The transaction is subject to customary conditions and is expected to be completed in the first quarter of 2016.
IFM Investors sells Pacific Hydro to State Power Investment Corporation
IFM Investors and State Power Investment Corporation (“SPIC”) announced that SPIC has signed an agreement to acquire Pacific Hydro.
WANG Binghua, Chairman of SPIC, commented that “the acquisition of Pacific Hydro will add a high quality global renewable development platform to SPIC. SPIC is committed to maintaining the stability of Pacific Hydro’s existing business and management team, as well as expanding its project development portfolio”.
Kyle Manigini, Head of Infrastructure at IFM Investors, said, “IFM Investors’ Australian infrastructure fund has been a proud long-term owner of Pacific Hydro and has invested heavily in growing the business over the past 10 years. We are not surprised at the level of interest in the business and are particularly grateful that Pacific Hydro is being acquired by a quality owner such as SPIC, which will continue our path of growth and excellence. We wish them all the best.
The transaction is subject to customary conditions and is expected to be completed in the first quarter of 2016.
SPIC was advised by Santander Global Corporate Banking and King & Wood Mallesons. IFM Investors was advised by Credit Suisse Merrill Lynch and Herbert Smith Freehills.
Actors involved
Pacific Hydro is a global renewable platform with 900 MW of generation capacity through 19 hydroelectric power plants and wind farms in Chile, Australia and Brazil. In addition, Pacific Hydro has a portfolio of projects under development.
IFM Investors is a global proprietary fund of pension funds with assets of $64.5 billion. Investment teams in Australia, the Americas and Europe manage institutional infrastructure strategies (equity and debt), debt investments, exchange-traded equity and private equity.
SPIC is a comprehensive power group, the product of the merger between China Power Investment Corporation and State Nuclear Power Technology Corporation. SPIC has assets of USD 113 billion and an installed capacity exceeding 100 GW. SPIC’s core business includes generation, coal, aluminum, logistics, finance, environmental protection and high-tech industries. SPIC has a presence in 35 countries and regions abroad, including Malta, Japan, Turkey and Vietnam.
