Latest Power - M&A Analysis

  • Investment in India gathers momentum

    IJInvestor data shows that international funds and institutional investors are already active in the market. There are 36 active funds focusing solely on India with a target of investing over $90 billion of capital

  • Infra funds – global fundraising

    While 2018 failed to log a mega fund final close – something infra hacks love to hang a story round – this last year managed to break fundraising records across a slew of smaller vehicles, the vast majority of which are (not surprisingly) focused on equity

  • Infrastructure – in a league (table) of its own

    When it comes to analysing activity across the global infrastructure finance landscape, it’s always reassuring to confirm the accuracy – often not the case – of received industry wisdom, while also identifying trends that are less obvious to those who perhaps fail to see the trees for the woods

  • Infra fund dilemma – blame the pig or the feeder?

    In the same week that Luxembourg announced plans to legalise cannabis (and make all public transport free), folk have been wondering whether many infrastructure fund managers will domicile in the small European duchy to enjoy the benefits of a liberal system while they play fast and loose with targets and hard caps

  • Breaking a Radius and slashing bonuses

    Cancellation of the auction for Ørsted's Danish power distribution and street lighting businesses – Radius and City Light – has become a bone of contention for the infrastructure market as bidders are sent packing

  • Infra funds – cards on the table again

    In anticipation of publication of our quarterly funds and investors report, the temptation is too great to hold back our key findings, laying our cards on the table and smiling knowingly at rivals that our data wins the day again

  • Infra fund activity – lot more than you'd think

    As a young journo working the local press world in 1990s north east Scotland, an old editor – a grizzled hack bearing the scars of hard-living hackery – once said: “Angus, the difference between doctors and journalists is that doctors get to bury their mistakes, ours are out there for everyone to see”

  • Fund analysis: AMP Capital IDF III

    AMP Capital signed off on the final close for its third infrastructure debt fund at the $2.5 billion hard cap on 10 August, having started fundraising in Q1 2016

  • The Russia bear awakens

    With the Russian economy on the mend, investment commitments have been pouring into the country this year from the Middle East and Asia, particularly in the energy sector

  • Yieldcos: going, going, gone?

    On 16 October, Brookfield Asset Management subsidiaries closed on the long-awaited deal to up their parent company’s stake in the developed market-focused yieldco Terraform Power to 51%

  • Peaking interest

    The UK “peakers” industry has shot to attention for fund managers this year, with sales of two companies owning flexible peaking power plants underway. A regulatory change to embedded benefit payments enacted this June has effected these companies’ revenue streams, meanwhile potential buyers will be taking a view on the existential threat to the sector from emergent battery storage technology

  • Interview: Kansai Electric Power’s Yoshihiro Takechi

    Market liberalisation at home is driving Japanese power utility Kansai Electric to seek growth overseas. Yoshiro Takechi, general manager of Kansai Electric international business and cooperation division, has unveiled what he expects in return for the company’s ¥500 billion ($4.5 billion) war chest in an interview with IJGlobal

  • 3i's acquisition of EISER Global Infrastructure Fund portfolio

    In December 2016 EISER agreed to sell the portfolio of the mature EISER Global Infrastructure Fund to a new 3i-managed fund vehicle, funded by existing LPs and new pension fund capital. Increasingly fund managers are finding solutions to allow LPs of closed-ended funds to stay invested, at a time when high liquidity means reinvestment risk is not welcomed

  • Germany’s smart meters market heats up

    The upcoming sales of Techem and ISTA, the two dominant German smart metering providers for heat and water, could go for approaching €4 billion ($4.44 billion) each, and for both mandated financial advisers are already preparing to launch sale processes

  • Data Analysis: Chinese takeover

    The aborted sale of AusGrid is part of a wider pattern of Chinese investment in transmission and distribution assets in Australia, and other major markets

  • Data Analysis: Sharp fall in US oil & gas volumes in H1

    Whereas the power sector saw modest growth in terms of total deal value, renewables slowed by nearly 30% and oil & gas fell by a staggering 75%

  • Belgium disrupts its renewables market

    While most of Europe has been contemplating the potential impacts of the UK's withdrawal from the EU, Belgium has been quietly remodeling its energy market

  • TransGrid, Australia

    The A$10.3 billion financing for the acquisition of the 99-year lease of New South Wales electricity distribution company TransGrid tested the willingness of the offshore bank market to finance large infrastructure assets in Australia and international banks responded with a clear positive signal

  • Edra Global Energy acquisition, Malaysia

    1MDB’s sale of its power unit, Edra Global Energy, to a Chinese developer allows the fund some breathing space to pay off its debt, although ultimately throws up more questions than it answers

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