Stonepeak Infrastructure Partners, a private equity firm specialising in North American middle-market infrastructure, has sold 100 percent of its equity interests in Northstar Renewable Power to fund management company DIF for an undisclosed amount, according to a recent statement.
Stonepeak acquired Northstar, which owns and operates Stone Mills Solar Park, an 11MWdc (megawatts of direct current) operational solar facility, from Canadian Solar in August 2012. The 50,000-panel facility supplies power to more than 1,200 homes and has a 20-year Renewable Energy Standard Offer Contract with the Ontario Power Authority. Canadian Solar continues to operate the facility under a 20-year operations and maintenance agreement that expires in 2031.
“This has been a highly successful investment for us and we congratulate DIF on acquiring what we believe is a quality core infrastructure asset,” Stonepeak’s co-founder and senior managing director Trent Vichie said.
DIF acquired the asset through DIF Infrastructure III, a fund it closed on €800 million in March 2013. Headquartered in Amsterdam, DIF invests in infrastructure assets that generate long-term stable cash flows, including public-private partnership (PPP; P3) projects and renewable energy assets in Europe and North America. It currently manages funds of approximately €1.9 billion.
Based in New York, Stonepeak is an independent firm that spun out of Blackstone Group’s infrastructure division in June 2011. Its co-founders, Michael Dorrell and Vichie, co-headed Blackstone Infrastructure Partners. In October 2013, Stonepeak held a final close on its debut fund, raising $1.65 billion and surpassing its initial $1 billion target.
In addition to the energy sector, Stonepeak also invests in businesses comprised of hard assets with strategic importance in the power and renewables, transportation, utilities, water, and communications sectors.