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.