Despite having only two deals with financial details reported at the time of closing, the social infrastructure sector stood hands above the rest of the pack this week with nearly $800 million in Western European deal flow.
There was a total of three deals each in the social infrastructure and renewable energy sectors, along with two transportation deals with undisclosed financial details and one energy deal. By geography, Asia-Pacific, Europe and North America saw three financial closes each, according to data from our sister platform, IIassets.com.
Social Infrastructure | Total deal flow = $798.81 million
The $700 million Condotte PPP Assets Acquisition leads the week, with Infracapital buying out an 80 percent stake in a PPP portfolio from Societa Italiana Per Condotte d'Acqua on 6 May. The portfolio includes three hospitals (two in Milan and one in Florence), a shuttle train service connecting Pisa Airport to Pisa Centrale station, a tri-generation energy centre serving Careggi University Hospital in Florence, and Bolzano prison.
Details came in this week from John Laing's closing of its Kirkleees Housing PFI Refinancing on 4 March with a combined £71.2 million ($102.6 million; €90.4 million) provided through three loans from Norddeutsche Landesbank. The loans issued to JLW Excellent Homes for Life are in the amounts of £65.9 million, £2.1 million and £3.2 million, and all come with a tenor of 17 years, 10 months and a maturity date of 1 January 2034. Aon and Mazars acted as financial advisers and Addleshaw Goddard as legal adviser on the transaction.
TPG Growth Fund closed on its Cancer Treatment Services International Acquisition on 5 May, sweeping up 65 percent of stakes in the Indian asset for an undisclosed sum. CTSI operates the American Oncology Institute, a special cancer treatment centre on the premises of Citizens Hospital in Nallagandla, Hyderabad. AZB & Partners, Clearly Gottlieb Steen & Hamilton, Cooley, and J Sager Associates acted as legal advisers.
Renewables | Total deal flow = $563.2 million
Boralex, Gaz Metro Limited Partnership and Valener closed the financing of the CAD$617.50 million ($492.15 million; €429.49 million) Seigneurie de Beaupre 2 and 3 Wind Farms Refinancing on 4 May. Three separate loans were issued by a syndicate of underwriters for the 68-MW Quebec City wind portfolio, with borrowers including AKA Ausfuhrkredit-Gesellschaft, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Credit Industriel Et Commercial, Deutsche Zentral-Genossenschaftsbank, KfW IPEX-Bank, Laurentian Bank of Canada, Mizuho and Sumitomo Mitsui Banking Corp. The first loan, in the amount of CAD$383.4 million, carries a tenor of 16 years, seven months; the second loan for CAD$192.7 million carries a tenor of 13 years and 7 months; and the third for CAD$41.1 million carries an undisclosed tenor. Cosime Infrastructure and Energy acted as legal adviser in the transaction.
The 7.5MW Guadalta Solar PV Refinancing closed on 9 May with provision of a €50 million loan a syndicate of lenders including KBC Bank, KfW IPEX-Bank, Landesbank Hesssen-Thuringen Girozentrale, Liberbank, Novo Banco, Portigon AG, and SMBC. Watson Farley Williams acted as legal adviser to the banks.
The Australian Renewable Energy Agency (ARENA) closed the financing for the Coober Pedy Renewable Diesel Hybrid Project on 5 April, the company reported this week. The Energy Developments Limited-sponsored project involved a unique hybrid combination of 4MW wind, 1MW solar, and 1MW / 250kWh battery with enabling and integration technologies to supply the Coober Pedy township with up to 70 percent renewable energy over the 20-year project lifespan. ARENA will finance AUD$18.4 million ($13.4 million; €11.8 million) of project costs.
Energy | Total deal flow = $160.43 million
With support from multilaterals including KfW IPEX-Bank and the Asian Development Bank, the Bangladesh Power Grid Improvements and Transmission Lines PPP Project reached financial close on 3 May. The Federal Ministry for Economic Cooperation and Development signed a loan agreement for the €140 million financing of power grid improvements and transmission lines projects, which includes the construction of up to 11 substations including connection to the grid as well as the construction and reinforcement of more than 200km of power transmission lines.
Transportation | Total deal flow = Unreported
The first of two deals that reached close without reporting financial details this week was the CalPERS Indiana Toll Road PPP Project Acquisition, which saw the California Public Employees' Retirement System buy up a 10 percent stake in the ITR concession company alongside Allstate, which acquired an undisclosed stake from IFM Investors. Macquarie Capital Group acted as financial adviser in the transaction and Orrick-Herrington & Sutcliffe was the legal adviser.
Grupo Isolux Corsan sold its subsidiary Isolux Infrastructure to the Public Sector Pension Investment Board (PSP Investments) for an undisclosed sum on 3 May. Under the terms of the deal, Isolux Corsan received all the solar PV projects of T-Solar and the power transmission and distribution assets while PSP Investments kept the toll roads assets and the WETT Texas transmission line. Linklaters acted as legal adviser.