AMP Capital invests in portfolio of renewable assets across Canada and the United States

AMP Capital’s Infrastructure Debt Fund II has arranged and structured loan for Alterra Power Corporation, who operate Hydroelectric plants.

AMP Capital’s Infrastructure Debt Fund II has arranged and structured loan for Alterra Power Corporation, who operate Hydroelectric plants.

AMP Capital’s Infrastructure Debt Fund II has arranged and structured a C$110 million subordinated loan for Alterra Power Corporation, a leading global renewable energy company headquartered in British Columbia.

AMP Capital acted as the sole lead arranger working on an exclusive basis with Alterra to successfully close the transaction.

Alterra Power Corporation is a renewable-focused independent power producer that operates six power plants totalling 568 MW of operational generation capacity including British Columbia’s largest run-of-river hydro facility (Toba Montrose) and largest wind farm (Dokie 1).

The loan facility will be secured against a 264 MW portfolio of equity interests in four renewable energy projects. The proceeds will be used to fund development and construction costs and sponsor equity contributions for the Jimmie Creek hydro and Shannon wind projects and for other general corporate purposes.

AMP Capital Global Head of Infrastructure Debt Andrew Jones said: “This transaction adds another core infrastructure asset to our portfolio in North America and highlights AMP Capital’s continued strength in the energy sector globally. We are operating in an encouraging environment for infrastructure debt investing both in terms of investor interest and deal flow and look forward to making additional investments in other high-quality assets in the region.”

AMP Capital Infrastructure Debt Principal Patrick Trears said: “We are excited about forming a new partnership with Alterra. This transaction strengthens AMP Capital’s investment strategy in North America and represents another important step in the growth of our global infrastructure debt platform. It also reinforces AMP Capital’s ability to lead arrange and tailor bespoke debt solutions within a tight timeframe.”

AMP Capital has been investing in the subordinated debt of infrastructure assets since 1998 and focuses on defensive, non-cyclical, cash flow-producing assets.

Its first fund, Infrastructure Debt Fund I, was closed to new investment in 2012 after raising US$503 million from 30 global institutional investors. AMP Capital announced in March 2014 that IDF II had reached commitments from more than 40 global investors totalling more than US$750 million.

AMP Capital is a specialist investment manager with more than A$144 billion in funds under management as at 30 June 2014 and more than 250 investment professionals. AMP Capital is one of the most experienced global infrastructure managers with more than 20 years’ experience and over 100 infrastructure (equity and debt) investments globally since 1988. AMP Capital was one of the first to invest in infrastructure when it participated in the financing of the Sydney Harbour Tunnel, Australia in 1988.

AMP Capital’s European infrastructure business invests in a portfolio of infrastructure assets diversified by European countries and sectors including, energy/utilities, transport, social and asset life cycles.

AMP Capital today manages unlisted and listed infrastructure investments in Asia, Europe, North America, Australia and New Zealand. AMP Capital is a subsidiary of AMP Limited. Established in 1849, AMP Limited has more than 160 years of experience providing financial services, and is one of Australia’s largest retail and corporate pension providers.

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