Actis raises first long-life infra fund

Actis raises first long-life infra fund

Funds Project & Infrastructure Finance Debt Equity Asset Management Energy Renewable Solar Wind Chile Brazil Europe

The UK's Actis said it has raised $1.23bn for its first long-life infrastructure fund with investors from North America, Europe, Latin America, Middle East and Asia.

Together with co-investments, the new fund will make roughly $2bn available to invest in infrastructure projects in emerging markets, Actis said in a press release.

The firm has identified an $8bn pipeline of projects, including the 100 MW El Pelícano solar power plant in Chile and the 137 MW Babilônia wind farm in Brazil.

Actis acquired El Pelícano from the US developer SunPower in January last year for an undisclosed price. The solar plant began operations in November with a long-term contract to supply 42% of power needed to run the Santiago Metro. El Pelícano got a seven-year, $200m loan in July 2016 from Crédit Agricole, KDB, MUFG and SMBC and a $22m VAT facility from BCI.

Actis agreed to buy Babilônia from EDP Renováveis for BRL650m ($160m) in July this year. EDP started operations at the Babilônia wind farm in the state of Bahia in the fourth quarter last year. The project received a 20-year power purchase agreement (PPA) in an electricity supply auction in 2015.

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