AMP Capital has reached financial close on a US$200 million subordinated debt investment in Invenergy Clean Power, which develops, owns and operates power generation and energy storage facilities in North America and Europe.
AMP Capital, as the sole lead arranger, worked on an exclusive basis with Invenergy. The loan facility is secured by a portfolio of Invenergy natural gas-fired power plants in the US and Canada. AMP Capital’s Infrastructure Debt Fund II (IDF II) will provide US$150 million of the loan, with the remaining US$50 million warehoused by AMP Capital for future strategies.
The transaction supports Invenergy’s future plans for the business and investors benefit from geographic and counterparty diversity. This is AMP Capital’s second transaction with Invenergy and reinforces AMP Capital’s ability to create long-term partnerships with project sponsors by offering flexible, structured solutions.
AMP Capital Infrastructure Debt Principal Patrick Trears said: “We are excited about strengthening our partnership with a leading developer and operator in the North American energy space and delivering another strong investment for IDF II investors. AMP Capital acted as the lead arranger for this bespoke mezzanine debt solution, which enables Invenergy to continue to grow its successful thermal generating platform.”
“We are pleased to have AMP Capital as the sole lender on the second lien facility,” said Jim Murphy, President of Invenergy’s Operating Business Group. “AMP Capital’s flexibility and execution were important in getting this complex transaction across the finish line.”
AMP Capital has been investing in the subordinated debt of infrastructure assets since 1998 and focuses on defensive, non-cyclical, cash flow-producing assets.
AMP Capital’s global infrastructure debt team has ten investment professionals located in London, New York and Sydney.
While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided.