Dutch infra investor DIF Capital taps MacCap for renewables sale
European infrastructure investor DIF Capital Partners is understood to be gearing up to offload a handful of Australian renewable assets, which are housed in older funds. Macquarie Capital has been mandated to run the process.
The North East Link project in Victoria is one of DIF’s investments. Eddie Jim
Macquarie is expected to start reaching out to potential buyers before Christmas, sources said. However, a formal timetable has not yet been set.
The portfolio includes the Clare Solar Farm, located around 35 kilometres south-west of Ayr in Queensland; the Bungala Solar Project, one of the largest solar PV plants in Australia; the Royalla Solar Farm, a 20 MW ac photovoltaic solar plant in the ACT; and DIF’s interest in Bright Energy Investments.
DIF’s investments in Australia include stakes in the $11.1 billion North East Link PPP, which is funding the proposed North East Link road project in Melbourne, and a South Australian schools PPP financing two new schools outside of Adelaide. It’s also a part owner of Australia’s third-largest intermodal assets, Rail First Asset Management, which it bought in a 50/50 joint venture with Amber Infrastructure for $400 million to $500 million last year.
It should be noted that, contrary to an earlier version of this Street Talk article, DIF remains wholly committed to Australia and the review of a selection of local renewable assets does not include its investments in the North East Link PPP, South Australian Schools PPP or Rail First Asset Management.
MacCap’s mooted review of the local renewables portfolio comes just weeks after DIF Capital Partners, which manages €16 billion ($26 billion), agreed to sell a majority stake to global private equity giant CVC on September 5.
DIF, founded in 2005, now employs a team of 225 globally and has invested in both core and core-plus infrastructure, focusing on mid-market deals primarily in Europe, North America and Australia. CVC is one of the big private equity players globally, with €133 billion in assets under management across its PE, secondaries and credit strategies.
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