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The vehicle’s £1.25bn target is the same figure as the hard-cap of its predecessor fund, which closed in November 2017.
REM - Light rail - Montreal
One of the world’s most prominent direct investors is trying to prove it can do much more than back projects with capital by developing a C$6.3bn greenfield project in Montreal.
Wariness of fixed-price public-private partnerships could have wider implications since ‘a healthy PPP market needs a healthy construction sector’, warns market expert.
A first close is expected in Q1 this year, with commitments from the AfDB, EIB and a South African pension fund.
Nordic manager CapMan is leading the acquisition from Macquarie’s Green Investment Group, which invested in the project in July.
The two investors are sharing the equity on a 60-40 split for the 36MW facility south of Perth.
The new fund has a target IRR of 5% and already owns a portfolio of 12 assets purchased from a previously liquidated SPARX fund.
The group targets earlier-stage projects after selling Europe’s largest onshore wind farm and ploughing €270 million into a new 235MW site in the same country.
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