MONTREAL and NEW YORK, Nov. 21, 2016 /PRNewswire/ - Axium Infrastructure (Axium) is pleased to announce the acquisition of a 100% equity interest in an 84 MWAC (110 MWDC) solar portfolio from Renewable Energy Trust Capital. The portfolio is comprised of eight solar PV facilities, two in California, three in Georgia and three in Ontario.
The facilities reached commercial operations between 2012 and 2015, and each utilizes tier one solar PV modules and inverters. Each plant operates under a long-term, fixed-price contract with an investment grade utility.
"With this acquisition, Axium has now invested in approximately 300 MWAC of solar generation across North America and close to US$800 million of capital out of its second, open-ended infrastructure fund. We believe this transaction is an important catalyst to the continued growth of our Funds for the benefit of our investors" said Thierry Vandal, President of Axium Infrastructure US Inc.
"As Axium's first solar investment in the US, this acquisition further diversifies the fund's renewable portfolio and represents an important milestone for our expansion in the US" said Paulo Arencibia, Vice President and Investment Director of Axium Infrastructure US Inc.
"With this acquisition, we are adding three new assets to an already significant portfolio of solar projects in Canada, strengthening our position as a leader in Canadian renewable energy production", added Juan Caceres, Vice President and Senior Investment Director of Axium Infrastructure Inc.
Norton Rose Fulbright LLP acted as legal advisor to Axium.
About Axium Infrastructure Inc.:
Axium Infrastructure Inc. is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Axium manages dedicated infrastructure funds having C$1.6 billion in assets under management as of September 30, 2016, as well as more than C$1 billion in co-investments. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties. The firm benefits from the capabilities of a group of specialists with decades of experience acquiring, developing, financing, operating and managing infrastructure assets.