructure investment in the US Director, Digital Product Development: activity in 2020 36 Amanda Janis Grand designs Director of Research and Analytics: Dan Gunner The problem with PPPs Private capital can push forward a strong Managing Director, Americas: Colm Gilmore Firms step back as losses take their toll 40 pipeline of stateside projects 12 Managing Director, Asia: Chris Petersen Group Managing Director, Brands and Markets: Paul McLean Roundtable: Beyond 2020 Data room Chief Executive: Tim McLoughlin Six experts discuss the opportunities and challenges in the US, Canada and Mexico 16 42 The most active investors Fund closes Nine of infrastructure’s Blackstone’s mega-fund sets a new 10 biggest investors heavily favour benchmark North America 24 Funds in market For subscription information visit Where are funds focusing? 43 infrastructureinvestor.com A European approach to the US Ardian’s Mark Voccola and Stefano Mion discuss how European lessons Last word can apply to the region's biggest Chicago Teachers' Pension Plan commits economy 28 itself to diverse fund managers 44 December 2019/January 2020 • North America 1 Success stories Managers have been capitalising on a surge in demand for the asset class across North America over the past year NOV DEC JAN 19 FEB MAR APR Antin expands into US EQT in midstream return Antin Infrastructure Partners confirmed As a final allocation from its €4 billion its ambition to expand into the US with third infrastructure fund, EQT invested an a new office in New York, its first outside undisclosed amount in Houston-based of Europe. The office would add to Kodiak Gas Services. The midstream Antin’s presence in Paris, London and energy company was where EQT also Luxembourg. made its first investment out of the fund. MIP IV closes on hard-cap Macquarie’s MIP IV – the firm’s fifth Brookfield buys into Oaktree North America-focused fund, with Brookfield agreed to acquire a 62 a focus on utilities and energy, percent stake in Oaktree at a 12 percent transport, communications and waste premium, creating one of the world’s Apollo plans fundraising management – closed on a $5 billion largest asset managers with combined The firm unveiled plans to use its recent hard-cap, exceeding a $3.5 billion AUM of $475 billion. $1 billion deal to acquire US power target and the $3 billion raised for its and midstream assets from GE Capital predecessor fund. as a foundation to form a dedicated AVAIO’s first infra fund infrastructure strategy. Management said After spinning out of AECOM in January, on an earnings call that the acquisition New York-based AVAIO launched an and the new strategy would complement inaugural $1 billion infrastructure fund Apollo’s $1.5 billion infrastructure debt with plans to deploy roughly two-thirds strategy as well as an equity fund the firm of it to North American infrastructure was planning to launch. investments. 2 Infrastructure Investor • December 2019/January 2020 Denver pulls PPP plug Denver International Airport terminated a $1.8 billion PPP agreement to revamp the 1.5 million-square-foot Jeppesen Terminal with a consortium led by Spanish developer Ferrovial after unexpected costs and delays derailed the project. In November 2018, four months after the project broke ground, weak concrete used in the terminal’s original construction was discovered, leading to disagreements between airport management and the developers on safety, cost and completion schedule issues. IFM makes midstream splash Australian manager IFM Investors struck a deal valued at $10.3 billion, including $6.5 billion of equity at a price of $41.50 per common unit, to acquire its fourth midstream asset to date: Houston-based publicly traded master limited partnership Buckeye Partners. The Buckeye equity commitment added to the $12 billion that IFM had already invested in US infrastructure since 2006. MAY JUN JUL AUG SEP OCT $4bn debut digital fund GIP awaits $22bn close Digital Colony Management closed its GIP was reported to be debut digital infrastructure-focused fund nearing a final close on the on $3.75 billion with a final $300 million largest-ever infrastructure commitment from a GP, surpassing its fund as it awaited two $3 billion target. It partnered with Colony $1 billion LP commitments Capital on the Digital Colony Partners to reach a total of $22 vehicle, which has already committed billion. The outstanding nearly $1 billion. Most of the investors commitments were set to were pensions from the US and Europe. drive the fund $2 billion over its hard-cap with permission from its already committed Blackstone closes first phase LPs.
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