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Fiera buys stake in US solar and wind portfolio

The Montreal-based firm bought into a portfolio of eight US projects, totalling nearly 800MW, from DE Shaw Renewable Investments and others.

A Fiera Infrastructure fund has bought into eight US solar and wind projects totalling nearly 800MW in generation capacity. Financial terms of the deal were not released.

The fund, Fiera Infra, acquired the portfolio from investors including DE Shaw Renewable Investments, which will continue to own an interest in each of the projects. With three more assets expected to be added later this year, the 11 projects span eight states and have a total generation capacity of 921MW.

“All 11 projects have long-term power purchase agreements with investment-grade offtakers and long-term financing in place, providing stable returns to our investors,” Fiera Infrastructure President Alina Osorio said, adding that the firm would continue to invest alongside DESRI for future projects.

The projects range in size from the 300MW Balko wind farm in Beaver County, Oklahoma to a 5MW solar farm in Marion County, Indiana. Other projects include the 100MW North Star solar farm in Chisago County, Minnesota and the Springbok I and II solar farms, totalling 233MW, in Kern County, California.

Fiera Infrastructure was formed in March 2016, when Fiera Capital, a Montreal-based asset manager with over C$116 billion ($87 billion; €82 billion) in assets under management, purchased Aquila Infrastructure. Fiera Infrastructure holds more than C$810 million in AUM.