Axium Infrastructure has made its first solar investment in the US with the acquisition of an 84MW solar portfolio with assets in California, Georgia and Ontario.
The Montreal-based firm agreed to purchase a 100 percent equity interest in the eight-project portfolio from Renewable Energy Trust Capital. Two assets are in California, three in Georgia and three others in Ontario. All facilities became operational between 2012 and 2015.
Axium made the acquisition from its second, open-ended infrastructure fund. It has spent $800 million of capital to purchase 300MW of solar power from that fund.
“With this acquisition, we are adding three new assets to an already significant portfolio of solar projects in Canada, strengthening our position as a leader in Canadian renewable energy production,” Axium senior investment director Juan Caceres said.
Axium is a portfolio manager focused on long-term infrastructure assets. It manages around C$1.6 billion ($1.19 billion; €1.12 billion). In August, Axium led a consortium of investors to purchase a one-third stake in the 270MW K2 Wind Facility in Ontario.
Along with a co-investor, Axium raised C$556.5 million in July through a senior secured amortising bond to finance the Sea-to-Sky Highway improvement P3 project in British Columbia.