Zak Bentley
The Australian firm has prioritised commitments from existing investors until the end of March.
The company’s offer for 20% of 50Hertz would bypass Germany’s foreign investment review laws, which apply to bids for stakes topping 25%.
The latest instalment of the firm’s Global Infrastructure programme will eye 40% direct deals and 60% primary and secondary fund investments.
Greencoat Solar II is expected to reach close to £500m by the summer, following backing from a number of corporate UK pensions including ITV, Akzo Nobel, Northern Trust Nominees (Ireland), C & J Clark, Marks & Spencer and Syngenta.
The group’s acquisition of 20% of the Spanish utility has been made on the same terms agreed by GIP in September 2016.
The prospective deal will grow the Australian fund manager’s portfolio in Spain, alongside the €2.8bn acquisition of OHL Concesiones which is expected to close soon.
The vehicle is set to be launched after the manager closes on its debut Americas strategy, which has so far garnered $550m – surpassing its original $500m target.
The trio is joined by other local and international investors, with nine consortia expressing an interest for Egnatia Odos.
The UK asset manager, which recently set up a new energy division, says it has a further storage pipeline of over 200MW. The deal was clinched from its BSIF fund, which reached a £150m first close last June, halfway to its £300m target.
The German group will join Meridiam as an owner of the NeuConnect project, which recently received regulatory approval.