Fiera Infrastructure, an infrastructure investment firm, has acquired an indirect equity interest in a renewable energy portfolio owned by D.E. Shaw Renewable Investments LLC, an affiliate of D.E. Shaw Group, and other investors. No financial terms were released. The portfolio consists of eight U.S.-based solar and wind power generation projects, as well as three other projects expected to be added in 2017. The total portfolio reflects a gross generation capacity of 921 megawatts and includes assets located across eight states. Fiera Infrastructure is an affiliate of Montréal asset manager Fiera Capital Corp.
Fiera Infrastructure acquires equity interest in a portfolio of solar and wind power generation projects
TRANSACTION ADDS HIGH-QUALITY RENEWABLE ENERGY ASSETS AND DIVERSIFICATION TO INVESTMENT PORTFOLIO
MONTREAL and TORONTO, April 10, 2017 /CNW Telbec/ – Fiera Infrastructure Inc. (“Fiera Infrastructure”), a leading infrastructure management firm and an affiliate of Fiera Capital Corporation (“Fiera Capital” or the “Firm”) (TSX: FSZ), announced today that Fiera Infra LP, an infrastructure fund under its management, has acquired an indirect equity interest in a U.S. portfolio of eight solar and wind power generation projects owned by affiliates of D. E. Shaw Renewable Investments, L.L.C. (“DESRI”) and other investors, with three other projects anticipated to be added to the portfolio in 2017.
The portfolio of eleven projects has gross generation capacity of 921 megawatts (alternating current) and includes assets located across eight states. The projects are currently operating or anticipated to be operating prior to being added to the portfolio. DESRI will continue to own an interest in each project. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $41 billion in investment capital as of January 1, 2017.
“This investment significantly enhances and diversifies our existing portfolio,” said Fiera Infrastructure President Alina Osorio. “All eleven projects have long-term power purchase agreements with investment-grade off-takers and long-term financing in place, providing stable returns to our investors. We expect to continue to invest alongside DESRI in future projects in the U.S.”
“As DESRI looks to expand its renewable energy business across the U.S., it is pleased to have found in Fiera Infrastructure a new partner with tremendous expertise in the infrastructure space,” said David Zwillinger, President of DESRI.
Marathon Capital LLC acted as financial adviser to Fiera Infrastructure.
About Fiera Infrastructure
Fiera Infrastructure is a leading investor across all subsectors of the infrastructure asset class. Led by a team of highly experienced and specialized professionals, the firm leverages strong global relationships and a rigorous approach to investment and asset management, in combination with Fiera Capital’s excellence in portfolio management and personalized investment solutions. Our uniquely diversified funds recognize the exclusive characteristics of the alternative asset class, while optimizing governance and alignment with investors. With the investment in the DESRI renewable assets portfolio, Fiera Infrastructure has more than C$810 million in assets under management. www.fierainfrastructure.com
About D.E. Shaw Group
The D.E. Shaw Group is global investment and technology development firm with more than $41 billion in investment capital as of January 1, 2017, and offices in North America, Europe, and Asia. Since its founding in 1988, the firm has earned an international reputation for successful investing based on innovation, careful risk management, and the quality and depth of its staff. D.E. Shaw Group has a significant presence in the world’s capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies.
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with more than CAD$116 billion in assets under management as at December 31, 2016. The Firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital’s depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com
In the U.S., asset management services are provided by the Firm’s U.S. affiliates, Bel Air Investment Advisors LLC and Fiera Capital Inc., investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Further, Charlemagne Capital (UK) Limited and Charlemagne Capital (IOM) Limited are both registered as investment advisers with the SEC. Charlemagne Capital (UK) Limited is authorized and regulated by the Financial Conduct Authority in the United Kingdom, and Charlemagne Capital (IOM) Limited is icenced by the Isle of Man Financial Services Authority. Registration with the SEC does not imply a certain level of skill or training. Additional information about Fiera Capital Corporation, including the Firm’s annual information form, is available on SEDAR at www.sedar.com.
For further information: Daniel Richard, Senior Vice President, Corporate Communications and Investor Relations, Fiera Capital Corporation, +1 514-954-6456, email@example.com
Photo courtesy of Reuters/Jo Yong-Hak