Awards 2020 - IJGlobal

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IJInvestor Awards 2020

This year – the second time we have staged IJInvestor Awards – we have gone all-out to give the market something to celebrate in a year that has been remarkable for having little to put a smile on faces.

Congratulations to all the winners!

Awards2020

2www.ijglobal.com Winter 2020

IJInvestor Awards 2020 The Winners

Individual Awards• StevenSonnenstein,DigitalColony–OutstandingIndividual

• JemimaAtkins,AllianzGI–RisingStar

AcquisitionAwardsDigital Infrastructure:• DigitalInfra,OverallWinner–ZayoGroupacquisition

• TelecomsTowers–VerticalBridgestake• DataCentres–DigitalBridgeacquisition• Fibre–ZayoGroupacquisition

Renewables:• Renewables,OverallWinner–EastAngliaOne

• Solar–ProjectArcadia• OffshoreWind–EastAngliaOne• OnshoreWind–OritesWindFarm• DeveloperM&A–BluEarthRenewables• BroadlyRenewables–HSOrka

Power & Utilities:• Power&Utilities,OverallWinner–VicinityEnergy

• DistrictHeating–VicinityEnergy• OFTO–SteelRiverInfrastructureFundNorthAmerica'sSaleofTransBayCable

• BroadlyPower–ProjectBiscay–BizkaiaEnergia

• IndividualAward:Power&Utilities,Energy&Telecoms–EWEAG

Social Infrastructure / Transport:• SocialInfrastructure,OverallWinner–ProjectEpione(acquisitionofIonisos)

• Transport,OverallWinner–Genesee&Wyoming

• Airports–FarnboroughAirport• Roads–Cikopo-Palimanan(Cipali)tollroadacquisition

• Rail–Genesee&Wyoming• RollingStock–AlphaTrains• Logistics–ConstellationColdLogistics• Ports–DPWorldChilestake

Oil & Gas:• O&G,OverallWinner–MargueriteIISCSp-MargueriteJVwithItalgasforthemethanisationofSardinia

• LNG&Midstream–MargueriteIISCSp-MargueriteJVwithItalgasforthemethanisationofSardinia

• Upstream–SabineOil&Gasacquisition

Refinancing:• Refinancing,OverallWinner–Coriance• Transport–ErmewaGroup• SocialInfrastructure–RoyalNorthShoreHospital

• Wind–BeatriceOffshoreWind• Solar–GrupoT-Solar• Power&Utilities–Coriance• BroadlyRenewables–HSOrka

Restructuring:• Restructuring,OverallWinner–Weatherford

• Oil&Gas–Weatherford• Renewables–ArtvinHydroElectric

OrganisationAwardsAsset Performance:• AssetPerformance,OverallWinner–TerraFormPower

• Energy–TerraFormPower• Infrastructure–Lyntia

Fund Managers:• DebtFundManager–AMPCapital• DirectInvestor,Debt–MetLifeInvestmentManagement

• DirectInvestor,Equity–CDPQ• EquityFundManager,OverallWinner–BrookfieldAssetManagement

• EquityFundManager,Europe–EQTInfrastructure

• EquityFundManager,NorthAmerica–BlackRock

• EquityFundManager,GlobalExposure–EQTInfrastructure

Advisory:• FinancialAdviser,Energy–CantorFitzgerald

• FinancialAdviser,Infrastructure–Rothschild&Co

• LegalAdviser,M&A–Linklaters• LegalAdviser,Fundraising–Goodwin• LegalAdviser,OverallWinner–WeilGotshal&Manges

• InvestmentConsultant–bfinance• Model/ProjectAudit–Operis• PlacementAgent–CampbellLutyens• RatingsAgency–Moody’sInvestorsService

• TechnicalConsultant–Arup• Individualaward:LegalAdviser,TaxEquity–AkinGump

Performance Awards:• Re-definingInfrastructure,OverallWinner–Infracapital

• FundPerformance–AntinInfrastructurePartners

• MarketInnovation–AmberInfrastructure

• Re-definingInfrastructure,Europe–ArcusInfrastructurePartners

• Re-definingInfrastructure,NorthAmerica–DigitalColony/ColonyCapital

IJInvestor Awards 2020The WinnersWhentheIJInvestorteamlaunchedsubmissions,wemadeitclearthat–forthisyearonly–wewerelookingtosliceanddicethemarkettofindasmuchtocelebrateashumanlypossible…whilealsomaintaininganelementofcompetition.Ourinternationalpanelofindependent

judgesdrawnfromaroundtheindustryhadfulloversightofthecategoriesandwereabletoinputandsteerourenthusiasmsothattheendresultwascredibleandreflectedmarketactivityandthedirectionitisheading.

However,inspiteofthecoronaviruspandemicthemarkethasbeencuriouslybuoyantmakingamockeryofdoomsdaypredictionsastheindustrybunkereddownathometorelyonTeamsandZoomtobringinternationaltransactionstosuccessfulconclusions.Asisrepeatedthroughoutthefollowing

winnerwrite-upsthejudgingperiodfortheseawardsreflectsdevelopmentsthatoccurredfromthestartofApril2019throughtoendofMarch2020.

Wereceivedafantasticresponsefromtheindustrywithmorethan250submissionsandabunchthathavebeenheldoverfornextyear’sawards(closedafter31March2020).Herefollowstheline-upofwinners(inthe

ordertheywillappearinthecomingpages).Congratulationstothemallandthankyoutoallfortakingthetimetosubmitandmakethisgrimyearalittlebitlessawesomelyawfulbyallowingustosalutetheindustryforsomeamazingachievements.


IJInvestor Awards 2020 Outstanding Individual

AnybodywhoknowsdigitalinfrastructureluminaryStevenSonnensteinwillnodsagelyastheylearnhehasbeenvotedOutstandingIndividualintheIJInvestorAwards2020forhisachievementsatthebleedingedgeofCore+infrastructureinvestment.Thejudgingteamforthisindividualaward

–sponsoredbyinfra/energyrecruitmentspecialistOneSearch–waswonoverbythedealsheworkedon…butprimarilyfortheroleheplayedchampioninganemergingassetclassinthedigitalinfrastructurearena.JudgesdescribeStevenas“aforceof

nature”and“aninfrastructureprofessionalwiththevisiontoidentifynewsectors,but–moreimportantly–thecouragetopursuethemrelentlessly”.Anotherwentasfarastosay:“Stevenhasforgedapaththatotherswillfollow,carvingoutnewmarketsandmyriadopportunities.Peoplewillcontinuetofollowhisleadforyearstocome.”It’sbeenalongpathtobringStevenby

theageof45towinsuchaprestigious,internationalawardthatrecogniseshisachievementsinasectorthathasattractedsomeofthesharpestmindsinthefinancingcommunity.

The early yearsHavingstartedhisworkinglifeasacharteredaccountantintheBig4in1996,itwasnotlongbeforehestoodoutfromthecrowd.Twominutesinhiscompanyandyouknowyou’retalkingtoafamilymanwhoknowsexactlywhathewantsoutofworkinglifeasheradiateslaser-precisionfocus.HiscareersawanearlystartinEYand

PwCbeforegoingtoBrookfieldAssetManagementin2006,joiningthebridgelendingandspecialsituationsgroupbeforeswiftly–inthefirstfewweeks–beingdraftedontotheinfrateam.“Itwasamatterofhappenstance,”says

Steven.“IstartedatBrookfieldwhenithadjustacquiredthenationaltransmissionsgridinChile–acompanycalledTranselec–whichtheyboughtinpartnershipwithPSPInvestments,CPPIBandBritishColumbiaPensionFund.

“Iwasintheofficeandsomebodycomestoseeme,someoneIhadheardof,buthadnevermet.Hesaystome:‘Hey,yourname’sSonnenstein,right?’Iadmitteditandhesays:‘IhearyouspeakSpanish…’”Andsobeganhisfirstbigadventure

ininfrastructure…fromascertaininghislanguageskillsontheFridayoftheJuly4thlongweekendin2006,bagswerepackedandbyTuesdayhewasinSantiagoonatwo-weekmissionthatwouldlastforthebestpartofayear.“Itwasaseriesofworkthatneededtobe

accomplishedandIintegratedwellwiththeteam,”saysSteven.“Afteracoupleofweeks,IwastoldtheyneededaninterimCFOand–guesswhat–I’mstayinginChile.“Thiswasarguablyoneofthebest

experiencesoftheearlypartofmycareer.Iwasliterallythrownintothedeepend.IwokeuponemorninginSantiago,lookedinthemirrorandsaid:‘Ohmygod,whathaveIdone?HowdidIenduphere?’”

Hepromptlylaunchedintoaseriesofrefinancings,raisingdebtinthepublicmarkets,whilealsospearheadingM&Aactivityandbig-growthprojects.“Itwasatremendousexperience,”says

Steven.“Iwasinchargeof30peopleandatreasurydepartmentmanaging$100millionofcash.ItwasagreattimeandIspentfourgoodyearsatBrookfieldprogressivelyinvolvedinmoreinfrastructureprojects.”Thiswasfollowedbyabriefstintin

industrybeforereturningtothefold.

The PSP yearsStevenreturnedtotheinfrastructureinvestmentcommunityin2012asaseniordirectoratPSPInvestmentswhereheworkeduntil2018underMontreal-basedchiefexecutiveGordonFyfe.“GordontookPSPfromnothingto

around$100billionundermanagement,”saysSteven.“Itwasagreatplace,reallyentrepreneurial–thesortofplacewheresomeonecouldspreadtheirwingsandpursueuniqueideas.“Youjoinaninfrastructureteamand

youhavepeopledoingenergy,transport,renewables–whichIdid…butIquicklyrealisedthatifIwantedtodifferentiatemyself,Ihadtocomeupwithauniqueidea.Iwokeuponedayhavingspentsometimelookingaroundandspeakingtoafewofourpartnersandsaid:‘Whyaren’twedoingtelecominfra?’”ItwasatthispointthatStevenlaunched

himselfonthepaththatwouldbringhimtoDigitalColonyandestablishhimasanindustrypioneer,buildingareputationasoneofthemostimpactfulinvestorsinthedigitalinfraarena.“I’llneverforgetthis,”saysSteven.

“IwenttoJeanDaigneaultandPatrickSamson–twoleadMDsatPSP–andaskedthemwhattheythoughtabouttowerinfrastructure.”Ittooksomequicktalking,butSteven

wonthemround…eventhoughitdidearnhimacautionthatsimplytaggingtheword“infrastructure”aftersomethinghewantstoinvestindoesnotautomaticallyqualifyit.Andsohebecameanevangelistfordigitalinfrainhisbidtobringitintothefold.

Outstanding Individual Steven Sonnenstein,DigitalColonyVoted Outstanding Individual in the IJInvestor Awards 2020, IJGlobal editorial director Angus Leslie Melville speaks to Steven Sonnenstein about his career and digital infrastructure…

Steven Sonnenstein

"I was in charge of 30 people and a treasury department managing $100 million of cash. It was a great time and I spent four good years at Brookfield."


“Imademycaseandin2013IstartedlookingatTDFinpartnershipwithAPG,competingbiddersagainstDigitalBridgeledbyMarcGanziandBenJenkins,”saysSteven.“MarcandBengotexclusivityontheassetfirst,thenlostit.“Istayedcloseandswoopedin.Icalled

inBrookfieldandweformedaconsortium–APG,BrookfieldandPSP–andweacquiredtheasset,signingon6November2014,closingMarch2015.“ItwasPSP’sfirsttelecominfraasset

investmentanditwasnotwithoutalotofresistanceinternally,facingalotofchallengesgoingthroughvariouscommitteesandtheboard.”Stevenrecallswithagrimace:“I’llnever

forgetthatboardmeetingwheretheinvestmentcommitteeabsolutelygrilledme–whytowers,isitinfra,isitnotprivateequity?Andthentherewasthequestionoverstreamliningtheheadcount,whichisnevergoingtobeeasyinFrance.”ItwasthenthatPSPboughtintoSteven’s

visionandpromotedhimtoheadofdigitalinfrastructureandtelecominfra.ThiswasalsowhenhesolidifiedhisfriendshipwithMarcGanzi–nowhisbossatDigitalColony–who,havinglostouttohimonTDF,pickedupthephonetosalutethevictory,sayingtheyshouldworktogetheronfuturedeals.“Afterthatcallwestartedlookingat

dealstogether,”saysSteven.“Intotal,welookedatacoupleofbilliondollars’worthoftransactionswithmeonthePSPsideandhimonDigitalBridge’sside.Wewentprettyfaronafewdeals,buttheonedealthatweclosedtogetherwasVantageDatacenterswhichsignedinJanuary2017.”PSPcommittedto45%oftheequityin

partnershipwithTIAACREFandDigitalBridge,onadealthatendedupeachpartyholdingalmostequalthree-wayownership.Stevenrecalls:“ThiswasPSP’sfirst

datacentredeal.Againthiswasmetwithtremendouschallengeandadversity.IstillhavelashesonmybackfromthegrillingIgot.“Everyonewasinsistingitwasrealestate,

buttherealestateguysdidn’tagree.Privateequitysaiditfellintheirbucket,butthereturnsweretoolowandtheydon’tgetoutofbedforlessthan20%,andtheinfrastructureteamsaiditwasn’tinfra.“ThisiswhereIpushedtheenvelopeand

madethecaseinternallysayingitdoesn’tmatterwhereitfits–it’sagooddealandagoodasset.Isaidwewouldearnamid-teenreturnonVantageandit’sgoodforthefund,it’snottoobigandthere’shugegrowthpotential.“DanielGarant,theCIOofPSP–a

greatmanforwhomIhaveatremendousamountofrespectandwhoisnowat

BritishColumbiaInvestmentManagementCorporation–saidwewouldputitintheCIO’sportfolioandnotallocateittoanassetclass.Fastforwardayearorsoandheputitintoinfrastructure.”PSPexitedVantagethisyearatnorthof

30%IRR.“Thiswasaseriesofdeals,”says

Steven.“Iputwellover$1billion,probably$1.5billion,intothissectorandhavingnegotiatedashareholder’sagreementagainstMarcGanzi,hesaid–andIquote–‘Iwillnotgothroughthatagain,weshouldtalkabouthowwecanjoinforces’.”ThisdiscussionwasnicelytimedasPSP

wasundergoingatransitionwithGordonFyfeleavingthefirmanditsadoptionofamorepassiverole…whichwasnevergoingtosuitSteven’snature.AndsobeganhisjourneywithFlorida-

basedDigitalBridge–thepredecessorcompanytoDigitalColony–whichhejoinedinspring2018.

Digital Holdings / Digital Colony “IliketothinkthatI’mabitofafore-thinker,anidea-generator,anentrepreneur…andwherebettertodothatthanwiththeguywhoistheleadingdigitalinfrastructureideageneratorintheworld,”saysSteven.“MarcGanziisalegendinhisownrightandtobeabletojoinhisteamandpartnerwithhimisaperfectfit.“HereatDigitalColony,noideaisabad

idea.Itisneverabouttheno,it’salwaysaboutthehow.Andthat’smyphilosophytoo.”Stevenadds:“Wehavedonealotof

greatthings.WehaveraisedourinauguralfundandIhavedeployedwelloverathirdofitintofiveplatforminvestments,doingalotofdifferentthingsthatIwouldneverhavebeenabletodoatPSP.“WecreatedaBraziliantowerplatform

fromscratch;investedinCanadiandenseurbanmetrofibre,andmergeditwithanothercompanythatweacquired.Theseareprettyedgyandthere’salotofriskinvolved–butwhatbetterplacetodothisthanwhereyouhavetheresourcesandtheteam,andtheabilitytobringyourownideastofruition.“However,themostexcitingthingwe

haveaccomplishedoverthepastyeariscreatinganewsub-investmentclassininfra–outdoormediainfrastructure.”TheIJInvestorAwardscommitteeheartily

agreewiththisstatementandawardedDigitalColonythetrophyforRe-definingInfrastructurecategoryforNorthAmericaforthisinnovation.“Thiswasalmosttwoyearsinthe

making,”saysSteven.“Theinfrastructurethatsupportsbillboardsissomethingthat

hasalwaysattractedmyattention.MarcGanzihadinvestedinbillboardsintheearly2000sinBrazil,aswellasintheUSinthemid-2000s.Butthatwasinvestinginthebillboardbusiness.”Stevenhadadifferentslantonbillboards:

“IlookattheinfrastructureandIlookattheland.Therearehundredsoftheseonthesidesofhighwaysandbuildings.Whycan’tyouownjustthat?Whydoyouhavetoowntheadvertisingcompanyandbeintheadvertisingbusiness?“Iputateamtogetherinternallyandwe

spentalmostayearresearchingit,lookingatitglobally,inNorthAmerica,LatAm,andinEurope…andwelandedonEuropeasthebestplacetostart.“Wefoundamanagementteam,spent

timegettingtoknowthemandbuildtherelationship,acquiredthemanagementteamand–havingscopedoutthemarket–wefoundaseriesofassetswecouldrollup.“Weclosedourfirstportfolioon31

January2020…andjustashorttimelaterLondonenteredlockdownduetocoronavirusandwewereallsittingaroundheresaying:‘Ohmyword,whathavewedone?’”Covid-19concernsaside,Digital

Colonyhasabsolutefaithinthissectorasanevolvingsub-sectorandtheasset–Wildstone–hadatlaunchslightlyfewerthan2,000panelsinplay.“Whatwedoisweacquirethephysical

structureofthebillboardandtheland,”

Steven Sonnenstein

"Here at Digital Colony, no idea is a bad idea. It is never about the no, it’s always about the how. And that’s my philosophy too."




saysSteven.“Thesearelong-termcontractedassetswithgoodqualitycreditcounterpartieson20-25-yearleasetermswithinflationescalators.“Ifthat’snotthedefinitionofan

infrastructureasset,Idon’tknowwhatis!“Therearehighbarrierstoentryasitis

difficulttoreplicate.Youcan’tjustwakeuponemorningandsayyou’regoingtorollout2,000billboardtowers–itisnotsomethingyoucandoovernight.”Butowningtheassetsisjustthefirst

step:“Wethenundertakeaprogrammaticdigitisationoftheportfoliowithourclients.Thisisthedigitalinfrastructureaspect.“YougotoClearChannelorJCDecauxand

tellthemyou’remanaging500oftheirsitesthatareallpaperandpaste…whydon’tIdigitizethem?Iunderwritethedigitizationandputupthescreens.Thenweenterintoacontractedrentalupliftwiththem,rightattheoutset.WeagreeitisgoingtogofromXtoYand,sureenough,youareincreasingyouryieldssixtosevenfold.“Yourtraditionalpaper-and-paste

billboardsfetchafairlylowannualrent.Onceyoudigitizeit,yourclients–thelargemediatenants–areabletosellsixtoten

advertsperminute…insteadofoneforafour-weekperiod.Evenbetter,youdon’tneedtosendsomeoneoutwitharollertotakedowntheoldpostertoreplaceitwithanother.”Andthat’snottheendofthebenefits:

“Youconnecteachofthebillboardswithfibresoyoucannowattacharadioantennaonthesephysicalstructureswhichareallalonghighly-travelledcorridorsorhigh-trafficareasandwiththeadventof5Gandthetremendousneedfornetworkdensification–whatbetterlocationtodoit?”Havingstartedwithfewerthan2,000

sites,theteamisontargettohavegrownto3,000bytheendofthiscalendaryear.“Wehavealmostdoubledthebillboard

cashflowsofthebusiness,”saysSteven.“WemeasurethisinBCF.Intowers,itisTCF,butwecoinedthephraseBillboardCashFlowanditisreallyexciting.”AstotheimpactofCovid,thiswas

negligibleasclientscontinuedtopayforaninfrastructureassetthatiscoretotheirbusinesses.“Withoutus,thereisnoadbusiness,”

saysSteven.“Thereisasymbioticrelationshipbetweenusandthemedia

tenants.Theyrelyonusandwerelyonthem.Addedtothat,demandissohighthatiftheyweretoshuttheirbusiness,therearesomanypeoplebehindwhoareinterestedtogetintoit.“Ifyoulookatoutdooradvertising,it

fragmentsintothreesub-sectors.Youhaveroadside–whichiswhatweinvestedin–andyouhaveindoorwhichisshopping/conventioncentre,andthenyouhavetransport,whichisanythingfromrailthroughtobuses.“Wespecificallychoseroadsideforthe

simplereasonthatithasdemonstratedtremendousresiliencyoverthelast60years,itcontinuestogrow–withlittlehiccupsalongtheway–butitcontinuestogrow.“Evenaspeoplemovetomobileandget

awayfromtraditionalpaper–newspaper,andeventelevision,issuffering–peoplecontinuetowalkoutsideandcommutefromPointAtoPointB.Peopleremainmobile.So,unlessyouareoneofthosepeoplewhowalkalongthestreetwithyournoseburiedinyourphone,youwillbelookingaroundasyouwalkalongthestreetandyoureyewillbedrawntothesepanelswhichareprettymucheverywhere.

Outstanding Individual sponsored by:

Dan McCarthy – the New York-based chief executive of infrastructure and energy placement specialist One Search – explains why he thinks Steven Sonnenstein is a worthy winner of the IJInvestor 2020 Outstanding Individual

Knowing Steven Sonnenstein as I do, nothing about the panel’s decision to name him 2020’s Outstanding Individual surprises me. He is a force of nature; a man with a competitive spirit and desire to win that I have seldom seem matched in this industry, yet at the same time a man of principle, a family man who operates with fairness and decency. He operates at a pace and bandwidth which most normal people could find slightly intimidating – yet in the words of one of his senior colleagues (who wished to remain nameless!) “Steven’s hard work, passion and charm resonate with sellers, bankers and colleagues alike”. I can think of

a handful of people who possess all of these characteristics. But only one of them has positioned themselves so uniquely to take advantage of – and indeed lead – the breathtaking pile-in that we have witnessed when it comes to infrastructure funds and digital assets. I can also think of only one infra investor who can lay claim to the development of a whole new subsector in 2020 – digital billboards in the UK with the Wildstone aggregation.

Speak to anyone at the firm and they will tell you how Steven takes the time to teach and mentor junior staff and be a culture carrier for the firm. He also sits on Digital Colony’s

investment and ESG committees and has been a champion for diversity throughout the firm and across the industry. I know from personal experience that when Digital Colony came on board the One Search YWIF scholarship programme, it happened as a result of Steven’s persistence, because he believes so passionately in what we are seeking to achieve and he is prepared to find time to invest in helping us get there.

Congratulations to Steven on this recognition from his peers in the industry – it is well deserved, and just the latest in a very long line of achievements and accolades as his career goes from strength to strength.



“TheUKhasastrong,regimentedframeworkwhichmeansyoucannotthrowupabillboardanywhere.Youhavetogothroughaplanningauthority.Youhavetodoitright.Andyouhavetoknowhowtodothis.Thatwaspartoftheselectionoftherightteam.“Havinginvestedinabusinessledbya

veteranlikeDamianCox,thisallowedustocapitaliseonanopportunitythatIbelieveislikeatowercompany.Itlooksandfeelslikeatowercompany.Willittradeata30xmultiplelikethemostrecenttowercodealinIreland?Icertainlyhopeso.”WhileWildstoneisoneofthejewels

inthecrownofSteven’sachievementsatDigitalColony,itisfarfromalone.HesitsontheboardoftheAndeantelecompartnerbusinesswhichhastowersinColombia,ChileandPeru.“ItcontinuestogrowandIamworking

closelywiththemanagementteam,”saysSteven.“ItisthesamestorywiththeBraziliantowerplatform.Ihavebeenlooking

atBrazilforyears.ThepeopleweworkwiththereIhaveknownsincemyPSPdays.“Byhappenstance,theCEOofHighline–

FernandoViotti–bumpedintomycolleagueCeciliaReissmeierataconferenceacoupleofyearsagoandaftersomeconversationshesaidhehadtomeetme.Heimmediatelyrepliedthatheknewme.“Westartedtalkingand–fastforwardone

year,havingbuiltarelationshipandgettingcomfortablewitheachother–wewereabletoinvestintheplatformoffewerthan300towers.Today,afteraseriesoftuck-inM&AandBTSawards,weareontrackforover4,000towershavingcreatedthelargestindependentTowercoinBrazil.”Asyouwillhaverealisedbynow,

relationshipsarekeytoSteven’sapproachandcentraltothewayheconductsbusiness.“Iamnotoneoftheseinvestorsthat

showsupfourtimesayeartoaboardmeeting,”saysSteven.“Thatisnotthewaywedoit.It’snotthewayIdoit.Ispendalot

oftimetalkingwithmymanagementteams.IspeaktomyCEOsmultipletimesaweek–constantlytalkingtothemstrategicallyandoperationally.Wearelookingatperformanceofthebusinessandfiguringoutawaytosupportthem.“ThatiswhatIlove.Ilovetheops.Ilove

talkingtothemanagementteams.Itisnotjustlookingatwhatthenumberssayandcomparingthatwithwhatitsaysonthespreadsheet.Itismoreafocusonhowwearegoingtohitthemetrics.Whatarewegoingtodo?Whatarethenextstepswearegoingtotake?Whataretheprogrammeswe’regoingtoputinplace?Whatisourgo-to-marketstrategy?Iwillevenworkwiththemanagementteamstodeveloprelationshipswithkeycustomers.ImeettheMNOCEOsandspendalotoftimewiththemtobuildtrustinthatrelationship.“Ifyouwanttosummarisemeandhow

wedobusinessatDigitalColony–thatwouldbeit.”

Steven is happily married to Leslie whopatientlyendureshisarduoustravelagendathatseeshimawayfromhomeonaverage(inanormalyear)140nightsperannum.Theycompletethefamilywithtwochildren–daughterKatieaged13andsonJack,11.Hedoeshaveinterestsoutsideof

work,admitting:“Thenatureoftheworkwedois–withoutexaggeration–a24/7commitment.Itjustdoesn’tstop.Butinbetweenthatand

sleeping,IspendasmuchtimeasIcanwiththefamily.“Mysonisanavidswimmerand

heisontheswimteam,whilemydaughterplaystennisandisakeenhorsebackrider.SoIameitherpoolside,courtsideoratthebarnspendingtimewiththem.”Astohisowninterests–beyond

akeenfascinationinfinerthingsBordeaux–Stevensays:“Ienjoyskiingandscubadiving.AndIlovedoingthesethingswithmyfamily.”

There’s more to life thanwork…

When asked what message he would givetoaninfrastructureprofessional,Stevendoesn’thesitate:“Donotbeafraidtotakerisks–bothcareer-wiseandinyourjob.”Heclarifies:“Bythat,Imeandon’tbeafraidtotakeachanceonanideaandalwaysdrivetowardsyourambitions.“Ialwayshadtheambitiontolead

transactions,tobeinvolvedonthefrontlinesofadeal.Thereisnobiggerhighthanbeingintheboardroom,sittingacrossthetablefromasellerora

buyer,tryingtohashoutadeal.It’salotoffun.“Butit’snotaracetothebottom,itis

amarathon.BuyingthesebusinessesandacquiringtheseassetsisjustStep1.Theendgameisintegratingthemintoaplatformandastrategy–andexecutingthat.”Stevenadds:“Haveconviction

aroundyourdecisionsinlife…andalwaysfollowthroughonthem.Therearetoomanyexamplesofpeoplewhojusthaveideas.Don’tbethatperson.”

MessagetothereaderSteven Sonnenstein

"I am not one of these investors that shows up four times a year to a board meeting."


AtatimewhenESGisattheforefrontofeveryinfrastructureprofessional’smind,itcomesaslittlesurprisethatJemimaAtkins–whoseentirecareerhasbeenmouldedbythetopic–shouldwinthisyear'sIJInvestorRisingStarAward.Thejudgingteamforthisindividualaward

–sponsoredbyinfra/energyrecruitmentspecialistOneSearch–washugelyimpressedbyJemima’scollegialityanddedicationtoESGprinciples.JudgespraisedJemimaasa“clear

risingstarintheworldofinfrastructuredebt”andthatsheis“someonewhosetsabenchmarkinperformancethatherpeersshouldaspireto”.Anothersaid:“Jemima'sabilitytostepbackandrecognisewhenanassetisnotmeetingaclient’smandatethroughoutlengthynegotiationsprocessesputsheratalevelfarbeyondheryears.”ForJemima,whowasbroughtupin

thecountrysideandlaterstudiednaturalsciencesatuniversity,sustainabilityandconservationseemstoframehermathematicalwayofthinking.Andthat’spreciselywhyat26,she’ssogoodatinfrastructuredebtfinancingandahighly-regardedAVPontheAllianzGlobalInvestorsteam.Jemimahastwoprimarypassions:

sustainabilityandfinance.Andaccordingtoher,there’shugecomparabilitybetweenthestudyandmanagementofboth.Sheexplains:"It’sthesameidea:in

conservation,youhaveasetperimeteroffactorsinordertooptimallymanageapopulationofanimals,whetherthosefactorsarebirthrate,food,diseaseorpredators.You’rebuildingquiteacomplicatedmodeltounderstandhowtheyworktogetherandthenyou’rechangingtheinputsandseeingwhathappens.That’sexactlywhatIdorightnowinfinance,buttheparametersareintermsofcashflowratherthannumberofanimals."Hermindworksinacalculativemanner,

whichisinperfectsymmetrywiththeworkshedoesinAllianzGI’sinfrastructuredebtteamwhereshehashelpedtoanalyse,originateandexecutedealsacrosstheentireinfrastructurecoreandcore-plusspectrum.Shehasalsoworkedtostructure

subordinated,speculative-gradedebtsecuredonminorityholdingsincoreinfrastructure.Morerecently,shehasbeenassisting

withtheexpansionofAllianzGI'semergingmarketandblendedfinanceinitiatives,workingwithdevelopmentfinanceinstitutionstoblendprivatesectorcapitalwithgovernmentfundingtoaccelerateinvestmentsingrowingeconomiesthattheprivateinvestmentindustryhastraditionallyfounddifficulttoaccessefficiently.Recentinfrastructuredealsonwhich

shehasplayedamajorroleincludetheinvestment-gradedebutbondissuedbyDublinPortCompanyin2019whereinvestorsmanagedbyAllianzGIwerethesolesubscribers.Sheworkedwiththeissuerandadviserstodesignafinancingplatformthatcouldaccommodatefuturedebtissuance,intendedtosupporttheissuer’s"masterplan"forthegrowthofIreland'sprincipalmaritimeport.

Sheexecutedthe€300millionfinancingofaScandinavianDSOanddistrictheatingcompanywithinatimeframethatwastoopaceyforotherinvestorstokeepup.Shehelpedtoinvestaround€100millioninsecureddebtforoneoftheworld’sleadingsalmonwell-boatowner/operatorsatatimewhentheworld’sdemandforproteinisatitshighestandtheimpactoffarmedsalmonhasneverbeenundergreaterscrutiny.Inthelastyear,shealsocloseda£90

milliondebtinvestmentinaUKmotorwayserviceareaoperator,€65millioninholdcodebtfinancingforagasdistributionbusinessinSouthernEurope,and€300milliontermandcapexfacilitiesforanenergygenerationcompanylookingtotransitionfromcarbon-intensivefuels.

An all-rounderAccordingtoJemima,sheenjoysthewidescopeofherrolebutrefusestobepigeonholedintothenicheofpuresustainabilityandESGactivity,fearingthiswouldleadtohermissingoutonbroadermarketmovements."TheapproachIamgoingforisthat

it'smoreimportanttolookateverythingyoudothroughanESGandsustainabilitylens,thereforeyou'reaskingtheapplicablequestionsoneverydeal.Otherwise,ifthespecialisedESGpersonisn’tleadingtheinvestments,itmightbedifficultforthemtocapturealltheESGriskdetail."Jemimawantstobe–andsubsequently

is–aninfrastructuredebtpersonwithastrongfocusonsustainability,ratherthantheotherwayaround.Sheisseeminglyabletonavigateher

careerwithease,becausesheisacan-doperson.Sheusesabsolutestatementslike:"Nothingfrustratesmemorethanpeoplehavinggreatideasandthennotfollowingthrough.Ilikeactionandbeingentrepreneurial.Ilikegettingthingsdone,progressingandseeingresults."Andactionshehastaken.Afterleaving

schoolinthecountryside,shespentayearasaninternatRothschild&Co.Fromthatearlystageinherlife,sheforgedherownpath:"I’mnotoneofthosepeoplewhowantedtobeabankerfromtheageof12."

Rising Star Jemima Atkins,AllianzGIAllianzGI assistant vice-president Jemima Atkins is a Rising Star according to the IJInvestor Awards judging committee. IJGlobal reporter Sophie Mellor finds out just how fast she ascends…

Jemima Atkins

"The approach I am going for is that it's more important to look at everything you do through an ESG and sustainability lens."

IJInvestor Awards 2020 Rising Star


Insteadshewantedtoworkinanindustrythatchallengesherintellectually,onewhereshewouldfindherselfworkingwithhigh-achievers.Shewantedto"workinaroomwherepeoplearehavingadiscussion,andthere’satangibleoutcometothatdiscussion".AtRothschildshefoundherselfworking

closelywiththeenergyandpowerteam,whichprovedanicefitwithherinterestinclimatechangeandenergytransition.Herfurthereducationtookherontostudy

naturalsciencesatDurhamUniversity,amixofevolutionaryandconservationbiologyaswellaseconomics.Thedegreewasverymathematicalinnatureandfocusedonexaminingpopulationdynamicsandmodellinganimalbehaviour.Whileatuniversity,Jemimaservedasco-

presidentoftheFinanceSociety,wasactiveintheWomenInBusinessgroupandwasaregularplayerontheuniversityrugbyteam.ShealsointernedatCreditSuisseandBankofAmericaMerrillLynch.HerfinalthesissawhertraveltoSouth

Africaandstudytheeffectsofdifferentconservationmanagementtechniquesonantelope,wildebeestandzebraonagamereservewheretheylivedinanenclosed,naturalenvironmentbutexistedintheabsenceofanaturalpredator.

Infra beginnings Followinguniversity,shewasofferedajobfromhersummerinternshiponthedebtcapitalmarketsteamatBankofAmericaMerrillLynch.There,shehonedskillsthatwouldlaterserveasfoundationsforherfearless,quick-wittednegotiatingstyle.OneofthebestpiecesofadviceJemima

pickedupinthegraduaterolewastheimportanceofunderstandingfinancedocumentation.Taskedwithcombingthroughhundredsofpagesofagreementsandlegaldocumentation,sheleveragedthistalenttonegotiatewithmanagingdirectorsandseniorcounterpartiesonanequalbasis.Jemimasaysofhernegotiatingskills:"If

youputinthepreparation,Ifindthatyouoftenunderstandthedocumentationequallywell,ifnotbetter,thanthepeopleyou’renegotiatingagainst."Sheadds:"Ienjoyitbecauseit’smathswithwords,everythingisverylogicalandifyoureadtheclausesandfindtherightargument,youcanalwaysfindawaytoargueyourpointbyseeinghowtheclausesfittogether.Ifinditverysatisfying."Hermathematicalwayofthinkinghas

framedthewayshethinksESGduediligenceshouldbeconducted.Shebelievesthereisalackofstandardisedreportinganddataacrossinfrastructuredebt,whichisafundamentalproblem.

Andsheunderstandsthereisalottodo.Aconversationsheoftenrunsthroughis:"Peopleconsistentlyaskhowwecanmakeinfrastructuremoresustainable.Howdoyoudothat?Wemeasure.Wherearethenumbers?Wedon’thavethem."ThepotentialforESGdatastandardisation

forJemimaisimmenselyexciting,butitwillrequirealotofworkandtheinvolvementofmanyinternationalplayers.Despitethis,shealsoknowsitwillinevitablygetthereatsomepoint–becauseithasto."We’renotgoingtogettonetzeroby2050ifwedon’tworktogether.It'sjustnotgoingtohappen,"shesayswithoutatingeofdoubt.Beyondworkingherwayuptheranksof

infrastructuredebtfinancing,climbingMountKilimanjaro,doingtheThreePeaksChallengeintheUK,fishing,hiking,playingtagrugby,sheisalsomentoringstudentsthroughseveralcharitiestoencouragethemtoexplorecorporatecareersandtakemathsatschool.Alwaysinsurmountablyexcitedbythenext

challengeshe’sfacedwith,Jemimawillnodoubtcontinuethistrajectory.Wecanonlywatchinanticipationwhatshewilldonext.Whateveritis,theindependentpanel

ofIJInvestorAwardsjudges–allofthemindustryprofessionalsofmanyyearsstanding–areconvinced…it’sgoingtobeimpressive.

Rising Star sponsored by:

Dan McCarthy – the New York-based chief executive of infrastructure and energy placement specialist One Search – explains why he thinks Jemima Atkins is a worthy winner of the IJInvestor 2020 Rising Star

Everynowandthen,oneofmyclientshiresajuniorteammemberandknowswithinaveryshortperiodoftimethattheyhaveagreatfutureleaderontheirhands.ThiswasdefinitelythecasewithOneSearch’sintroductionofJemimatoAllianzGIwhere,withinafewweeksofherstarting,Iwashearingfromanumberoftheirseniorteamwhatagreatfirstimpressionshehadmade.Whenyoubearinmindthatshehad

joinedwhatinmyviewisoneofthemosttalent-richinfradebtteamsintheEMEAmarket–itselfcontainingothernotablecandidatesfor2020RisingStarincludingthetop-ratedHarshilShah–

youareremindedhowbrightlyJemima’sstarhasbeenshining.Atwork,sheshowsatenacity,athirstforknowledge,adesiretomakethingshappenthatisrefreshingtobehold.Hercolleaguestellmeaboutherworkethic,herpassionforESG,thewaysheorganizesherselfwithsuchruthlessefficiencythatshealwaysseemstomaketimetohelpontheAllianzGIprivatecreditinternprogramme(whichshehelpedsetupinthefirstplace),ortheworkexperienceprogramme.Onapersonalnote,Iwanttothank

JemimafortheexcellentworksheisdoingontheOneSearchYWIF

scholarshipprogram.Shehasbeenanabsoluterockforus,notonlymentoringthreeofourstudentsherself,butalsoaccompanyingustoschoolsalloverLondontogetyoungwomeninterestedinacareerinfinance.Ihavepersonallywitnessedthese16year-oldssitupandtakenoticewhenJemimaspeaksaboutthepossibilitiesthatthiscareerpresents,andI’mdelightedtoseeJemimagettingsomeindustryrecognitionnowforallthatshecontributes.ThisisjustthebeginningforJemima–markmywords–intheblinkofaneyeshewillbealeaderattheveryforefrontofthisindustry.

IJInvestor Awards 2020 Rising Star

9www.ijglobal.com Winter2020

IJInvestor Awards 2020 The MetLife Interview

Withthefinancialcrisisunderwayin2009,MIMsoughttoincreaseitsrealassetsbusinessandspottedanopportunityintheinfrastructuremarket:thefundamentalmismatchinhowlong-terminfrastructureassetswerebeingfinancedbyshort-termbankloans.Atthetime,equityinvestorswerealsofacingliquidityshortagesandpotentialratingsdowngrades.“Thatreallyallowedusin2009tobreakinto

themarket.atthatpointtherewerenotmanyinstitutionalinvestorsreallygoingintotheinfrastructurespace,”saysJohnTanyeri,HeadofInfrastructureandProjectFinanceforMetLifeInvestmentManagement(MIM).Aftercompletinginitialfinancingsunderthe

newstrategy,Tanyeri’steamwassoonbeingapproachedbyotherinvestorsandprojectownersseekingtoreplicatethemodelofferedbyMetLife.“Wereallysawthisopportunitygrow,”says

Tanyeri.Themarketcontinuedtodevelop,andin2013

TanyerimovedfromtheUStoLondonforthreeyearstobuilduptheinfrastructureteamandstartgrowingtheMetLife’sassetmanagementbusiness.Inadditiontoinvestinginthegroup’sownaccount,MetLifebeganprovidingassetmanagementservicestosmallerinstitutionalinvestorsandpensionfundsthatwerelookingforaccesstoinfrastructurebutwerestillnewtothemarket.WithaninitialfocusontheUSandUK,MIM

thenbeganexpandingitsglobalreachtoEurope,Canada,andinrecentyearstoLatinAmericaandAustralia.WhereastheUSprojectfinancemarketwastraditionallydominatedbyenergyassetssuchasgas-firedpowerandLNG,internationalmarketsofferedabroaderscopeofopportunities–intransmissionassets,ports,airportsandothersectors.Withapproximately$30bnportfolioasof

September2020,MIMoriginated$4.8bnin

infrastructurefinancingsin2017,$5.2bnin2018and$7.1bnin2019.ThesheerscaleandglobalreachofMetLife’sgrowthisnotable–butthegroupalsoseekstodifferentiateitselffromthecompetition.Importantly,Tanyeribelieves,MIMisdifferent

fromotherassetmanagersinthatitinvestsineverytransactionthatitmanages.MIMhasaglobalteam–withcountrymanagersspreadfromSantiagotoHongKong–aswellastheabilitytotakegreenfieldriskandlargeticketsizes.MIMoffersflexibilityintheformofdelayeddrawdownfinancingtosupplementconstructionandit’sabletogetinearlyontransactions.Tanyeripointstothecurrentbusiness

challengesbroughtonbycovid-19–includingliquidityshortages–andemphasisestheimportanceofrobustassetmanagementandpartnerships.“There’smoretothisthanassetorigination.You

needtopartnerupwithsponsorstogetthroughdifficulttimes,especiallywhenassetsaresittingonthebooksfor25years,”saysTanyeri.Lookingahead,TanyerisaysMIM’s

strategyistocontinuetoexpanditsmodelinnewregions.Henotes

opportunitiesacrosstheglobe–untappedmarketsinEasternEurope,Australia’stransitionfromacommodity-basedeconomy,energyandtransportationinSoutheastAsia,andaflurryofopportunitiesinLatinAmerica.

MetLife – scaling up a long-term portfolio with skin in the gameWhile MetLife Investment Management (MIM) has been in the project finance market for 20 years, the story of its massive scale-up began in 2009. From that time, the investor has grown its infrastructure debt portfolio from $2bn AUM to $30bn today.

"You need to partner up with sponsors to get through difficult times, especially when assets are sitting on the books for 25 years."

John Tanyeri, Head of Infrastructure and Project Finance for MetLife Investment Management

Institutional.But far from typical.™

*As of June 30, 2020. At estimated fair value. Includes all corporate and infrastructure private placement debt managed by MIM. All investments involve risk, including possible loss of principal; no guarantee is made that investments will be profitable. This material is for informational purposes only, and does not constitute investment advice or an offer to buy or sell any security, financial instrument or service. Securities products are sold by MetLife Investments Securities, LLC, a FINRA member firm and member of SIPC. L1020008718[exp1022][All States] © 2020 METLIFE, INC.

Significant scale and longstanding market relationships, combined with our leadership in infrastructure and corporate private placement lending, gives us exceptional access to investment grade private placement debt opportunities. We have more than 50 sector specialists working together to develop customized portfolio solutions to help meet your needs.

Discover private placement debt investment strategies at investments.metlife.com/private-placement-debt

Exceptional access to deal flow.

$91B AUM* in Private Placement Debt.


IJInvestor Awards 2020 The Moody's Interview

Forthefirsttimethisyear,IJInvestoropenedupanawardscategorytorecognisetheeffortsofratingsagenciesacrossinfrastructureandenergyM&Aandfundactivity–withMoody’sInvestorsServicewinning.Moody’sisknowngloballyforproviding

data,analyticalsolutionsandinsightsthatempowerorganisationstomakebetterbusinessdecisions.Ithasratedmorethan$1.7trillionofprojectandinfrastructurefinance(PIF)debtcoveringmorethan1,000publicly-ratedcompaniesandtransactions(asof31March2020).DuringthejudgingperiodforIJInvestor

Awards2020,Moody’srated463PIFdeals,representingmorethan$193billionpublicdebtissuedbyPIFissuersglobally.Thisaccountedfor86%oftotalrateddebtissued.Stand-outpublicratingsthatMoody’s

providedwhichensureditsselectionasthewinneroftheBestRatingsAgencytrophybyanindependentjudgingpanelwere:• AcornProjectTwo(Kenya)• BotswanaPowerCorporation(BPC)• $1.4billiondealbyCalpineCorp(USA)• $500milliondealbyChugokuElectricPowerCo(Japan)

• $500milliondealbyPSATreasuryPte(Singapore)

• $400milliondealbyOrstedWindPowerTWHoldingA/S(Denmark)

• $676milliondealbyAdifAltaVelocidad(Spain)

Butitwasacombinationofthreecomponentsthatreallyinterestedthejudgingpanel,theratingsprovidedforAcornProjectTwoandBotswanaPowerCorporationandMoody’sworkwithESG.

Acorn and BPCMoody’shasastrongfocusonemerginganddevelopingmarketswherethereisademandforinvestmentininfrastructure.Despitemorechallengingmarkets,multilateralagenciesanddevelopmentbanksplayacriticalroleinprovidingcreditenhancementforthecapitalstructureofaprojectinordertoenticeprivatesectorinvestorstodeploycapital.

Foreignexchangeexposureisparticularlychallengingsothereisnowanevolutionofdomesticcapitalmarketsasasourceoffundingthatmitigatessomeofthatexposure.Companiesareborrowinginlocalcurrencyandbeingpaidinthesame.Moody’sisseeingalotofinitiatives

andeffortstodeploycapitalinemergingmarketstomeetdemandwhichinherentlyinvolvesgovernmentalenterprises.DougSegars,managingdirectorat

Moody’s,says:“Overthelastfewyearswehavemadeaconcertedefforttoexpandintoemergingmarkets,someofthisisarounddevelopinglocalcapitalmarketsandsomeofitisaroundattractinginternationalcapitalintothoseareas.Thetworelativelyrecentratings–AcornandBPC–aregreatexamplesofthetwoendsofthatspectrum.”InAugust2019,Moody'sassigneda

B1ratingtoa5billionKenyanShilling(circa£750million)seniorsecuredMTN

programmesetupbyAcorntopart-fundastudentaccommodationprojectinNairobi.Thiswasoneofaverysmallnumberof

PPP-styleprojectfinancingsinAfricaandrepresentedanimportantmilestoneinthedevelopmentofthelocalcapitalmarketsfortheprivatefinancingofinfrastructureinKenya.TheissuerwasratedsolelybyMoody’sanditwasoneofthefirstprojectbondswithadeferreddrawdownstructure.ThenotesissuedbyAcornhaveabullet

maturityoffiveyears,aregovernedbyKenyanLawandbenefitfromanEnglishLawpartialguaranteeofprincipalandinterest,providedbyGuarantCo.Thepartialguaranteeisunconditionalandirrevocableandprovidesforrecoveryonup50%ofprincipalandinterestpaymentshortfallsintheeventofdefault.SegarssaystheAcornprojectisclearly

aimedathelpingdeveloplocalcapitalmarkets:“WhatwasinterestingabouttheAcornprojectfromthecapitalmarketsperspectiveisthatthenoteswerelistedontheLondonStockExchangeaswellastheNairobiStockExchange.ThatwasasaresultofdirecteffortsbyboththeUKgovernmentthroughDIFIDandLSEaswellastheKenyanFinanceMinistry.”ItwasalsothefirsteverKenyangreen

bondtobelistedintheUK.Anotherprimeexampleofinvestors

whoareseekingtofindaplacetoallocatecapitalisBPCwhichhasnosignificantinstitutionalmoneywithinBotswana.On10January2020Moody'sassigned

aBaa2long-termissuerratingtoBPC,thenationalenergycompanyinBotswana,responsibleforelectricityproduction,transmission,distributionandsupply.Itis100%ownedbytheGovernmentofBotswana.Segarssays:“BPCislookingat

generatingitsownpowergenerationcapacityandwantstobringinvestorsintodeveloppowerprojects.BPCwillthenpurchasethatpowerforwhichtheyneedaratingtoconvinceinvestorsthattheyareacreditworthycounterparty.”ThisisthefirsttimethatBPChashada

creditrating,againratedsolelybyMoody’s.

IJInvestor Awards – The Moody’s Interview Moody’s Investors Service won the IJInvestor Award for Best Ratings Agency. Here key players talk to IJGlobal Americas editor Ila Patel about key deals and ESG

Doug Segars

"Over the last few years we have made a concerted effort to expand into emerging markets."


A Sharper View of Project FinanceAs the Project and Infrastructure Finance sector evolves, and risks change, access to information keeps you in control. From credit ratings to sustainability, Moody’s global coverage, industry-leading research and trusted insights give you clarity.

Learn More: Simon Daws, EMEA Project Finance Specialist +44.20.7772.5228 | [email protected]

© 2020 M

oody's Investors Service, Inc. and/or its licensors and affiliates. All rights reserved.

AccordingtotheMoody’ssubmission,BPChassaidthatoneofthemajorrisksfacingBotswanaPowerCorporationistheinabilitytoaccessalternativesourceoffunding.“Tomitigatethisrisk,theMasaStrategyrecognisedacquiringacreditratingasapossiblewayofmakingthecorporationattractivetocorporatelenders.”

ESGInSeptemberthisyear,Moody’sannouncedtheformationofanEnvironmental,SocialandGovernance(ESG)SolutionsGrouptoservethegrowingglobaldemandforESGinsights,leveragingMoody’sdataandexpertiseacrossESG,climaterisk,andsustainablefinance.Overthecourseofthejudgingperiod,

Moody’sexpandeditsinvolvementinthisspace,recognisingthatESGconsiderationswereincreasinglyrelevanttoissuers,investors,counterpartiesandothers;andthatstakeholdersrequireclear,objective,transparentandglobally-consistentstandardsforunderstandingandmeasuringthesefactors.Moody’senhanceditsESGcapabilities

throughthreeacquisitions.

InApril2019Moody’sacquiredamajoritystakeinVigeoEiris,agloballeaderinESGresearch,dataandassessments.VigeoEirisoffersproductsandcapabilitiesbasedonESGassessmentsandanextensiveESGdatabase,aswellasspecialisedresearchanddecision-makingtoolsforsustainableandethicalinvestmentsincludingsecondpartyopinions.TheninJuly2019Moody’sacquired

amajoritystakeinFourTwentySeven,aleadingproviderofdata,intelligence,andanalysisrelatedtophysicalclimaterisks.FourTwentySevenisuniqueinincorporatingphysicalclimatescenariosintocreditratingsanalysis.Finally,inNovember2019Moody’s

acquiredaminoritystakeinSynTaoGreenFinance(STGF),aleadingproviderofESGdataandanalyticsbasedinandservingChina.TheinvestmentinSTGFalignswithMoody’songoingglobalcommitmenttopromotingtransparentstandardsforevaluatingESGrisks.Locally,theinvestmentstrengthensMoody’spresenceandengagementinChinaanditsfinancialmarkets,withafocusonsupportinglong-

term,sustainablegrowthandcontributingtothehealthydevelopmentofESGmarkets.WalterWinrow,groupmanagingdirector

forglobalprojectandinfrastructurefinanceatMoody's,saysthatESGandsustainablefinancecontinuestobeofgrowinginteresttoinvestorsandtocompaniesthataretryingtoberesponsivetoinvestors.Winrowsays:“Reflectiveofthatinterest

level,lastquarterwesawnorthof$125billionofgreenandsocialsustainablebondsandthatamountisaround30%higherthenwhatwesawintheprecedingquarter.SowecontinuetoseeinterestontheinvestorsidetodeploycapitalalignedwithESGprinciples.WearealsoseeingESG-alignedfundsthatarelookingtoinvest.”Thatnexusbetweeninfrastructureand

ESGinvestingobjectivescontinuestoexpand.Winrowadds:“ForMoody’s,aswelook

atourabilitytofurtherinformandcreatetransparencyaroundESGimpactstocreditworthinessofentities,we’vemadeinvestmentsthathavebeenveryimportanttoourabilitytodothat.”

IJInvestor Awards 2020 The Moody's Interview


IJInvestor Awards 2020 The Digital Colony Interview

DigitalColonyisridinghighonthebackofnumerousachievementsinthelastyear,roundingoffahostofaccomplishmentsbyscoopingatotaloffivekeyIJInvestorAwardsinrecognitionofthissuccess.Inthepagesthatfollow,DigitalColony

isrepeatedlysingledoutforpraisebyIJInvestor’sindependentpanelofjudges–allestablishedindustryexperts–withawardsfor:• Re-definingInfrastructureintheAmericascategory

• BestDigitalInfrastructureAcquisitionsintheDataCentrecategory–theDigitalBridgedeal(includingVantageDataCentersandDataBank)

• OverallglobalBestDigitalInfrastructureAcquisition–ZayoGroupHoldings

• BestDigitalInfrastructureAcquisitionforFibre–ZayoGroupHoldings

• OutstandingIndividualAwardfor2020–StevenSonnenstein

Duringthejudgingperiod,DigitalColonyachievedfinalcloseonitsinauguralfund–DigitalColonyPartners–at$4.05billion,akeycomponentofColonyCapital'spivottodigitalinfrastructure.Areflectionofthesuccessofthisvehicleisthatitisalready70%deployed.Amongitskeyportfolioinvestmentsis

thetake-privateofZayoGroupbyaffiliatesofDigitalColonyPartnersandtheEQTInfrastructureIVfund.Thistransaction'sclosingwasannouncedinMarch2020andvaluedat$14.3billion,representingthelargestsyndicatedprivateequityinvestment,thefifth-largestmediaandcommunicationsLBOandthesecond-largestLBOoverallsince2008.ThefundisledbyMarcGanzi–president

andchiefexecutiveofColonyCapital,alsoCEOofDigitalColony–whofoundedDigitalBridgeHoldings,aleadingglobalinvestorandownerofmobileandinternetinfrastructure.DigitalBridgewasacquiredbyColonyCapitalinJuly2019aspartofColony’stransformationtobecomethepremierplatformfordigitalinfraandrealestateinvestment.

Marcisverymucha“peopleperson”and–asisalwaysthecase–hehiresinhisownimage,givinghimateamwithstrongcommunicationskills,whichhebelievesiscentraltothefund’ssuccesstodateandformsthebasisforfutureachievements.“Havingbeenadeal-makerinthedigital

infrastructurespaceforthelast26years,theconsistentthemeacrossalmost80%ofourdealsis…relationships,”saysMarc.“Itiscentredonlong-lived,trustedrelationshipswithcounterpartiesandcustomersand–ultimately–aswelookbackonthelastyear,alotofthosedealswerecuratedbecauseofpre-existingrelationshipsandtrust.“Trustamongallpartiesiskeybecause

youcan’tjustturnnetworksovertosomebodywholacksexperience,youhavetohavepeoplewhohavebeenthereanddonethat.Thisiswherewedifferentiateourselvesasafirm.“Havingbeenanoperatorforthelast26

years,wearetrusted.Whenthetimecomestochooseapartytointeractwith,peopledon’tspendalotoftimethinkingaboutouroperationalcredentials.Theyknowthem.”However,havingcarveditsnicheinthe

AmericasandacrossEurope,thetimehasarrivedfortheColonyteamtotacklefreshmarkets.

Asia Pacific“There’salothappeninginthatpartoftheworld,asrelatestoinfrastructure,”saysMarc.“MigrationtocloudisabigtrendinAsiaandalotofsignificantnewworkloadsarehappeningacrosstheregion.“Wearereallyexcitedaboutfollowing

someofourcustomerstothathemisphereandthinkingaboutwayswecanhelpthem.Thereisareallygoodopportunitytorollupthetowerindustrywhichhasbeenhighlyfragmentedinthisregionforthelast15years.WecanbringthetechniqueswehaveusedintheUS,LatAmandEuropetobearinAsia.EdgecomputingisalsoabigopportunityinAsia.”Marcrecognisesthatmanyofthetrends

heandhisteamhavebeenhuntinginthe

AmericasandacrossEuropearestartingtomanifestinAsia,andhealreadyhasafive-strongteaminSingaporetospearheadthoseefforts.

Digital infra all the wayLikemostpeopleestablishedinthedigitalinfrastructureworld,Marciskeepingacloseeyeon5Ganditsmigrationasthevelocityofcapexspendgatherspace.

IJInvestor Awards – The Digital Colony Interview IJGlobal editorial director Angus Leslie Melville talks to Colony Capital chief executive Marc Ganzi about a stellar year of performance that was crowned by repeated success

Marc Ganzi

"Having been an operator for the last 26 years, we are trusted. When the time comes to choose a party to interact with, people don’t spend a lot of time thinking about our operational credentials. They know them."


“Ourbeliefisthatthiswillbeaseven-yearinvestmentcycle,”saysMarc.“Thiswillprobablybeprettyheavyin2021-through-23,andthenstarttotaperoffabit.WearestartingintheUSandtheNordicsasthefirstplaceswehaveseen5Gdeployments.ThesamegoesforKoreaandJapan.Europewillcomelaterthisyear/nextyear,andin2022-23youwillbegintosee5GrolloutacrossLatinAmerica.“Theimpactfortowersshouldbestrong

andthereshouldbealotofinvestmentintoexistingtowerinfrastructure–whichwillbegreatforthetoweroperatorsandthecarriersastheyrolloutnewtechnologies.“Weareexcitedaboutthisandtheteam

isspendingalotoftimewithourcustomersthinkingabouthowwedeploy5Gnetworks,reducecostsandlookfornewwaystocreateefficienciesintheRANarchitecture.”Thetowersectorisrapidlyevolvingtoa

placewhereitisnolongersimplyacaseofinstallinggearonatowerandrentingspaceascloudradioaccessnetwork(C-RAN)establishesitselfintheinfralexicon.“Ifyou’regoingtobeanext-generation

towerowner,youneedtounderstandthe

fabricofwhatisdrivingnetworkarchitecture–howtodeploycloudradioaccessnetworksandhowfibreinteractswiththetower,”saysMarc.“Justrentingspacefromamobile

operatorisnotaddingalotofvalue.Youhavetobethinkingaboutotherwaysyoucanbringvaluetothecustomerfrom5G.”

AsC-RANgathersimpetus,itisgoingtoseeamassiveswitch(nopunintended)fromtraditionalmethodstocloud-based,virtualswitchtechnologythatwillinvolvesignificantinvestmentintotheaggregationofradiosintoahubthatfeedsintoaclouddatacentre.“Thisisagreatopportunityforourmobile

customerstosavemoney,”saysMarc.“AndthatiswhywearespendingsomuchtimeonC-RANandedgecomputing–becausethat’sthefutureofnetworks.”Theinternetofthings(IoT)isroughly

sevenyearsoutandwillrequiremassiveinvestmentoverthatperiod.Currently–in2020–thereare20billiondevicesconnectedtotheIoT,withthisexpectedtoriseto80billionin2025,andonto500billionin2030.Justtakingthatsnapshotataglance,you

cannothelpbutthinkthatDigitalColonyisinagoodplacewhereitwillbenefitfromfirst-moveradvantages,tackrecordandestablishedrelationships…nottomentiontheirfirstfundisalmostfully-deployed…anddoubtlessanotheroneisinthebrewing.

"We are excited about this and the team is spending a lot of time with our customers thinking about how we deploy 5G networks, reduce costs and look for new ways to create efficiencies in the RAN architecture."

Marc Ganzi, chief executive, Colony Capital

IJInvestor Awards 2020 The Digital Colony Interview


IJInvestor Awards 2020 Transport Refinancing

ErmewaGrouphasbeenvotedtheIJGlobalTransportRefinancingoftheYear,recognisingitspositioningasacoretransportinfrastructureasset.ErmewaGroupisoneoftheleadingplayersintherailcarandtankcontainerleasingindustries,managingmorethan100,000assetsworldwide(ownedat95%).DavidZindo,chiefexecutiveofErmewa

Group,says:“Wearethe#2playerinfreightrailcarleasinginEuropeand#1inFrancewithamanagedfleetofmorethan40kandthe#1playerintheworldwidetankcontainersmarket,withastrongpositioninginthespecializedandgastankcontainer,throughEurotainerandRaffleslease,withamanagedfleetofmorethan60k.”Withfavourableoutlooksregarding

intermodalshiftstorailandcontainerization,adiversifiedfleetandconstrainedsupplyforalternatives,ErmewaGroupprovidesanessentialservicewithrobustinfrastructurecharacteristics.Furtheringthis,ErmewaGroupdecidedtotransformitsfinancingandmigrateittoaninfrastructurestylecorporateplatformthatallowsittosupportthebusinessoverthelong-term.

Davidsays:“Webelievethatourbusinessisacoreinfrastructurebusinessandthatinfrastructurelenderswouldalsoseeitinthisway.Wealsobelieveour2coreactivitiesarecomplementarytoeachotherwithdifferentunderlyingmarkets,butbothwithastrongoutlook.”Headds:“Themixofthesetwobusinessesbenefitedtherefinancingbothintermsofpricingandmaturitiesandthecurrencyweraisedthedebtin.”Davidcontinues:“Ourrailcarsarean

essentialinfrastructuretotheEuropeaneconomyandtoseveralspecificindustriesandevencriticalforthesupplychainofindustriesprovidingcorematerials/productsforwhichthereisnoviablealternativeduetoquantitiestransportedandnature.Ourtankcontainersarealsocrucialfortheshippingofhazardousandnon-hazardouschemicalsaroundtheworldwhichisvitalfortheglobalchemicalindustry.”Ermewabenefitsfromahighlydiversified

andresilientportfolioofoperators,forwarders,andindustrialcustomers(around1.2kcustomers),withverystableandhighutilizationrate,providingtoErmewastable

The Ermewa interviewDavid Zindo, CEO Ermewa Group chief executive David Zindo talks to IJInvestor about winning the Transport Refinancing Award for 2020

David Zindo

"We believe that our business is a core infrastructure business and that infrastructure lenders would also see it in this way."

Ermewa Group railcars are an essential infrastructure to the European economy


IJInvestor Awards 2020 Transport Refinancing

long-termcashflows.AsDavidsays:“ThisaspecthasbeenfurtherreinforcedbythecurrentCovid-19crisis,asthegroupwillmeetitsEBITDAobjectivefor2020.”Ermewa’sfullownershipmodelrequires

investmenttomaintainandgrowthefleetwithlimitedcapacityofmanufacturingfortherailcars.Bothbusinesssegmentsprovideanoperating“wet”leasebusinessmodelwithfullservicesprovidedbyhighly-skilledemployees.“Thisprovidesstrongbarrierstoentryfor

thesebusinesses,”accordingtoDavidand“makesErmewaanunavoidableandvitalplayerinthismarket.”Headds:“Thegroupisalsoinvolvedinworkshopsanddepotstosecurethewholecycleofservicesfrompurchasingtomaintenance,storageandrecycling.”

The RefiErmewalaunchedin2019aglobalrefinancingproject.“Ourprimaryobjectivewastosetupalong-term,flexible,investment-gradefinancingplatformthatcansupportthebusinessindeliveringthebusinessplanaswellasoptimisingpricingandsecuringlong-termEURandUSDdebt,”saysDavid.“Tofulfilthis,wehadtochangeour

asset-basedmindsetandputinplaceacorporate-styleinfrastructurefinancingthatwouldappealtoboththeinfrabankandprivateplacementmarket.Itwasalsoimportantforusthatthenewfinancingplatformwasportabletoallownewequityentrantsandwiththeflexibilitytoincorporatepotentialnewstrategiesonleverage,forexample.”Davidisgearingupforincreasedactivity

duethesustainabilityandclimatechangeagenda“Ermewaisproudoftheroleithas

andplaysinsupportingthetransitiontoalow-carboneconomy.”Aspartofitssustainabilityandfinancing

strategy,ErmewawentastepfurtheringreenfinanceandissuedaGreenFinancingFrameworktodefinemoredeeplyitsstrategy.AsDavidsays:“Alargepartofourrefinancingisgreen.”Davidadds:“Intermodalandrail

transportationisafundamentalbuildingblockforthemodern,greener,andmoreefficientlogisticsforthefuture.Ourwell-positionedanddiversifiedportfolioincludeswagonstransportinginthemostefficient

waypossiblethenecessarysupplyofgoodsofalltheindustrythatmakesoureconomywhatitistoday.Onefreighttrainhasaloadcapacitythatcanreplaceupto52trucks,whileconsumingfarlessfossilfuel.”Allrecycledsteelfromtherailcarsand

tankcontainerscanbethenreusedforotherpurposes.Davidisalsoconvincedthatthecombatagainstglobalpollutionisalsofoughtonthesideoftheplasticconsumptionandthattankcontainershaveakeyroletoplay.“Flexibagsusedtobethestandardto

transportlargequantitiesofliquidandweightalmost40kgofplastics(7,000plasticbags),withnoproofofefficientrecyclingandhighprobabilitythateventuallythosebagsarereleasedintothenature.Tankcontainerappearstobebyfarthebestalternativeandtheonlysustainableanswertothisproblembydoingfiveroundtripsoftheearthayearonaverageovera24yearslifetime;thisistheequivalentofmorethanonehundredflexibagsorhalfamillionplasticbags.”Followingthis,2021isalreadyshapingup

tobeabusyyearforthefirm.

All recycled steel from the railcars and tank containers can be reused for other purposes

"Intermodal and rail transportation is a fundamental building block for the modern, greener, and more efficient logistics for the future."

David Zindo, chief executive, Ermewa Group

One freight train has a load capacity that can replace up to 52 trucks

42,000 RAILCARS

160 DIFFERENT TYPES OF RAILCARS

60,000 TANK CONTAINERS

9 WORKSHOPS

42,000RAILCARS

60,000TANK CONTAINERS

7WORKSHOPS

ASSETMANAGEMENTIN A GLOBAL MARKET

As such Ermewa Group specialises in designing,optimising and managing strategic assets for the global supply chain, helping customers become moree� cient in their core activities.

ermewa-group.com

Ermewa Group is a european leaderfor freight railcars and the worldleader for tank containers leasing services


IJInvestor Awards 2020 Acquisition Awards

Digital infrastructure

ThejudgingpanelfortheIJInvestorAwards2020pickedtheacquisitionofZayoGroupHoldingsbyDigitalColonyPartnersandEQTInfrastructurePartnersasthewinneroftheBestDigitalInfrastructure-FibrecategoryandthewinneroftheDigitalInfrastructure–Overallcategory.DigitalColonyPartnersandEQTpaid

$14.3billiontotakeZayoprivate,havingrecogniseditsgrowthpotential,strongcustomerbaseandfibreinfrastructureassets.Totaldebtforthetransactionstoodat$5.9billionandtotalequityinvestedwas$8.2billion.Zayoshareholdersreceived$35.00incashpershareofZayo'scommonstock.Ajudgesaidoftheacquisition:

“thistransactionrepresentsthelargestsyndicatedprivateequityinvestment.”Zayowasfoundedin2007andhassince

amassedaportfolioof45acquisitionstobecometheleadingindependentproviderofcommunicationsinfrastructurewithanetworkof133,000-milesacrosstheUS,CanadaandWesternEurope.Thecompanywentpublicin2014.JanVesely,partneratEQTsaidofthewin:

“TheacquisitionofZayowasalandmarktransactionforEQT,representingthefirm’slargesttodateacrossallthebusiness

segmentsaswellasbeingthelargestsyndicatedprivateequityinvestmentsince2008.“ThedealisalsoareflectionofEQT’s

uniqueexpertiseandexperienceinthedigitalinfrastructuresector;westartedreviewingthisspaceoveradecadeagoandtoday,throughinvestmentssuchasZayo,SegraandDeutscheGlasfaser,EQTisoneofthelargestdigitalinfrastructureinvestorsglobally.”Veselyadded:“Thedemandforfiber

connectivitycontinuestogrow,drivenbyseculartrendsassociatedwithfundamental

shiftsinbothconsumerandenterprisebehaviors.Zayoispoisedtobenefitfromthesetrendsand,inlinewithEQT’sfirm-widefocusonsustainability,iswell-positionedtohaveapositiveimpactonsociety."Thetransactionclosedon9March

2020andsincetheacquisition,Zayohascontinuedtoexpanditsservicesandcapabilitiesduringtheglobalpandemictomeetgrowingconnectivitydemandsasaresultofremoteworkingandamoredigitally-drivenglobalcommunity.

Zayo Group advisers:

•GoldmanSachs–financial

•JPMorgan–financial

•SkaddenArps–legal

Digital Colony and EQT Infrastructure Partners advisers:

•MorganStanley–financial

•DeutscheBank–financial

•SimpsonThacher–legal

Best Digital Infrastructure Acquisition – Fibre • Digital Infrastructure – Overall Acquisition of Zayo Group Holdings

The deal is also a reflection of EQT’s unique expertise and experience in the digital infrastructure sector

"The demand for fiber connectivity continues to grow, driven by secular trends associated with fundamental shifts in both consumer and enterprise behaviors."

Jan Vesely, partner at EQT



CDPQ’sacquisitionofa30%stakeinthemainoperatingsubsidiaryofVerticalBridgeHoldings,thelargestprivateownerandoperatorofcommunicationsinfrastructureintheUSwaspickedbytheIJInvestorAwards2020judgingpanelasthewinnerintheDigitalinfrastructure–Towerscategory.Asonejudgesaid:“CDPQhasexpanded

itsexposuretothetelecomssectorwiththisacquisition,itisalreadyoneofthelargestoperatorsofcommunicationsinfrastructureintheUS.”Anotherjudgesaid:“ThisisasmartmovefromCDPQasVerticalBridgeisstrategicallypositionedinthemarketgivenitsportfolioofdigitalinfraassetsthatrangefromtowerstowirelessinfrastructure.”VerticalBridgewasfoundedin2014

andhassincecompletedmorethan250acquisitionsandgrownitsportfoliotoover288,000sites,includingmorethan16,000ownedandmaster-leasedtowers,aswellasAmerica'slargestandtallestprivateportfolioofbroadcasttowers.Itsportfolioincludes

towers,smallcells,realestateandotherwirelessinfrastructureassets.TheacquisitionplacesCDPQinastrong

positionasthesectorhashugegrowthpotential,aheadofthedeploymentof5Gtechnology.ItalsohasalowcarbonfootprintwhichtiesinwithCDPQ'ssustainableinvestmentpriorities.OlivierRenault,managingdirector,

infrastructure,NorthAmericaatCDPQ,said:“Thistransactionisimportantinmanyways:

CDPQwasabletoinvestinaqualityassetinanattractivesectorwhereconnectivityneedshavebeengrowing–evenmoresoinrecentmonths–anditallowedustobuildalastingpartnershipwithVerticalBridge,afirst-classoperatorthatbringsawealthofindustryknowledgetothetable.”Postthejudgingperiod–1April2019

to31March2020–VerticalBridgehasusedtheinvestment,tocontinueexpandingitsportfolioofbroadbandandbroadcasttowers,smallcells,realestateandotherwirelessinfrastructureassets.Thetransactionclosedon13June2019.

CDPQ advisers:

•CreditSuisse–financial

•AltmanVilandrie–consultant

•HoganLovells–legal

Best Digital Infrastructure Acquisition – TowersAcquisition of a 30% stake in Vertical Bridge

ThejudgingpanelfortheIJInvestorAwards2020pickedColonyCapital’sacquisitionofDigitalBridgeHoldingsasitswinnerintheDigitalinfrastructure–DataCentrescategoryfromthejudgingperiodof1April2019to31March2020.This$325millionacquisitioninJuly

2019,impressedjudgesbecauseofColonyCapital’sstrategicevolutionintotheleadingownerandinvestmentmanagerofassets,businesses,andinvestmentmanagementproductsinwhichthedigitalandrealestatefrontiersintersect.Ajudgesaidoftheacquisition“Colony

Capitalunderstandsthatthereareopportunitiestobehadintheglobaldigitalinfrastructuresectorgiventheincreasedrelianceonnetworks.Itisimpressivehowitiscontinuallylookingtogrowinthisarea.”TheacquisitionbuildsonColony’s

strategyofdevelopingleadinginvestmentmanagementplatformswithastrongfocusonassetsandbusinessesthatbenefitincreasinglyfromdigitalinfrastructure.DigitalBridge’sworld-classteamof

investmentprofessionalsandmanagementoftheDigitalBridgeportfolioofhighperformingassetsallcomeundertheColonyumbrellafollowingtheacquisition.Sincetheacquisition,ColonyCapitalin

Q22020changeditsstrategytoaccelerate

towardsadigitally-focusedapproachinordertobetterpositionthecompanyforgrowth.Thiswillrequireittorotatenon-digitalassetsintodigital-focusedinvestments.Ithasalreadyworkedonseven

proprietary,digitalinfrastructuretransformativedealsdeployingnearly$20billionandclosingsixfinancingsaccessing$12billionincreditduringtheglobalpandemic.Thetransactionreachedfinancialcloseon

25October2019.PriortotheacquisitionofDigitalBridge

Holdings,ColonyCapitalreachedfinancialcloseonDigitalColonyPartnersinMay

2019,a$4.05billionfundsponsoredbyColonyandDigitalBridge.

Digital Bridge advisers:

•DBOPartners–financial

•Kleinbard–legal

Colony Capital and Digital Bridge advisers:

•CliffordChance–legal

•Morgan,Lewis&Bockius–legal

Best Digital Infrastructure Acquisition – Data Centres Colony Capital’s acquisition of Digital Bridge Holdings

"CDPQ was able to invest in a quality asset in an attractive sector where connectivity needs have been growing."

Olivier Renault, managing director, infrastructure, North America at CDPQ



Renewables

ThejudgingpanelfortheIJInvestorAwards2020selectedGreenInvestmentGroup’s(GIG)$1.63billionacquisitionofa40%stakeinEastAngliaOneoffshorewindfarmfromIberdrolaaswinnerintheRenewables–OffshoreWindandRenewables–Overallcategories.Ajudgesaidofthewinningproject:“This

dealusedaninnovativefinancingstructure–onethathasperhapsnotbeenseenbefore.”EastAngliaOne–located43kmoffthe

UK’sSuffolkcoast–isnotyetfullyoperationalbutwillcomprise102SiemensGamesa7MWwindturbines,expectedtoproduceenoughgreenelectricitytopowertheequivalentofover600,000homesannually.Thefinancingstructurecomprisesa

minority-stakedividendfinancingwithlendersGoldmanSachs,Lloyds,Santander,INGGroep,MUFGandSMBChavingnosecurityattheprojectlevel.Thisstructurewasparticularlyunusualforthembecausethewindfarmstillcarrieselementsofgreenfield/constructionriskgiventhatitisnotfullyoperational.

Anothernotableaspectofthedealwasthelendingofthemaintermloanfacilitythroughanorphanfincolendingstructuretomitigatetheneedtoaccountformark-to-marketmovementsonitsCPI-linkedhedgingwheretheborrowerisnottheoperatingcompany.Ofthenumerousadvisersinvolved,one

said:“Toourknowledgethisisthefirstuseofadividend-financingtoacquireapartiallygreenfieldwindfarmandthefirstuseof

afincostructureofthisnaturetoaddressCPI-hedgingissues.Thedealinvolvedcoordinatinganumberofdifferentaspectsinacompetitiveacquisitionbidtimeframe:projectandstructuredfinance,hedging,constructionandprojectduediligenceandadvisingMLAsonthejointventureandshareholderarrangements.”Iberdrolaretainsamajority60%stakein

thewindfarm.Thetransactionclosedon29August2019withinthejudgingperiodfortheIJInvestorAwards2020.

Advisers to Iberdrola:


•Latham&Watkins–legal

Advisers to GIG:

•Macquarie–financial

•Linklaters–legal

•Allen&Overy–legal

Renewables – Overall Winner • Best Renewables Acquisition - Offshore windEast Anglia One

"To our knowledge this is the first use of a dividend-financing to acquire a partially greenfield wind farm and the first use of a finco structure of this nature to address CPI-hedging issues."

Transaction advisor

The$720millionacquisitionbyTerraFormofahigh-quality,unlevereddistributedgenerationplatformwith322MWcapacityintheUSfromsubsidiariesofAltaGaswasselectedasthewinneroftheRenewables–SolarcategorybythejudgingpanelfortheIJInvestorAwards2020.TerraformPowerisaglobalownerand

operatorof3,700MWofrenewablepowerassetsandtheacquisitionwasmadethroughTerraFormArcadiaHoldings.Onejudgesaidoftheacquisition:“TerraForm

acquiredadiverseportfolioacrossanumberofmarkets,thiswillboostitsinvestmentportfolio.”Anotherjudgecommented:“TerraFormnowownsoneofthelargestportfoliosofdistributedgenerationintheUS.”Thetransactionclosedon26September

2019withinthejudgingperiodfortheIJInvestorAwards2020.TheportfoliothatTerraFormhasacquired

hasassetsin20statesandcomprises:• 291MWofDGsolar• 10MWoffuelcellassets• 21MWofresidentialsolar

TheportfoliohascontractedPPAswithanaverageremaininglifeofabout17.6yearsfortheDGportfolioand14.1yearsfortheresidentialportfolio.TheinvestmentgradeforDGofftakersaveragesatA2/A+andcreditworthycounterpartiesfortheresidentialportfolioallwithinratingagencyguidelinesforinvestmentgradefacilities.Alltheassetsalsohaverenewableenergy

certificates(RECs),somecontractedandotherssubjecttoprevailingrates.Thefinancingfortheacquisition

compriseda$475millionnon-recourseholdcotermloansecuredbyalloftheassetsandcapitalstockheldbyTerraFormwitha364-daymaturity(withanoptiontoextendforupto12months)and$245millioninexpectedproceedsfromthesaleofminorityinterestsincertainwindassetsinNorthAmerica.ThelendersonthedealwereHSBC,Natixis,RBCandSMBC.Followingtheacquisition,John

Stinebaugh,CEOofTerraFormPower,said:“TheacquisitionwillincreaseTerraFormPower’saveragecontractdurationto14

yearsandenhanceitsresourcediversity.“Furthermore,thisdemonstratesour

strategyofrecyclingcapitalfromstabilizedassetswithlimitedopportunitiesforfurthervaluecreationintonewlyacquiredassetsthatmeetourreturntargetsandhavecommercialandoperationalupsidethatwecanextractthroughourintegratedoperatingplatform.”AltGasdecidedtoselloffassetsafter

reachingfinancialcloseontheacquisitionofgasutilityholdingscompanyWGLHoldingsinJune2018foraround$9billion.Onceitsoldanon-coregasgatheringsystemfor$280million,itauctionedoffthe322MWportfolioofdistributedgenerationassets.

Advisers to AltGas:

•Scotiabank–financial

•NomuraGreentech–financial

•Skadden–legal

Lenders counsel:

•Milbank

Best Renewables Acquisition – SolarProject Arcadia



AncalaPartners'acquisitionofOritesWindFarminCypruswasselectedasthewinneroftheRenewables–OnshorewindfarmcategorybythejudgingpanelfortheIJInvestorAwards2020.Inadealvaluedat€120million,the

windfarm–consideredoneofthelargestinCypruswithacapacityof82MW–waspurchasedonbehalfoffundsmanagedbyAncalaPartnersfromPlatinaEnergyPartnersandalocalentrepreneurastheirfund’stermwasreachinganend.Ancalaconsideredthescaleandqualityofthewindfarmanimportantdiversifierforitsfunds.Onejudgecommented:“Thisdeal

highlightsAncala’sexpertiseinidentifyingandrealisingattractiveinvestmentopportunitiesinnicheandoverlookedrenewablesmarketslikeCyprus.”Anotherjudgesaid:“Itisunusualtoseea

dealofthiscalibreinCyprus.Ancalahadtohavedoneitsduediligencetosuccessfullycloseatransactioninunfamiliarterritory.”Oritescomprises41VestasV90-2MW

windturbinesandhasbeenoperationalsince2011.Itproducesaround5%of

Cyprus’sentireelectricitygenerationcapacitywhichisthenexportedtothegridthroughalong-termPPAwiththeElectricityAuthorityofCyprus.ItalsohasafixedtariffwiththeCypriotgovernmentuntil2031.AsforCyprus’sustainablegoals,itis

laggingbehindeveryotherEuropeanUnioncountrywhenitcomestotransitioningitsenergyinfrastructurefromfossilfuelstorenewables.Only9-10%ofCyprus’senergyissourcedfromrenewables–20%behinditstarget.

AncalaplanstoexpandOritesandlaunchotherprojects–inabidtohelpreducetheuseofimportedoilbyCyprusandhelpitseconomydrivedownthepriceofenergyandincreaseself-sufficiency.MichaelPapaiacovou,vicepresidentat

Ancalasaid:“ThistransactionhighlightsAncala’sexpertiseinidentifyingandrealisingoverlookedinvestmentopportunitiesacrossEurope.Ancalahadtoresearchthemarketfromscratch,familiarisingitselfwiththemarket’snuancesincludingitssubsidysystemandprojectedelectricityneeds.Thisacquisitionrequiredsuccessfulcooperationwithalocalpartner,theregulatorandlocalauthoritiesswiftly,efficientlyanddiligently.”Thetransactionclosedon12March

withinthejudgingperiodfortheIJInvestorAwards2020.

Adviser to Ancala: •TraversSmith–legal

Adviser to Platina Energy Partners:•DLAPiper–legal

Best Renewables Acquisition – Onshore windOrites Wind Farm

ancala.com

CREATING VALUE BY THINKING DIFFERENTLY Proactive sourcing of

bespoke investments

Active asset management

Mid-market focus

Aligned partner

"This acquisition required successful cooperation with a local partner, the regulator and local authorities swiftly, efficiently and diligently."

Michael Papaiacovou, vice president at Ancala



ThejudgingpanelfortheIJInvestorAwards2020selectedtheacquisitionbyDIFVof100%equityinCanadianindependentrenewableenergycompanyBluEarthRenewablesasthewinneroftheRenewables–DeveloperM&Acategory.BluEarthiswidelyregardedasaleading

renewableenergyfulllifecycledeveloperandoperatorofhydro,windandsolarfacilities.Sinceitsinceptionin2010,BluEarthhasdevelopedandacquired19hydro,windandsolarprojectsintheUSandCanada.Ajudgesaidoftheacquisition:“This

strategicmovefromDIFwillgiveitmorereachintheNorthAmericanrenewableenergydevelopmentmarket.”DIFacquiredthebusinessfromOntario

Teachers’PensionPlan(OTPP)for$440million.ItisalsoinheritingBluEarth’sdevelopmentpipelinecomprisedofaround2GWofprojectsinvariousstagesofdevelopment.

PaulHuebener,partnerandheadofDIFAmericas,saidoftheacquisition:“BluEarthisanattractiveinvestmentthatwillprovideattractivereturnsandstablecashflowstoourinvestors.Aswe’vebeenworkingtogetheroverthelastseveralmonths,wealsoseestronggrowthpotentialaheadforBluEarth–particularlyintheUSmarket.”DIFfinancedtheacquisitionwithdebt

providedbyBMO,Desjardins,andNationalBankandclosedthetransactionon20

November2019withintheIJInvestorAwardsjudgingperiod.TheCanadiancompanyhas23personnel

focusedondevelopmentandconstruction,givingittheabilitytodelivergrowththroughvalue-addacquisitionactivities.Operationalandassetmanagementcapabilitiesareperformedin-houseacrossalloperatingassetsthroughBluEarthAssetManagement(BEAM),improvingoperationalperformanceandcostcontainment.

Advisers to DIF V:

•BakerMcKenzie–legal

•BMOCapitalMarkets–financial

•AgentisCapital–financial

•KPMG–financial

Adviser to OTPP:

•CIBCWorldMarkets–financial

Renewables – Best Developer M&ABluEarth Renewables

AncalaPartner’sacquisition–viaAncalaInfrastructureFundII–ofIceland’sleadingprivateenergybusinessHSOrkawasselectedbytheIJInvestorAwards2020judgingpanelasthewinneroftheRenewablesAlternativecategory.HSOrkaownsandoperatestwo

geothermalassetswithacombinedcapacityof174MW,100MWinReykjanesand74MWinSvartsengi.Italsohasadealpipelineofover200MW.ListedCanadianrenewableenergyfundInnergexdecidedtosellits54%interestinHSOrkainH12019.Ajudgesaidofthedeal:“Ancalausedan

innovativesolutiontocompletethisacquisitioninanon-traditionalgeography.”Anothersaid:“ItwasoneofEurope’smostnotablerenewableenergytransactionsin2019.”Inordertogetacompetitiveadvantage

andgainauniqueinsightintothebusiness,AncalapartneredwithJarðvarmi,aconsortiumof14Icelandicpensionplans.Ancalaclosedthe$304.8milliondealusingacomplexstructurewhichincludedtwoseparateacquisitionsandasalewithinone$500mtransactiontoensurethedealdidnotrunintoanylegalorstrategichurdles.Subsequently,thedealhasbeentransformedintoaleadingEuropeanpure-playrenewablesplatformwithafocusonararerenewabletechnology(geothermal).

LeeMellor,partneratAncalasaidofthewin:“WearedelightedtheacquisitionofHSOrkahasbeenrecognised.Itwasacomplexexecutioninvolvingtwoseparateacquisitionstoconsolidate100%ownershipofHSOrkainpartnershipwith14Icelandicpensionplans,togetherwithasaleofthecompany’sinterestintheBlueLagoontourismcomplex.ThetransactiontransformedHSOrkaintoapureplayrenewableenergyplatform.”ChallengesAncalafacedanddealt

withwhichdemonstrateditsunparalleledapproachtotransforminganopportunityandabilitytodeployaninnovativesolutiontoahighlycomplexsituationincluded:• only54%ofshareswereforsale–JarðvarmiandInnergex(twopensionplanconsortia)heldtheremainingamountbutoperatedunderadisjointedownershipstructure.Ancalaensuredthe

partnershipbecamealigned• establishedgovernancerightsandcreatedaplatformtodelivergrowthopportunities

• refocusedHSOrkaasapure-playrenewablesandutilityplatformbydivestingits30%stakeintheBlueLagoonGeothermalSpaandResort–Iceland’sleadingtouristattractionwhichlimitedthetransaction’soverallattractivenesstoinvestors

Thetransactionclosedon22May2019withinthejudgingperiodfortheIJInvestorAwards2020.

Adviser to HS Orka

•Evercore–financial

Best Alternative Renewables Acquisition – hydro, WTE, geothermalHS Orka

"BluEarth is an attractive investment that will provide attractive returns and stable cash flows to our investors."

Paul Huebener, partner and head of DIF Americas



Power & Utilities

TheAntinInfrastructurePartnersFundIV$1.25billionacquisitionofVeolia’sDistrictEnergyNetworksbusinessinDecember2019wasselectedasthePower&Utilities–OverallWinnerandPower&Utilities–DistrictHeatingcategoriesbytheIJInvestorAwards2020independentjudgingpanel.VeoliaEnvironnementwasthedivestor

andjudgessaidthiswas“thefirstrealdistrictheatingdealintheUS”withonejudgecommenting:“IliketheinnovativehybridfinancingstructureandthefactthisisonethelargestdistrictheatingplatformsintheUSwhichisamarketwehavenotyetseenopenupforinfralikeeveryonethinksitcould.”Thebusinesscomprises13district

heating/coolingsystemsacross10cities,includingstrategicpositionsinBoston/Cambridge,PhiladelphiaandBaltimorewithcirca80%revenues.Awiderangeofcustomersaresupplieddistrictheatingandcoolingsystemsincludingcommercialpremises,government,universities,hospitals,hotelsandmanufacturingfacilities.Thecompanyemploysmorethan400

peopleandgeneratedrevenuesofaround$400millionin2019.VicinityEnergyisAntin’ssecondmajor

investmentinthedistrictenergysector.In

2018itacquiredFrenchcompanyIdex,anintegratedoperatorofenergyinfrastructureassets,operating41districtheatingandcoolingnetworks(includingtheParisLaDéfensenetwork),13energy-from-wastefacilitiesandalargeportfolioofenergyservicescontractsforawidevarietyofcounterparties.ThisacquisitionisAntin’sfirstdealinthe

energysectorintheUSandsecondoveralldealintheregion.ItisalsothefirstdealfromFundIV.ItidentifiedtheopportunitytoacquireVicinityEnergyoverayearagoandbuiltastrongrelationshipwiththeVeoliaseniormanagementteam.The7-year$770milliondebtpackage

compriseda$625milliontermloanA,$80millioncapexfacilityanda$65millionrevolver.TheloanwaspricedatLibor+175bpwithstep-upsandlendersearninga50bpfee.LendersonthedealwereBNPParibas,CréditAgricole,BankofMontréal,MUFG,Natixis,SociétéGénéraleandSMBC.AntininitssubmissionsaystheVicinity

Energytransactionwasa“highlycomplexportfoliocarve-outtransactionfromcorporatesellerVeoliawhichinvolvedaninnovativenon-recoursefinancingstructureraisedtosupporttheacquisition,combiningbothcorporateandprojectfinanceelements.”

ItistheperfectfitforAntin’smandateofdefensiveandstableinfrastructureplatformswithpotentialforvaluecreation.ItwasexactlythesortoftransactionthatAntinenvisionedwhenitdecidedtoexpandtheAntinfootprinttotheUS.AntinseniorpartnerKevinGenieser,saidof

thewin:“ThisisexactlythesortoftransactionweenvisionedwhendecidingtoexpandtheAntinfootprinttotheUS.WeleveragedourEuropeannetworktosecureanexcellentplatformbusinessintheUSwithtremendousgrowthpotential.WeareverypleasedtohavebeenawardedbestdistrictheatingacquisitionasVicinityEnergyisrecognisedasaclassicAntindealbyinvestors.”Thedealclosedon30December2019

withinthejudgingparametersfortheIJInvestorAwards2020.

Advisers to Antin:•RBC–financial•MessierMaris&Associés–financial•PhilippeVillinConseil–financial•White&Case–legal

Advisers to Veolia:•BAML–financial•Orrick–legal

Best Power & Utilities Acquisition – Overall Winner • Power & Utilities – District HeatingVicinity Energy (Veolia US District Energy Networks)

SteelRiverInfrastructureFundNorthAmerica’ssaleofTransBayCabletoNextEraEnergyTransmission(asubsidiaryofNextEraEnergy)wasselectedasthewinnerofthePower&Utilities–OFTOcategorybytheIJInvestorAwards2020judgingpanel.ThesaleofTransBayCableas

constitutesoneofthelargestpowerdealsof2019costingaround$1billion,includingtheassumptionofdebt.Judgescalledthetransaction“high-

profile”and“NextErahasaddedahigh-qualityregulatedassettoitsportfolio.”TransBayCableisa53-mile,40MW,high-

voltagedirectcurrentunderwatertransmissioncablesystemwithutilityratessetbytheFederalEnergyRegulatoryCommission

(FERC)andrevenuespaidbytheCaliforniaIndependentSystemOperator(CAISO).Thecablesystemextendsfrom

Pittsburgh,California,toSanFrancisco,California,andprovidesaround40%oftheelectricalpowerusedonadailybasisinSanFranciscoanditssurroundingareas.Thesystemwasdevelopedandapprovedinresponsetoa1998blackoutintheBayArea,demonstratinganeedforgreaterresiliencyoftheelectricgridintheregion.Duetoitsstatusasapublicutility,the

transferofownershipofTransBayCablerequiredCPUCapprovalunderstatelaw.TheCPUCissuedadecisionapprovingthetransferofownershipinJuly2019whichallowedforthedealtoreachfinancialclosestraightafter.

Advisers to NextEra Energy Transmission:

•PillsburyWinthropShawPittman– legal

•EllisonSchneiderHarris&Donlan– regulatorycounsel

•WellsFargoSecurities–financial

•RBCCapitalMarkets–financial

Advisers to SteelRiver Infrastructure Fund North America

•Winston&Strawn–legal

•RBCCapitalMarkets–financial

Best Power & Utilities Acquisition – OFTOSteelRiver Infrastructure Fund North America's Sale of Trans Bay Cable



TheindependentjudgingpanelfortheIJInvestorAwards2020selectedtheacquisitionbyCastletonCommoditiesInternationalandWhiteSummitCapitaloftheentiretyofBizkaiaEnergia,the100%ownerofthe786MWAmorebietaCCGTplantlocatedintheBasqueregionofSpain,fromArclightCapitalPartnersasthewinnerofthePower&Utilities–Alternativecategory.Onejudgesaidthedealwas“an

innovativetransactionduetothemerchantriskelement.”Thedealhighlightsthatinvestorappetite

formerchantpowerinEuroperemainsstrongfortherightassetsintherightlocation,providedthecorrecteducationisbuiltfortheasset.AttransactioncloseinJanuary2020,

Bizkaiahadsevenmonthsremainingonitstollingagreement,allowingCastleton

toimplementitsownmerchantstrategy.Priortothis,ArclightandCantorFitzgeraldimplementedaholdcofinancingoftheasset,whichallowedthemtocreateanattractivecapitalstructureaheadofthesale.Theacquisitionhasaidedinrepositioning

Spainasadestinationformerchantpowerinvestmentandsettingthebenchmarkforfuturetransactions.IttookplaceatacriticaljunctureasSpanishpowerpriceswerebeginningtoshowsignsofrecoverybutCCGTovercapacitymeantmanygas-firedplantswereunprofitable,especiallygiventhegovernment’sfailuretoclarifyintentionsaroundcapacitypayments.Thedealalsoshowcasesasuccessful

sponsorexitinacomplicatedpowermarketenvironment.Atthetimeoftheacquisition,AriePilo,

headofCCI'sEuropeanpowerinvestmentsbusiness,said:“TheAmorebietaacquisition

buildsonourstrategytoincreaseexposuretotheEuropeanenergymarketsandmarksourentryintotherapidlychangingIberianhubwhereweseeenormouspotential.”

Best Power & Utilities Acquisition – AlternativeProject Biscay – Bizkaia Energia

Ardian’sacquisition–throughitsArdianInfrastructureFundV–ofa26%stakeinGermany-basedenergy,telecomsandITbusinessEWEAktiengesellschaftwassingledoutforanindividualawardbythejudgingpanelfortheIJInvestorAwards2020inthePower&Utilities–Energy&Utilitiescategory.Therewasacompetitivebiddingprocess

toacquireaminoritystakeinthecompanyfromEms-Weser-ElbeVersorgungs-undEntsorgungsverband(EWE-Verband)withanumberofcompaniesparticipating.Ardianeventuallyemergedasthewinner,paying€1.4billionforthestake.In2018,EWEAGreportedrevenuesof

€5.7bnandanEBITof€363.3million.EWEsupplies1.4millionpeoplewithelectricityandaround1.8millionpeoplewithnaturalgasthroughits207,000kmenergydistributionandsupplynetworks.Thetransactionwassubjecttoapproval

fromtheGermanFederalCartelOffice,whichitreceivedattheendofDecember2019.ThetransactionclosedinFebruary2020.Ofthe€1.4billiontotalvalue,debt

stoodat€680millionprovidedbyBarings,BNPParibas,SantanderandIMI-IntesaSanpaolo.Totalequitywas€720million.Theremaining74%isheldbyanalliance

formedof21citiesanddistrictsintheEms/Weser/Elberegion.Accordingtothesubmission:“The

transactiondemonstratesthekeyrole

privatecapitalcanplayinhelpingtoaccelerategrowthinstrategicareas–includingrenewables,networks,telecomsandmobility–criticaltothedeliveryandupdatingofregionalinfrastructure.StefanDohler,CEOofEWEAG,said

oftheacqusition:“WithArdian,wewill

haveastrategicgrowthpartnerwithextensiveexperienceinthepan-Europeaninfrastructuresectorwiththinkingjustaslong-term,prudentandsustainableasours.ItwasimportanttousthatthenewinvestorsupportsEWE’sstrategicgoalsandhelpsusonourpathofchangeandgrowthwithopportunitiesfromitsinvestmentportfolio.“Weknowwhereweintendtogo.We

continuetomakeprogresswithourmovetowardsbecominganinnovativesolutionprovider,offeringintegratedservicesandproductsforenergy,communication,networkeddataandmobility.Wewanttoplayanactiveroleinshapingtheclimate-friendlyanddigitalisedfutureofenergyandcommunications,andsetpositivestandardsbasedonapositionofregionalstrength.Withitsentrepreneurialapproachtothispath,Ardianisthestrongpartnerwehavebeenlookingfor.”

Advisers to Ardian Infrastructure Fund V:


Advisers to EWE AG:

•White&Case–legal

Advisers to lenders:

•CliffordChange–legal

Best Power & Utilities Acquisition – Energy & Utilities (individual award) EWE AG

"The Amorebieta acquisition builds on our strategy to increase exposure to the European energy markets and marks our entry into the rapidly changing Iberian hub where we see enormous potential."

Arie Pilo, head of CCI's European power investments business

Stefan Dohler

"With Ardian, we will have a strategic growth partner with extensive experience in the pan-European infrastructure sector."


Social Infrastructure/Transport

BrookfieldAssetManagementandGIC’s$7.9billionGenesee&WyomingwonIJInvestorAwardsfortheTransport–OverallandTransport–RailcategoriesTheindependentpanelofjudgeswas

wonoverbythissubmissionbased,asonejudgeputit,onitbeinga“largeandcomplexP2Pinanewsectorforinfrastructure”.AnotherjudgesaidthatthisisagrowingsectorofinterestforinfrastructurefundsintheUS“withthelikesof3iandFirstState(FirstSentier)alsohavingrecentlyinvestedintheUSshort-linerailindustry.Interestingly,BrookfieldhasalsoinvestedinlastmileutilitynetworksintheUKthroughBrookfieldUtilities.”TheBrookfield-ledinvestorgroupacquired

100%oftheoutstandingsharesofG&Wthroughatake-privatewithatotalvalueof$7.9billion–$5.2billioninequityand$2.7billioninasset-leveldebt.ThedealclosedinJuly2019.Thiswasarareopportunitytoacquirea

railinfrastructurenetworkofscaleinNorthAmericaforgoodrisk-adjustedreturns.G&WisasignificantadditiontotheglobalrailplatformandexpandsBrookfield’spresenceinthissectortofourcontinents.G&Woperatesanirreplaceabletransport

infrastructurenetworkcomprising116short-linerailroadswithover22,000kmoftrackacrossNorthAmericaandtheUK.ItisthelargestshorthauloperatorinNorthAmerica

witharesilientbusinessmodelacross14majorcommoditygroups.Mostrevenuesaregeneratedfromhaulingfreightandprovidingfreight-relatedservices.Itprovidescriticaltransportservicestomorethan2,800customers,anditscashflowshaveproventoberesilientovermanyyears.Brookfieldiswellsuitedtoworkwith

thecompanytocontinuetoimprovethebusiness,givenitssignificantexperienceowningandoperatingrail,portsandotherlarge-scaletransportassets.Thisacquisitionwasasignificant

opportunitytosurfacethemajorityofvaluethroughoperationalimprovementwithmodestgrowththroughvolumeandpricingincreases.Morespecifically,itsfocuswillbeondrivingmarginimprovements.ItwillalsobelookingtoexpandopportunisticallyviaM&A,withstrategictuck-inopportunitieswherebyoperationalsynergiescanbeachieved.

Advisers to the consortium:

•Citigroupfinancialmarkets–financial

•White&Case–leadlegal

•McCarthyTétrault–legal

•Gilbert+Tobin–legal

•Steptoe&Johnson–legal

Brookfield adviser:

•Torys–legal

GIC adviser:

•SidleyAustin–legal

G&W advisers:

•BAML–financial


•SimpsonThacher&Bartlett–legal

•AddleshawGoddard–legal

•Allens–legal

•ClarkHill–legal

•Macfarlanes–legal

•StikemanElliot–legal

Best Transport Acquisition – Overall Winner • Transport – RailGenesee & Wyoming

G&W operates an irreplaceable transport infrastructure network comprising 116 short-line railroads

"G&W is a significant addition to the global rail platform and expands Brookfield’s presence in this sector to four continents."



MacquarieInfrastructureandRealAssetsacquisitionofFarnboroughAirportfromTAGGroupthroughitsMacquarieEuropeanInfrastructureFund6(MEIF6)wasselectedasthejudgeswinneroftheTransport–AirportcategoryfortheIJInvestorAwards2020.TheacquisitionisastrongfitforMEIF6’s

mandateduetoitsresilientbusinessmodel,underpinnedbyitsstrategicimportanceintheLondonairportssystemandfullflexibilityoverthechargingstructure.Ajudgesaidofthedeal:“Thisisthe

firstbusinessaviationairporttransactioninEuropeinvolvinganinfrastructurefund.”Thetransactiontookayeartocomplete

withMIRAtakingpartinbilateraldiscussionswiththevendorsinSeptember2018andreachingpricealignmentinSeptember2019.FarnboroughAirportwasacquiredfromTAGGroupandanumberofhighnetworthindividualswhohadownedtheassetformorethanadecade.AccordingtoMIRA’ssubmission“the

innovativetransactionistheveryfirstofthistypeinEurope,andhasopenedupanewsub-sectorwithinthetransportmarket.”Theairporthasbeenaroundsince1908

andwastheUK’sfirstairfieldandthesiteofthecountry’sfirstpoweredflight.ItisadedicatedbusinessaviationairportlocatedintheSouthofEnglandwitheasyaccesstomajorroadandraillinks–andhascarbonneutralstatusfromAirportsCouncilInternational.Theairportalsohasstate-

of-the-artfacilitiesdesignedspecificallytomaximisetravelefficiencyandreliability,aswellascustomerexperience.FarnboroughAirporthandlesaround

athirdoftheLondonairportssystem’sbusinessaviationtrafficandthislookssettoincreaseasotherLondonairportsbecomeincreasinglycapacityconstrainedwithcommercialtraffic.JohnBruen,seniormanagingdirector

atMIRA,said:“OursuccessfulacquisitionofFarnboroughAirportwastheproductofdeepknowledgeoftheairportsectorandayear-longbilateralprocesswithaconsortiumofprivateinvestorswhohadownedthebusinessformorethanadecade.Ourstrongtrackrecordwaskeytogainingexclusivityandplayedanimportantroleinsecuringthevendor’sconfidencethatweweretherightownertoshapethenextchapterofFarnboroughAirport’sdevelopment.“Atatimewhenthebroaderaviation

sectorisexperiencingconsiderable

uncertaintyasaresultofCovid-19,wehavebeenpleasedtoseeourinvestmentthesisforFarnboroughAirportvindicated.Withitsstrategiclocation,state-of-the-artfacilities,andloyalcustomerbase,FarnboroughAirporthasdemonstrateditsresiliencethroughthepandemicandiscementingitspositionastheUK’sleadingbusinessaviationairport.”

Adviser to MIRA:

•Shearman&Sterling–legal

Advisers to TAG Group and investors:

•JPMorganSecurities–financial

•PwC–financial

•ClearyGottliebSteen&Hamilton– legal

•Trowers&Hamlins–legal

Best Transport Acquisition – AirportsFarnborough Airport

TheIJInvestorAwards2020judgingpanelselectedtheCanadianPensionPlanInvestmentBoard’s(CPPIB)acquisitionofa55%stakeinPTLintasMargaSedaya(LMS),theconcessionholderandoperatoroftheCikopo-Palimanan(Cipali)tollroadinIndonesiaasthewinnerintheTransport–Roadscategory.CPPIBformedapartnershipwithPT

BaskharaUtamaSedaya(BUS),awholly-ownedsubsidiaryofPTAstraTolNusantara(AstraInfra)toacquirethestakeheldbyPLUSExpresswaysInternationalBerhad,asubsidiaryoftheUEMGroup.CPPIBacquireda45%stake.BUSisanexistingownerof45%ofLMSandincreasesitsstaketo55%.Onejudgesaidtheinfrastructure

acquisitionwas:“high-profileandhigh-valuewithmulti-jurisdictionalandmulti-governinglawelements.”

ThedealmarksCPPIB’sfirstIndonesianinfrastructureinvestmentandclosedon28November2019,withinthejudgingperiodfortheIJInvestorAwards2020.SuyiKim,seniormanagingdirectorand

headofAsiaPacificatCPPIB,saidatthe

timeoftheacqusition:“AsCPPIB’sfirstinfrastructureinvestmentinIndonesia,thisdeepensthefund’scommitmenttotheAsia-Pacificregionaswellasourfocusoninvestmentsinnewmarketswithattractivereturnandriskcharacteristics.”TheCipalitollroadisoneofthelongest

operationaltollroadsinIndonesiawithatotallengthof117km.ItisacriticallinkinthetransportnetworkoftheislandofJava,aspartoftheTransJavaTollRoadnetwork.ThehighwayprojectwasawardedtotheUEMGroupin2006andwascompletedin2015.

Adviser to PLUS Expressways:

•HerbertSmithFreehills

Best Transport Acquisition – RoadsCikopo-Palimanan (Cipali) toll road acquisition




TheindependentjudgingpanelfortheIJInvestorAwards2020selectedtheacquisitionofa41.1%stakeinAlphaTrainsbyAPGasthewinneroftheTransport–RollingStockcategory.JudgessaidthatAPGhadgonefor

“anattractiveinvestment”withonejudgecommenting:“AlphaTrainsisamarketleaderamongtheprivately-ownedrollingstocklessors,I’msureAPGwillcontinuetosupportitsgrowth.”APGacquiredthestakeinthe

Luxembourg-basedpassenger(mostlyelectric)trainandlocomotiveleasingcompanyfromArcusEuropeanInfrastructureFund1(AEIF1).AlphaTrainshas110employeesfrom11countriesworkinginofficesinLuxembourg,Antwerp,Cologne,MadridandParis.Astheownerof432passengertrainsand

363locomotives,thecompanyofferstailor-madeleasingsolutions,comprehensiveknowledgeinmaintenanceandvehiclerepairsaswellaslong-termexperienceinthefinancingofnewbuildprojects.Thecompanypromotessustainable,low

carbonmasstransportwithinEuropewithitsmostlyelectricfleet.

Atthetimeoftheacquisition,PeterBranner,CIOofAPG,said:“Asalong-termresponsiblepensioninvestor,wearecontinuouslylookingforattractiveinvestmentsthathelpusrealisestablereturnsforABPandtheotherpensionfundclientsweworkfor,whileatthesametimecontributingtoasustainableworld.“TheinvestmentinAlphaTrainsGroup

perfectlyfitsourinvestmentstrategy:AlphaTrains’fleetofmostlyelectrictrainsandlocomotivespromotessustainable,lowcarbonmasstransportwithinEuropewhilealsoofferingaccesstoalong-termbusinessmodelwithstronggrowthandresilientcashflows.”Branneradded:“Welookforwardto

supportingtheAlphaTrainsmanagementteamingrowingthebusiness.Weare

excitedtobepartoftheongoingEuropeanrailliberalisationprocess,wheresignificantinvestmentisrequiredfornewvehiclestoincreaserail’sshareoftheEuropeantransportationmarketandthereplacementofaginginfrastructuretocontributetoEurope’sgreenhousegasreductiontargets.”SimonGray,Arcusco-managingpartner,

saidthatitwasanappropriatetimeforAEIF1toexititsinterestinAlphaTrainsandbelievesthatAPG,viaitsindirectholding,“willbeanexcellentpartner,continuingtosupportAlphaTrains’growth.”Thetransactionclosedon20December

2019withinthejudgingperiodfortheIJInvestorAwards2020.

Advisers to APG:

•DeutscheBank–financial


Advisers to Arcus Infrastructure Partners:


Best Transport Acquisition – Rolling StockAlpha Trains

3iInfrastructure’sacquisitionoffast-growingFrenchsterilisationspecialistIonisos,aleadingownerandoperatorofcoldsterilisationfacilitiesservicingthemedical,pharmaceuticalandcosmeticsindustrieswassingledoutbythejudgingpaneltowintheIJInvestortrophyforSocialInfrastructure–overallwinner.ArdianInfrastructure'sfourthexpansion

fundsoldthebusinessto3ifor€365million.Judgescalledthedeal“unique”with

onejudgecommenting:“3iismovingawayfromtraditionalinfrastructuresectorsanddiversifyingintonewersub-sectors.”Ionisoswasestablishedin1993in

Civrieux,Franceandisnowthethirdlargestcoldsterilisationprovider.Itoperatesanetworkof11facilitiesinEuropewithmarketleadingpositionsinFranceandSpainand3i’sgrowthplansforitincludecontinuingtomakebolt-onacquisitionsacrossEurope.TheFrenchcoldsterilisationspecialist

deliversservicesthatareanessentialcomponentofthemanufacturingprocessandtypicallyappliedtosingle-useproducts

thatwouldbedamagedbytheheatand/orhumidityofhotsterilisationmethods.Initssubmission,RichardLaing(non-

executivechairmanof3iInfrastructure)said:“Ionisosrepresentsagreatopportunityfor3iInfrastructuretodiversifyitssectorexposureandincreaseitspresenceintheFrenchmarket.Itisaresilientbusinessprovidingessentialinfrastructuretosectorswithattractivelong-termfundamentals”.Thetransactionwasfundedthrough3i’s

acquisitionfacility,capex,revolvingcreditfacilityand3ialsoinvested€220million.MLAsonthedealwereRBCandNatWest

andfinancialclosewasreachedon25September2019,wellwithinthejudgingperiodfortheIJInvestorAwards2020.Followingthewin,PhilWhite,managing

partnerandheadofinfrastructure,at3iInvestments,said:“Ionisos,whichoperatesinafast-growingmarketandisledbyastrongmanagementteam,isagreatadditionto3iInfrastructure’sportfolio.ThecompanyprovidesessentialinfrastructuretothehealthcareindustryanditsresiliencehasbeenconfirmedduringtheCovid-19pandemicwhichsawincreaseddemandforhigh-qualitysterilisationservices.“Welookforwardtocontinuingtogrow

Ionisosintoapan-Europeanplayerthroughtheextensionofitsexistingsitesaswellasmarketconsolidationandgreenfielddevelopment.”

Advisers to 3i:


•Lazard–M&A

•RolandBerger–strategic

•PwC–financialduediligence

Best Social infrastructure Acquisition – overall winnerProject Epione

"Ionisos represents a great opportunity for 3i Infrastructure to diversify its sector exposure and increase its presence in the French market."

Richard Laing, non-executive chairman of 3i Infrastructure

"The investment in Alpha Trains Group perfectly fits our investment strategy."

Peter Branner, CIO of APG



ArcusInfrastructurePartnersclearlyacquisitionofmajoritystakesinthreeindustrial-scalecoldstoragecompaniesinBelgiumwassingledoutasthewinneroftheTransport–LogisticscategorybytheIJInvestorjudgingpanel.Onejudgesaid:“Thisiswasan

interestingtransaction,asitestablishesanewsectorasvalue-addinfrastructure.”Anothercommentedthatitwasa“creativeidentificationofanewsectorandabuyandbuild.”ArcusacquiredstakesinBelgium’s

Stockhabo,(40%),theNetherlandsLintelo,(75%)andNorway’sGlacio(90%)andestablishedaplatform,ConstellationColdLogistics.Thetotalinvestmentwas€65millionwhichwasequity-fundedbyArcus’secondFund,ArcusEuropeanInfrastructureFund2SCSpandclosedon27January2020.ConstellationColdLogisticsisonlythe

secondinvestmentincoldstoragebyaninfrastructureinvestorandthefirstinEurope.Arcusconductedin-depthresearchandinvestmenttargetprofilinggiventhefragmentedcoldstoragesectorinEurope,beforeacquiringthestakesinthethreebusinesses.Goingforward,Arcus’strategyfor

Constellationinvolvestheacquisitionofseveralmarket-leadingcoldchaininfrastructurebusinesseswithinEuropetocreate“aleadingEuropeannetworkinthecoldstorageandlogisticsmarket,”accordingtoitssubmission.Thecoldstoragecompaniesplayacritical

roleinthejourneybetweentheproductionoffoodanditsconsumptionandworkwithfoodproducerssuchasUnileveraswellaswholesalersandretailers.Allthefacilitiesarelocatedinstrategiclocationswithcaptivecatchmentareaslikefoodproductionfactoriesoratports,usuallyoneofseveral

barrierstoentryforcompetitors.WhileConstellationoffersvalue-add

servicessuchasblastfreezingandthawing,storageisthecoreofitsbusiness.Thecombinationofthethreecompanies

makesitthefifthbiggestcoldstorageplayerinEuropebyareawitharound1.6millioncubicmetresofstoragecapacityacrossitseightfacilities.Arcusdecidedtopursueaninvestment

inthecoldstoragespacebecauseofitspositiveexperienceinholdingportassets,namelyForthPortsintheUKandEuroportsintheNetherlands,bothofwhichhadwell-performingcoldstoragefacilitieswithintheirportestateinfrastructure.Afterin-depthresearch,Arcusconcluded

thatcoldstoragefacilitiesareessentiallyfoodportsandareespeciallyimportantastheyareoftenlocatedinkeytransportcorridorsandhaveclearinfrastructure-likecharacteristics.

Accordingtoitssubmission“coldstorageisanewemergingareaofinvestmentforInfrastructurewithcharacteristicsthatcouldclearlyleadtoitbeconsideredcoreinfrastructureinthefuture.ThereisotherevidenceofinfrastructurefundslookingattheEuropeancoldstoragesector,butcreatingaEurope-wideplatformcouldbeachallengeformanyofthemasfamily-ownedtargetcompaniesareoftenreluctanttosell.”JordanCott,Arcuspartnerand

assetmanagerforConstellation,said:“ConstellationrepresentsthefirstinvestmentincoldstorageandlogisticsbyaEuropeaninfrastructurefund.Thissectorhasgrownitsfollowingsignificantlyinrecentyears,andwewereabletoleverageoffourpastexperiencesintheportssector,aswellasyearsofresearchonthecoldstoragesectoritself,todevelopthebestpossibleinvestmentapproachsothatwecouldexecutequicklyandbilaterally.”Cottadded:“Constellationhasaunique

offeringasaconsolidatorinthecoldstorageandlogisticsindustry,astheplatformisseekingtobalancethebenefitsofacoordinated,Europe-wideapproachwiththeentrepreneurialspiritandoperationalautonomythathasservedthesebusinessessowellfordecades.“Launchingaconsolidatorplatformofthis

nature,alongsideseveralpartners,placedsignificantpressureontheacquisitionprocesses.Atonepoint,Arcuswasintheprocessofclosingoneacquisitionwithtwoothersinexclusivityandadvancedstagesofduediligence.Inadditiontothat,withsomanystakeholders,maintainingconfidentialitywascritical.Workingalongsideprofessionaladvisers,aswellasseniorindustryexpertswhowere“insidethetent”,helpedustocollectivelylaunchConstellationwithoutkickinguptoomuchdust.

Best Transport Acquisition - LogisticsConstellation Cold Logistics

TheindependentjudgingpanelfortheIJInvestorAwards2020votedtoawardatrophytoCDPQ’sacquisitionofa45%stakeinDPWorldChileintheTransport–Portscategory.Judgessaidthedeal:“represented

theCanadianinstitutionalinvestor’sfirstinfrastructureacquisitioninChile.”CDPQacquiredthestakeviaitsinvestment

platformwithDPWorld,havingpartneredwiththeEmiratilogisticscompanyin2016tocreatea$3.2billionplatformtoinvestinportsandterminalsglobally.Currently,DPWorld

holds55%oftheplatformandCDPQholdstheremaining45%.DPWorldChileoperatesterminalsinPuerto

CentralinSanAntonioandPuertoLirqueninGranConcepción.TheterminalsserveChile’smainconsumptionandindustrialcentres,makingthemkeyfreighttransportcorridorsinChile.InApril2019,DPWorldacquired99.2%

oftheissuedsharecapitalofDPWorldChileviaatenderofferprocessandthisinvestmentwasthenintegratedtoitsplatformwithCDPQ.Theplatformalreadyhasanexistingportfolio

ofportsincludingterminalsinVancouverandPrinceRupertinCanada.Thetwonewterminalshavebeenaddedtothisportfolio,animportantstepinthegrowthoftheplatformandsolidifyingitsgeographicdiversificationobjective.CDPQ’sprofilehasalsobeenboostedinthefieldoftransportwiththeacquisition.Sincetheacquisition,theCDPQandDP

WorldplatformhaveanewinvestmenttargetofUS$8.2billionandwillcontinuetotargetassetsgloballyaswellbroadeningitsfootprintinexistinggeographies.

Best Transport Acquisition – portsCDPQ acquisition of stake in DP World

Jordan Cott

"Constellation represents the first investment in cold storage and logistics by a European infrastructure fund."


Oil & Gas

TheJVofEuropeaninfrafundMargueriteIISCSpandItalgastobuildagasdistributionnetworkanddevelopaleadgasmarketingbusinessinSardiniawonovertheIJInvestorjudgingpanelasfortheOil&Gas–LNG+Midstreamcategory.andoverallwinnerforO&G.SardinialacksagasnetworksothisJV

willopenamarketandopenupnaturalgassuppliesaheadofmorepollutingsourceslikediesel.Margueriteacquireda48.15%stakein

MedeaandMedeaNewco(nowGaxa)fromItalgas.BothcompaniesoperateinthedistributionandsupplyofLPGinSardinia.MedeasuppliesLPGto45,000customersanddevelopedagaspipelinein10outof19concessionarybasins.Onejudgesaidofthe€91.8milliondeal:

“Thistransactionwillprovidehugesocialandeconomicdevelopmentbenefitstotheregion.”Anotherjudgesaid:“ThisprojectwillallowSardiniatothinkmoresustainablyaboutthedeliveryofnaturalgas.”Marguerite’sInfrastructurefundIIwas

throughthisJVabletoinvestinthegas

distributionsectorforthefirsttime.TheJVcomplieswithitsinstitutionalmissiontoencouragetheinfradevelopmentofnewinfrastructureinEuropeancountries.TheJVsaidofthewin:"Margueriteand

ItalgasareproudofthisrecognitionforapartnershipcreatingamodernandnativedigitalgasdistributionnetworkthatwillmakeitprogressivelypossibletoreplacethemostpollutingenergysourcescurrentlyinuseinSardiniawithnaturalgas.Anextgenerationinfrastructurewhich,inadditiontoenvironmentalprotection,guaranteessignificantcostsavingsforthefinalcustomersandpavesthewaytoafutureuseofrenewablegaslikebiomethaneandhydrogen.”LorenzoParola,partneratHerbertSmith

Freehills,said:"WeareexcitedtohaveassistedMargueriteInfrastructureontheirfirstdealinthegasdistributionsector;thiswillhaveanimmediateimpactonthelong-awaitedmethanisationofSardiniaanditwillbeadriverforboththeislandeconomyandthedevelopmentofsynergeticsmallscaleLNGregasplants."MargueriteIIwaslaunchedin2017

andhasparticipationfromtheEIB,ItalianCassaDepositiePrestiti,CaissedesDépôtsGroup,BGK,KfWandICO.Itsaimistosupportthedevelopmentofprojectsintheenergy,renewables,transportanddigitalinfrastructuresectorswhilealsoimplementingthemainEUpoliciesofclimatechange,energysecurityandtrans-Europeannetworks.Italgashasa€500millioninvestment

planforSardiniaby2025,whichwillseeMedealayaround200kmofpipelines.Thetransactionreachedfinancialcloseon1December2019.

Advisers to Marguerite • HerbertSmithFreehills–legal• Santander–financial• Afry–technical• Brattle–regulatory• PwC–financialandtax• WTW–insurance

Advisers to Italgas• GattiPavesiBianchi

Best Oil & Gas Acquisition – LNG + Midstream • Oil & Gas - Overall winnerMarguerite II SCSp - Marguerite Joint venture with Italgas for the methanisation of Sardinia

ThejudgingpanelfortheIJInvestorAwards2020selectedOsakaGas’acquisitionof100%oftheoutstandingsharesinitssubsidiarySabineOil&GasCorporationasthewinnerintheOil&Gas–Upstreamcategory.Ajudgesaidoftheacquisition:“thisis

thefirsttimethataJapanesecompanyhaspurchasedaUSbasedshalegasdeveloper.”OsakaGashasalsotakenonoperations

oftheupstreambusinessthroughthis$610millionacquisitionwhichwillenhancetheefficiencyandsustainabilityofthecompany'sUSupstreambusinessgrowth.OsakaGas’energybusinessportfolio

inNorthAmericahasbeenbolsteredwiththenecessarygovernmentalpermitsacquiredforthetransaction.ThecompanyintendstocontinuedevelopingitsthreeUScorebusinessescomprisingFreeportLNGliquefactionproject,IPPprojectsandSabine’sshalegasproject.Thetransactioncloseon2December2019.ShayKuperman,leadVinson&Elkins

partneronthedeal,saidofthewin:“An

interestingfeaturetothistransactionisthatitinvolvedtheacquisitionofaUSoperatorofoilandgasassetsbyaforeigncompany.Therehavebeenmanyjointventure-typedealswhereforeigninvestorsacquirenon-operatingminorityinterestsinoilandgaspropertiesthatcontinuetobeoperatedbyaUSoperator.“However,intheOsaka/Sabinedeal,

OsakaacquiredalloftheequityofSabineandthisismuchlesscommon.Therefore,weneededtoconsidersignificantamountsofadditionalissuesinthistypeoftransactionincomparisontoamoretypicaljointventure-typeoftransaction,suchasvariousemployment,tax,financial,andshareholder-relatedmatters.”Atthetimeofclosing,OsakaGas

presidentTakehiroHonjosaid:"WhileOsakaGashasparticipatedintheFreeportLNGliquefactionprojectandIPPprojectsintheUnitedStates,weintendtoexpandourUSupstreambusinessbyenhancingourcapabilitieswithSabineCorp'sexcellentoperatorship.”

OsakaGasacquireda35%workinginterestintheeasthalfoftheentireassetareabeingdevelopedbySabineinJuly2018.Sincethen,thewellshavebeenproducingmorethantheexpectedvolumes,generatingstablecashflow.TheacquisitionoftheoutstandingshareshasgivenOsakaGastheentireacreagepositionofSabine.Sabine’sacreagetotals175,000netacres

inEastTexas,producingshalegasintheamountof210MMcfedwitharound1,200wellsatpresent.

Advisers to Osaka Gas•Vinson&Elkins–Legal•SumitomoMitsuiFinancialGroup– financial•Moelis&Company–financial

Advisers to Sabine•HuntonAndrewsKurth–legal•Barclays–financial

Best Oil & Gas Acquisition – UpstreamOsaka Gas Acquisition of Sabine Oil & Gas




Refinancing

The€100millionrefinanceofFrenchdistrictheatingbusinessCoriancewascrownedtheOverallWinneroftheRefinancingcategoryintheIJInvestorAwards2020–provingthatbigdealsdonotalwayswintheday.Thisawardreflectsmarketactivityfrom

thestartofApril2019throughtotheendofMarch2020,allowingthisrefitosqueakinattheendofthejudgingperiod,havingclosedon23March2020.Thejudgeswerewonoverbytherefiof

thisassetbyFirstSentierInvestorsbasedonits“courageinapproachingthemarketatatoughtime”and“blendinginaninterestingelementofsustainablefinance”.CorianceisjointlyheldbyFirstSentier

vehiclesEuropeanDiversifiedInfrastructureFundIandEuropeanDiversifiedInfrastructureFundII(EDIFI&II)andearlierthisyearitenteredintoaninnovativesustainablefinancestructure.Coriancesecured€100millionacrossboth

capitalexpenditureandtermdebtfacilities.

Thesustainability-linkedloanwillbeusedtopursuegrowthprojects,acquisitionsandforgeneralcorporatepurposes.ThisisthefirstfinancingforCoriance

whichencouragesandrewardsitssustainabilityactivities,andraisingitwaschallenginggiventheCovid-19marketvolatilityandbankcostsoffundingincreasingsignificantly.Coriancechosetoutilisesustainable

financetoalignitssustainabilityobjectivesandlinkongoingsustainabilityperformancewiththeircostoffunds.BoththetermloanandcapexfacilityarestructuredasSustainabilityImprovementFacilitieswithadiscountonmarginsshouldacertainnumberofsustainabilityKPIsbemet.TheseKPIsweredevelopedtomeet

ambitiousenvironmentalandsustainabilitytargetsandarelinkedto:increasingitsproportionofrenewableenergygeneration;reducingCO2emissionsintensity;reducingaccidentfrequencyrates.

EnvironmentalKPIsarestructuredtobeconsistentwiththeEUParisAgreementandaimtoreachnetzeroemissionby2050,withthefinalKPIconsistentwithCoriance’sfocusonimprovingemployeesafety.Theframeworkwasdraftedinsuchway

thatitcanbeusedforfuturefinancingswhichwillautomaticallyqualifyas"green”shouldathird-partyreviewerconfirmthattheinvestmentscontemplatedareeligible.NiallMills,globalheadofinfrastructure

atFirstSentier,says:“Wearedelightedtohavewontheseawardcategoriesinwhathasbeenanincrediblychallengingtimeforfinanceraising.“We’dliketohighlight–inparticular–the

innovativesustainablefinancestructureoneofourassetsenteredintothisyear.Coriancesuccessfullysecureditsfirsteversustainability-linkedloanamidahighlyvolatilemarketenvironmentinordertopursuefuturegrowthprojects,whichissomethingtobeveryproudof.”

Best Refinancing Award – Overall Winner • Refinancing Award – Power & Utilities Coriance

TheIJInvestorAwardforBestRefinancinginTransportgoestoErmewaGroup’s€1.6billioncorporatefinancing–adealthatallowedthebusinesstotransitionfromarestrictiveasset-backedstructuretostandaloneflexiblecorporatefinancing.ErmewaGroup,aFrance-basedprovider

ofrailcarandtankcontainerleasingandservices,refinanceditsgroup-leveldebtinDecember2019.Thecompanywaspreviouslyfinanced

withamixtureofshareholderloansandaseriesofshort-termasset-backedfacilitiesatthesubsidiaryandgrouplevel.Thisresultedinalimitedabilitytogrowthebusinessandprovidedtermsthatdidnotreflecttheunderlyingcreditstrengthofthegroup.ThecompanyalsoneededtoshoreupitsdebtaheadofanexpectedshareholderexitbySNCF.ErmewaGroupsecuredahighly

competitive€1.6billionrefinancingpackage,withitskeyfeaturesincluding:• multi-creditorcorporateplatform,incorporatingbothbankandinstitutional

lendersacrossEuropeandtheUS• Asignificantlyextendedanddiversifiedbulletmaturityprofile,withmaturitiesof7,10,12and15-yeartenorsinbothEURandUSD

• significantcovenantandoperationalflexibilitytosupportbusinessgrowth

• areductionintheoverallcostofdebt,despitealongeraveragetenor

• greenaccreditation,independentlyverifiedbySustainalyticsandaClimateBondCertificationforthefacilities

Thedealhadasignificantsustainabilitycomponent,makingErmewathefirstrailcaroperatortosecuregreenaccreditationandgreenfinancing.Asglobalfreighttransportreliesheavilyonfossilfuelpropulsion–whetherbyair,landorsea–railappearstobeagoodalternativefordecarbonisingthefreighttransportsector.Thedebtpackageincludes€623million

ofgreenloansandprivateplacementdebtsecuredagainstErmewa’seligiblegreenfleet.DCAdvisoryactedasfinancialadviseron

thefinancing.In2019,theErmewaGroupgenerated

turnoverof€486millionandEBITDAof€258million.Itmanages42,000railcarsand59,000tankcontainers.Whilehavingclearinfrastructure

characteristics,therailcarandtankcontainermarketshavebeenlessknownassetclassduetoshortercontracttenorsandrelativelyinexpensiveassetsvaluesrelativetopassengertrainsandfreightlocomotives.

Best Refinancing – Transport Ermewa Group



TheRoyalNorthShoreHospitalandCommunityHealthServicePPPhaswontheIJInvestorAwardforbestsocialinfrastructurerefinancing.AMPCapitalacquiredtheprojectin2015,

thelatestmajoreventinthehospital’slonghistory.Establishedin1885,theRoyalNorthShoreHospital(RNSH)anditsassociatedhealthservicesdelivershealthcaretoSydney'slowernorthshoreaswellasastate-widetraumacentreforNewSouthWales.RNSHisalsoamajorpublicteaching

hospitalandservesasaneducationalfacilityforSydneyMedicalSchoolattheUniversityofSydney.In2008,theRNSHPPP–valuedatA$1.1

billion–wasawardedtoaconsortiumcomprisingABNAMRO(thenRBS),Thiess,ISSandWilsonParkingtodesign,finance,build,andmaintainoneofSydney’sprincipaltertiaryhospitals.Itinvolvedtheredevelopmentofthe

sitetoconsolidateandreplacemorethan

50outdatedbuildingsandreplacethemwithpurpose-builtfacilitieswiththelatesttechnologywithacapacityofabout700beds.Theconcessionrunsuntil2036.

Aspartoftheacquisition,AMPCapitalrestructuredA$934.2millionofdebtincurredbytheproject,withacluboflendersincludingAustraliaandNewZealandBankingGroup,MUFGBank,Natixis,NorinchukinandSumitomoMitsuiTrustBankandWestpacBanking.Julie-AnneMizzi,partnerandglobalco-

headofinfrastructurehealthsaidofthewin:“Wearedelightedtoreceiverecognitionfortheeffortinre-establishingaproductiveandsuccessfulpartnershipwithNSWHealthsinceouracquisitionin2015whichenabledustoachieveahighlycompetitiverefinancingoutcomeforthebenefitofCommIFinvestors.“AMPCapitalDebtAdvisoryimplemented

aninnovativerefinancingstructurethatincludedfullyamortising7-yearand17-yearloanfacilities,termingoutaroundhalftheoutstandingdebt,significantlyreducingtherefinancingriskoftheprojectanddemonstratingtheresilienceofsocialinfrastructureassetsduringCovid-19.”

Best Refinancing – Social InfrastructureRoyal North Shore Hospital

The£4.2billionrefinanceandequityreleaseontheUK’sBeatriceOffshoreWindFarmwasaworthywinneroftheIJInvestorAwards2020fortheBestRefinancingintheRenewablescategory.Thejudgeswereparticularlyimpressed

withthisrefiadmiringits“complexity,involvinganumberofdifferentfacilitiesandthecombinationofcommercialbankdebtandfixed-rateinstitutionaldebt”.Primaryfinancingforthewindfarm–

located13kmofftheCaithnesscoast,Scotland–reachedfinancialcloseinMay2016,anditis(atthetimeofwriting)thefourthlargestoffshorewindfarminthecountry.Itsrefi/equityreleasesawadvisersfield29commercialandinstitutionallendersand24hedgingbanks.Drawingonanumberofrecentmarket

precedentsandtheoriginalfinancing,itwasoneofthefirstinstanceswherelenderselectionprocesswasmanagedusingfullformdocumentationratherthanatermsheet,whichincreasedthecomplexityofmanagingsuchalargelendergroup.Thehedgingwascarriedoverfromthe

originalfinancing,novatedtothenewhedgingbanksandextendedtomatchthenewdebttenor.Thispresentedanumberofchallengesintermsofdocumentationandmanagingbothoutgoingandincoming

hedgeproviders,alongwithpartiesinvolvedonbothsidesoftheequation.Financialclosewasaparticularchallenge,

giventhenumberofparticipantsandthechallengesofremovingtheexistingfinancingwhilealsomanagingavarietyofotherthirdpartiesinthecontextofdirectagreementsandotherapprovalsrequired.NortonRoseFulbrightimplementedand

refinedtheWorkshareTransacttransactionmanagementplatformtoachieveefficienciesinthefinancialcloseprocess.Itwasnewtomanyinthelendergroup,buttheonlineplatformworkedwellandgreatlyassistedinthecoordinationofahugenumberofconditionsprecedent,whichneededtobemonitoredbyalargenumberofparties.Themovetofullformdocumentation

streamlinedthenegotiationprocess,butnecessitatedcarefulmanagementandcloseengagementwithlendersduringtheselectionprocess.Whileitprovideddetailedcommentaryondocumentationandcertain

risks,itneverthelesswasadeparturefromwhatisconsidered“marketstandard”,soitsintroductioninvolvedaconsiderableamountofguidance.NortonRoseFulbrightpartnerRob

Marshsays:“TheBeatriceoffshorewindprojectcontinuestobeaflagshipprojectfortheenergysector.ThesuccessofthisrefinancingdemonstratestheappetiteinthelendingsectorforUKoffshorewindanditsimportanceaspartoftheUKenergymix.”Advisers:• Santander• BaringaPartners• Ernst&Young• NortonRoseFulbright• BurnessPaull• Linklaters• WoodGroup• Benatar&Co

Best Refinancing – Renewables Beatrice Offshore Wind



ISquaredCapitalwinstheIJInvestorAwardforBestRefinancingintheSolarcategoryforitsachievementswithGrupoT-SolarinSpain.The€567.8millionrefi–whichclosed

atthestartofJanuary2020–caughttheeyeoftheindependentpanelofjudgesforbeingthefirstSpanishrenewablescompanytoapproachdebtcapitalmarketsfollowingthenewregulatoryframework.Itwasalsosingledoutfortheaward

basedonitraisingunprecedentedcapitalina“creativeandinnovativerefinancingtransaction”,accordingtooneofthejudges.TheT-Solarrefiinvolved€567.8millionof

debt,including€34millionseniorsecuredclassA1bonds,€234.1millionseniorsecuredclassA2bonds(bothdueJune2038),anda10-year€299.7millionbankloan.Theissuanceloweredtheinterestrate

whileimprovingthecommercialtermsandtheproceedswereusedtorefinance23solarPVprojectswithacombinedinstalledcapacityof127MWacrossSpain.T-Solargenerated€48millionin

dividends,which–combinedwithpreviousdistributions–willresultinmorethan

$149.8milliontoinvestors,equivalentto74.4%oftheinitialpurchaseprice.Thisisthelatestpositivedevelopment

forISquaredCapital'sactiveassetmanagementstrategythatfocusesoncostreduction,operationalde-risking,capitaloptimization,portfoliorationalizationandpipelinedevelopment.SinceacquisitioninDecember2016,

T-SolarstrengtheneditsmanagementteamandrenegotiatedO&Mcontractsacrossitsglobalportfoliowithdirectsavingsandmarginimprovements.Thecompanyaddedmorethan105MWofregulatedoperationalcapacitywiththreeacquisitionsinSpain.Topositionthecompanyforitsnextphase,

T-Solardevelopedagreenfieldpipelineofover1.2GWinSpainandItaly.ItalsorefocuseditsoperationstowardssouthernEuropewiththedivestmentofthree,non-corefacilitiesinJapan,theUSandPeru.

MohamedElGazzar,partneratISquaredCapital,says:“Wearedelightedbythisoutcome,whichisagreatrecognitionofISquaredCapitalandT-Solarjointefforts,allthemoresoasitisT-Solar’sfirstGreenBondsincethisfinancingpackageobtainedaGreenEvaluationbyStandardandPoor’s,achievingaverystrongE1/80score,thehighestgrantedbytheagency,duetothetransaction’srobustenvironmentalimpactmitigation,governanceandtransparency.”Atthetimeoffinancialclose,Grupo

T-SolarchiefexecutiveMartaMartinezsaidofthemarketresponse:“Wehaveseenverystronginterestinourfirstgreenfinancingamongleadingbanksandinstitutionalinvestors.ThistransactionenablesinvestorsthatshareourvisionofamoresustainablefuturetopartnerwithT-Solarinreducingcarbonemissionsforfuturegenerations.”

Best Refinancing – SolarGrupo T-Solar

TheIJInvestorAwardforBestRefinancinginthealternativecategoryforRenewableshasbeenwonbyaparticularlyinterestingtransactionledbyAncalaPartners.HSOrka–theIcelandicgeothermal

renewableenergyandutilitycompany–wasrefinancedinFebruarythisyearwitha$210millionfinancingpackage,lessthanayearafterAncalaPartnersentereditsshareholding.Thecompany,ownedbya50:50joint

venturebetweenAncalaPartnersandJarðvarmi,aconsortiumof14Icelandicpensionfunds,refinanceditsexistingloanwithatermloan,capexfacilityandarevolvingcreditfacility.Thesponsorsinitiatedplanstorefinance

thefirm’sexistingfacilitiesjustafterAncalaPartnersboughtintotheshareholdingofthefirminMay2019.Themainobjectiveinrefinancingthe

existingdebt,whichwastiedtoanIcelandicbank,wastosupportHSOrka’slong-termgrowthplans.ThenewdebtneededtobeabletoberaisedinUSD-denominateddebt,implementacost-efficientcapitalstructure,andincludearevolvingcreditfacilitytosupportfuturegrowth.

Thenewly-enteredAncalaPartnersassistedintherefinancingandprovideddebtadvisorytowardsthestructuringofaflexiblefinancingplatform.Thesponsorsmanagedtostructurea

bespokemulticreditorplatform,whichincreasesflexibilityforcurrentandfuturelenderswhilealsoallowingHSOrkatoraisedebtoverthelong-termasitdevelopsnewprojects.Thesponsorsarealsounderstoodtohave

refinancedtheutilitywithdebtprovidedbythreeEuropeanbankswithafive-yeartenor,pricedcompetitivelyrisingfromLibor+150bp.

HSOrkaintendstousethenewdebttopursuefreshdevelopmentprojectsandstrengthenitspositionasanIcelandicIPP.Itcurrentlyownsandoperatesover174MWofgeothermalpowerproductioncapacityinadditiontoa10MWhydroplantthatwasrecentlycommissioned.AncalapartnerLeeMellorsays:“We

aredelightedtheacquisitionofHSOrkahasbeenrecognised.Itwasacomplexexecutioninvolvingtwoseparateacquisitionstoconsolidate100%ownershipofHSOrkainpartnershipwith14Icelandicpensionplans,togetherwithasaleofthecompany’sinterestintheBlueLagoontourismcomplex.ThetransactiontransformedHSOrkaintoapureplayrenewableenergyplatform.”

Advisers:

• DCAdvisory

• Latham&Watkins

• Logos

• Shearman&Sterling

Best Refinancing – Renewables (alternative)HS Orka

"We are delighted the acquisition of HS Orka has been recognised. It was a complex execution."

Lee Mellor, partner, Ancala



Restructuring

DescribedbyoneoftheIJInvestorAwardsjudgingpanelasa“remarkablycomplex,cross-borderrestructuring”,the$8.6billionWeatherforddealisaworthywinneroftheBestRestructuringtrophyacrosstwocategories–oilandgasandtheoverallinternationalwinner.Anotheroftheindependentpanelof

judgessalutedtherestructureofoneoftheworld’slargestoilandnaturalgasservicecompaniesas“acredittoallpartiesinvolvedtohaveachievedsuchanimpressiverestructureinatoughmarket”.BilledasthelargestUSO&Gbankruptcy

byliabilitiesin2019,WeatherfordinvolvedamassiverestructureinitsChapter11caseinvolvingmorethan$8.6billionindebtwithcollateralspanningtheglobe.Restructuringvarioustranchesofdebt

posesachallengeunderanycircumstance,howeverWeatherford’scorporatestructuremadethesechallengesunique.Ithad255directandindirectsubsidiaries,

ofwhich41wereliableontheirdebtobligationslocatedin25differentforeignjurisdictions.Moreover,manyofthese

jurisdictionsdonothaverestructuringlawssimilartotheUS,butinsteadarefocusedonliquidations.Facedwiththematurityofmorethan$2

billionofdebtin2020,Weatherfordretainedahostofadviserstoguidethecompany’srestructuring.Becauseofpublicfilingrequirements

anditsinternationalfootprint,Weatherfordneededswiftlytodevelopbusinessandrestructuringplansandengagewithmultiplegroupsofdebtholders–bothsecuredandunsecured,domesticandforeign.Latham&Watkinsorchestratedthe

restructurethroughatwo-month,pre-packagedinsolvencyfiledinHouston,followedbyproceedingsinIrelandandBermuda.ItstructuredthedealsuchthatonlyWeatherford’sparententitiesfiledinDelaware,Ireland,andBermuda,leavingallotherentitiesintheclient’scorporatestructureunaffectedwithoperationsaroundtheworldrunningsmoothly.Thereorganizationplaneliminatedabout

$5.85billionindebt,allowingbondholderstorecoversome63%ofwhattheywereowed.

GeorgeDavis,partnerandglobalchairofLatham&Watkins’restructuringandspecialsituationspractice,says:“Thismatterwasextremelychallengingasitincorporatedmultipleentitiesacrossseveraljurisdictionsaroundtheworld.“WewereabletotapLatham’sglobal

platformtoformanexceptionalteamofexperiencedandresourcefullawyersthatcollaboratedseamlesslyacrossnumerouspracticeareasandcountriestobringthisrestructuringtoanefficientconclusion.”

Parties:

WeatherfordInternational

Latham&Watkins

Matheson

HuntonAndrewsKurth

LazardFreres&Co

Alvarez&Marsal

ConyersDill&Pearman

Best Restructuring – Overall Weatherford

TherestructureofArtvinHydroelectricPowerPlantinTurkeywonovertheIJInvestorAwardspanelofjudgestotaketheBestRestructuretrophyintheRenewableEnergycategory.Oneofthejudges–allofwhomare

establishedindustryexperts–applaudeditforbeinga“complexTurkishrestructuring”withanotherlaudingitforclosingina“difficultmarkettorestructure”.Athirdjudgeadded:“Itwasimpressivetoseeasignificantshiftintheleveragefrom11downtoeighttimes.”ArtvinHEPPhasatotalcapacityof

332MW,anaverageannualproductionof1billionkWh,andislocatedatArtvin,northeastTurkey.Theprojectwasfinancedin2011byGarantiBank,alongsideIsBank,YapiKrediandVakifbank,arrangingaloanof$540million.In2015,owingtoacostoverrun

stemmingfromnumerousissues–

includingrelocationofroads,electricalandmechanical,andearthworks–anadditional$170millionequivalentofEuroloanhadbeengrantedwithafive-yeartenor.Thisadditionalfacilityiscoveredbya

corporateguaranteefromDogusHoldingandistreatedasquasicorporateloan.Theprojectpartlystartedoperationsin

December2015withoneturbineonline,generating166MW.Thesecondturbine(also166MW)becameoperationalinFebruary2016.

Thisbroughtthetotalinvestmentcostoftheprojectto$934million–$540millionindebtand$394millioninequityandtherestructureconcludedmid-June2019,withinthejudgingperiodwhichrunsfromstartApril2019toendMarch2020.Therestructureallowedasignificant

deleverageofArtvinfromaround11xleveltoabout8xasaresultoftransferringtheEurotranchetoholdinglevel.Thiswillallowtheprojectwillreachtheself-sustainablestructuregoingforward.Thebasecasemodelshowsthat

sufficientfundscouldbegeneratedtofulfilthedebtservicepaymentswithinproposedmaturityandthedebtbenefitsfromalongtailperiod.TheEurodenominatedloan–which

isnotlikelytobecoveredbythecurrentvaluationofArtvin–willbenefitfromtheDogusHoldingcashflowandextensivesecuritypool.

Best Restructure – Renewables Artvin HEPP


IJInvestor Awards 2020 Organisation Awards

Asset Performance

BrookfieldAssetManagementwassingledoutbytheIJInvestorAwards2020judgingpanelfortakingtotalcontrolofTerraFormPowertowintheBestAssetPerformancetrophyintheEnergycategory.Judgeswereimpressedby“outstanding

performance”,laudingthefundmanagerfor“creativethinkingonanimpressivescale”ona“keytransactionthatoccurredduringthejudgingperiod”.Thisachievementwastheconclusionof

aprocessthatstartedinDecember2017whenBrookfield,alongwithitsinstitutionalpartnersacquired100%interestofTerraFormGlobalInc,anda51%interestinTerraFormPower(collectivelyTerraForm).TerraformPoweragreedinJuly2019to

acquirea322MWdistributedgenerationsolarportfoliointheUSfromsubsidiariesofAltaGasfor$720million.Additionally,inJanuary2020,itannouncedanon-binding,all-shareproposaltoacquiretheremainingsharesofTerraFormPower.Theseinvestmentspulltogethera

large-scale,globally-diversifiedportfolioof

predominantly-contractedwindandsolarassetsintheUS,Brazil,Canada,Spain,Portugal,andIndia.Thisincludes2,900MWofwind,1,400MWofutility-scalesolar,and750MWofcommercialandindustrialsolardistributedgeneration.TerraForm’swindandsolarpower

systemsallowitscustomerstoreducecarbonfootprintsbyover2.7milliontonsofcarbondioxideemissionsannually.Theseassetsgeneratehigh-qualitycashflowsunderpinnedbylong-termcontractswithcreditworthyoff-takers.LeveragingoffBrookfield’sglobal

operatingexpertise,itcreatedvalueforthisrenewablepowerportfoliobyincreasingoperationalefficienciesandstreamliningoperations;andadvancingcost-savinginitiatives,securingsignificantsavings.BrookfieldoutsourcedO&Mtode-risk

portfoliosownedbyTerraFormPower,achievingsavingsofaround$30millionwhileenhancingthecapitalstructurethroughdebtrefinancing,loweringannualinterestcostsandextendingmaturities.

Initssubmission,Brookfieldsates:“WebelievethistransactionwillcreatesignificantvalueforinvestorsinbothcompaniesbysimplifyingourcorporatestructureinanimmediatelyaccretivetransactionwhichwillfurtherstrengthenBrookfield’spositionasoneofthelargest,publicpure-playrenewablepowercompaniesintheworld."

Brookfield advisers:

•BMOCapitalMarkets–financial

•Scotiabank–financial

•CravathSwaine&Moore–legal

•Torys–legal

TerraForm advisers:


•GreentechCapitalAdvisors–financial

•Kirkland&Ellis–legal

•RichardLayton&Finger–legal

Best Asset Performance – Overall Winner Brookfield – TerraForm

AntinInfrastructurePartnerswaschosenbytheIJInvestorAwards2020judgingpanelasthewinneroftheBestAssetPerformancecategoryfortheInfrastructurecategorybasedonitsinvolvementwithLyntia–theSpanishfibrenetworkoperator.Theindependentpanelofindustry

expertssingledthisassetoutforpraise,identifyingitasa“solidinvestmentwithexcellentpotential”aswellashavingperformed“exceptionallywell”duringthejudgingperiod.Onejudgepointedtoitbeinga“gooddealwithIberdrola”.Duringthejudgingperiod,Lyntia

improveditsorganisationthroughare-brandandcontinuedworkoncompanyculture.Furthermore,itreinforcedthemanagementteam,commercialanddeliverycapabilities.Intermsofvaluecreation,Lyntiasigned

significantframeworkagreementsandsecuredlargecontractswithkeyclientsbetweenthestartofApril2019andend

March2020.Followingadd-onacquisitionsduringthejudgingperiod,LyntiaisnowthelargestindependentSpanishproviderofdarkandlitfibre.Lyntiaownsalong-haulnetworkacross

Spainwithunparalleledpopulationreachandpermeabilityaswellashighcapabilityinmetroareas.Itboasts17,600kmoffibrenetwork(13,500kmoflong-hauland4,100kmofmetro).Antin’sFundIIIacquiredtheSpanish

operationsofUfinetinJuly2018toestablishLyntiaasastandalonebusiness.In2019,Lyntiasignedastrategic

agreementwithIberdrolaforthelong-termexclusiverightofuseofitsfibrenetworkinSpain.ThistransactionsignificantlyincreasesLyntia’snetworkfootprint,asIberdrola’sfibrenetworkisthethird-longestdarkfibrenetworkinSpain–15,100kmofcommercialisednetworkagainstLyntia’s19,200kmasofDecember2018.

ThenetworkishighlycomplementarytoLyntiawithlimitedoverlapbetweenthetwonetworks.Itprovidespreviouslymissingand/orimprovedcoverageofkeyregionssuchastheBasquecountry,theValenciaregion,CastileLaManchaandpartsofMetropolitanMadrid.AntinexpectsthatLyntiawillcapture

incrementaldemandfromthenextgenerationoftechnologieswithincreasingdatausage.

Advisers on the acquisition:

•DeutscheBank–Antinfinancial

•HerbertSmithFreehills–Antinlegal

•Hardiman–Antintechnical

•Garrigues–Iberdrolalegal

Best Asset Performance – Infrastructure Antin IP – Lyntia



Fund ManagersBest Equity Fund Manager – Overall Brookfield Asset ManagementItcameaslittlesurprisewhentheindependentteamofindustryexpertsontheIJInvestorAwardspanelchoseBrookfieldAssetManagementfortheoverallwinnerintheBestEquityFundManagercategorygiventhesuccessithasenjoyedoflate.Amongcommentsfromjudges,onesaid:

“YouhavetoadmirethesheerscaleofwhatBrookfielddoesinoneyear–acquireOaktree,raise$20billion,launchacorefund.Veryimpressive.”Anotheraddedthatit"laidbenchmarksforotherfundmanagerstofollow”.Brookfieldachievedfinalclosewith$20

billionofcapitalcommitmentsonBrookfieldInfrastructureFundIV(BIFIV)inFebruary2020,comfortablyinsidethejudgingperiodthatrunsfromstartApril2019toendMarch2020.BIFIVisthefirm’sfourthflagship

infrastructure-focusedequityfundandsurpassedits$17billionfundraisingtargetsizethankstostronginvestorinterestfrom

adiversegroupofinvestorsfromacrosstheglobe.Duringthejudgingperiod,BIFIVinvested

atotalof$5.4billionacross10assetswhichincludesdeploying$1,921milliononGenesee&Wyoming,apredominantlyNorthAmericanrailbusinessandwinnerofanIJInvestoracquisitionaward.Ithasalreadyinvested$530millionon

arenewablesportfoliowithsolarPVassetsacross10differentmarkets;$697millioninanAPACtelecomsbusiness;$490millioninaNorthAmericangaspipelinelinkingTexasandMexico;$300millioninWirelessinfrastructureGroup,theUKtelecomstowerbusiness;and$251millioninaChineseandIndianrenewableenergyportfolio.Duringthejudgingperiod,BSIP

–Brookfield’sprimaryopen-endedInfrastructurevehicle–wasactiveraising$2.6billionofcapitalcommitmentsanddeploying$1.6billiontofourinvestmentssinceitsinceptioninQ42018.Recent

transactionsinclude$744millioninCovePointLNGinMaryland,and$333milliononaportfoliooffourcoreinfraassetsinSpain.SamPollock,chiefexecutiveofBrookfield

InfrastructureGroup,says:“Weareverypleasedwiththisrecognitionofthestrengthofourrecentfundraising,investing,andrealizationactivityonbehalfofourclients.“In2020weclosedour$20billion

flagshipglobalinfrastructurefund,BrookfieldInfrastructureFundIV,andcontinuedtoraisecapitalforouropen-endedsupercorevehicleandourmezzaninedebtfunds,reflectingboththegrowingglobaldemandforcompellinginfrastructureinvestmentsandthequalityofourproventrackrecord.“Wehavebeenactivelyinvesting,

deployingapproximately$10billioninthesestrategiesthisyear,whilealsomonetizinganumberofpreviousfundinvestmentsatattractivereturns.Lookingforward,wecontinuetoseeastronginvestmentenvironment.”

Best Equity Fund Manager – Global • Best Equity Fund Manager – Europe EQT Infrastructure

TheIJInvestorAwardforBestEquityFundManager–GlobalgoestoEQTInfrastructure,whichpicksuptheawardforthesecondyearonthetrot...whilealsoscoopingatrophyforitsactivityinEurope.Theindependentpanelofjudgeswas

swayedbyEQT’ssubmissionforactivityinthejudgingperiod–fromstartApril2019toendMarch2020–withoneadmiringthefundmanagerforhaving“successfullypivotedtoaglobalfranchise”.Anotherjudgesaid:“EQTcontinuesto

driveinnovationandcreativityintocapitaldeployment,pushingtheboundariesintocoreplusinvestment.Furthermore,theyareactivelygoingthroughadigitaltransformationforthemselvesasafundmanagerandtheirportfoliocompanies.”TheawardiswelljustifiedgivenEQT’s

performanceoverthejudgingperiodduringwhichitenjoyedhighlightslikeacquiring(inpartnershipwithOMERSInfrastructure)andmergingDeutscheGlasfaserandInexio,Germany.Thisisakeytransactionforthefundmanagerandpointstoitsgrowingpresenceinthedigitalinfrastructurespace.Germany–curiously–hasoneofthe

lowestfibre-to-the-home(FTTH)coverageratiosinEurope.EQTistryingtochangethatwiththisinvestment,particularlyinruralregions.Throughthistransaction,ithas

alreadyconnectedmorethan12millionruralhouseholdsacrossthecountry.InNovember2019,EQTInfrastructure

announcedtheintendedmergerofIP-OnlyandGlobalConnecttocementitspositionastheleadingScandinavianowneroffiberinfrastructure.Thenextmonth,EQTexitedContanda,apremierproviderofliquidbulkstoragesolutionsinNorthAmerica,toinstitutionalinvestorsadvisedbyJPMorganAssetManagement.EQTInfrastructurehadseparatelyowned

GlobalConnectbutacquiredIP-Onlyinthemiddleofthejudgingperiod.Whenthetransactionclosed,EQTmergedIP-OnlyandGlobalConnect,creatingaleadingdigitalinfrastructureprovidertobusinesses,publicinstitutionsandconsumers.FollowingcloseofEQTInfrastructureIV

inMarch2019andtheannouncementofitstargetfundsizeof€12.5billionforEQTInfrastructureV,thefundmanagerhascontinuedtodeliveronitsthematicinvestmentstrategy,identifyingopportunitieswhereEQTcantransformcompaniesusingitsgrowth-focusedapproachtobuildlong-termsustainablevalue.SustainabilityisattheheartofEQT

andthefirmstrivestoleadsustainableinnovationanddigitaltransformationbothwithinEQTandacrossitsportfolio

companies,inordertodevelopandfuture-proofbusinesses.EQTalsohadasuccessfulyearasan

investorandowner,preparingitsportfoliocompaniesforadownturn,havingrefinancedmanyofthembyextendingfinancingandremovingasmanycovenantsaspossible.LennartBlecher,deputymanaging

partnerandheadofEQTRealAssets,says:“WearedelightedtoreceivetheseawardsandhumbleabouttherecognitionoftheworkEQTInfrastructureisdoinginfuture-proofingcompanies.Andthemomentumisgreat–sincethestartof2019,wehaveacquiredZayo,EQTInfrastructure’slargest-evertransaction,beenverysuccessfulinfundraisings,andstrengthenedourlocal-with-localspresencewithteamsinEQT’snewofficesinSydneyandParis.”Headds:“Inaddition,inlinewithEQT’s

firm-widemissionofhavingapositiveimpactwitheverythingwedo,wearemakinggoodprogresswithrespecttosustainabilitywithinEQTInfrastructure.TherecentlaunchoftheESG-linkedbridgefacilityfortheinfrastructurebusinesslineisaconcreteexampleofthisandwearelookingforwardtobothcontinuingtodrivechangeacrosstheindustryandbeingagreatownerofinfrastructurecompaniestobuildamoreinclusiveandcleanertomorrow.”



TheindependentpanelofjudgesforIJInvestorAwardshadlittletroubleidentifyingAMPCapitalasitswinnerfortheBestDebtFundManagerforthesecondyearonthetrot,singlingitoutforpraiseasan“impressiveplayerinthisspace”.Thejudgingteam,whichmetvirtuallyin

October,laudedAMPCapitalfora“vigorousrunofbusiness”duringthejudgingperiod,praisingitsstrategyfor“havingafirst-classteamthatisperformingatoptimum”.AhighlightforAMPduringthejudging

period–April2019toendMarch2020–wasachievedinOctober2019withfinalcloseonInfrastructureDebtFundIVwhichsecuredatotalof$6.2billioninfundcommitmentsandco-investments.IDFIVwasalandmarkcloseforAMP

Capitalandtheassetclassasitisbelievedtobethelargestfundraiseintheworldforaninfrastructuremezzaninedebtstrategy.Thefundraisingprocesswasrapid,withthefundclosingwithinayear.Overthecourseofthejudgingperiod,

AMPreachedfinancialcloseonsixdebtinvestmentsglobally.InJune2019,itinvestedwithaUS

gascompressioncompanyandaNorth

Americandatacenteroperator;andthefollowingmonthAMPmadeanewinvestmentwithanexistingsponsorclienttofundamarket-leadingNordicfibremerger.TheninAugust2019,AMPclosedan

investmentwithamajorUStowersbusinessandfundedconstructionofanaturalgaspowergeneratingstationintheMidwest.ThiswasfollowedinOctoberwhenAMP

CapitalmadeitsfirstinvestmentinTaiwanwithSwancorRenewableEnergyanditsFormosa2offshorewindfarm.ThisledAMPCapitaltostrengthen

itsAsiaPacificinvestmentteamwiththeadditionoftwoseniorinvestmentprofessionalsaheadofthelaunchofitsInfrastructureDebtAsiacapability.AMPCapital’sinfrastructuredebtteam

comprises16investmentprofessionalslocatedinLondon,NewYork,SingaporeandSydney.Since2001theteamhasinvestedmorethan$8.8billionin80assets.EmmaHaight-Cheng,partnerandhead

ofinfrastructuredebtEuropeatAMPCapitalInvestors,says:“Winningdebtfundmanageroftheyearforasecondyearrunningisafantasticacknowledgementofourstrategyandthehardworkofourteam.“Inachallengingyear,subordinated

infrastructuredebthasdemonstrateditsabilitytoperformthroughadifficultmarketenvironment,andwe’vefoundmanyopportunitiestoinvestdespiteheadwinds.Ourachievementsthisyearreflecttheabilityofoursubordinateddebtstrategytodeliversolutionsforbothclientsandsponsors.”

Best Debt Fund Manager AMP Capital

MetLifeInvestmentManagementhaswontheIJInvestorAwardfortheBestDirectInvestorintheDebtcategoryforitsactivityduringthejudgingperiodthatrunsfromthestartofApril2019toendMarch2020.Theindependentpanelofjudges–allof

themestablishedindustryexperts–singledoutMetLifeforpraisewithonelaudingitfor“excellenceinorigination”andanothersayingit“successfullyexecutedatrulyglobalstrategybyinvestingin19countriesacrossthreecontinents”.Anotheradds:“Theirexpertiseinthesectorenabledthemtoanalyseandunderstandcomplexsituationsandfindexecutabledebtsolutions.”Yetanothersays:“MetLifestartedwith

averycoreapproach,largelyUK-oriented.Duringthelastfewyears,theyhavediversifiedtheirinvestmentuniversesector-wiseandgeography-wise.Inaddition,itseemstheyarenowreadytotakealargerspectrumofriskprofileandhencegrewdramaticallyduringthelastfewyearswithverylargeunitaryticketsize.”Duringthejudgingperiod,MetLife

achievedarecord-breaking12months

investingmorethan$7billionacross19countriescoveringtheAmericas,EuropeandAustralia.MetLifegrewitsoverallinfrastructure

debtandprojectfinanceportfoliotoroughly$30billion,remainingattheforefrontoftheinfrastructuremarketbyinvestinginawiderangeofsectorsincludingnon-traditionaloneslikedatacentres,fibre,andminorityholdcos.Itwasalsoactiveinchallenging

locationslikeItaly,Catalonia,Colombia,MexicoandPeru.Itplayedaleadstructuringrolein

numeroustransactionsastheanchorinvestorandwasfundamentaltothesuccessofsomeofthemoredifficulttransactions...oneofwhichwasBrebemi.JohnTanyeri,globalheadofprivate

infrastructureandenergyfinanceatMetLifePrivateCapitalInvestors,says:“IwanttotakeamomenttoextendmysincereappreciationandthankstoIJInvestor fortheselectingMetLifeInvestmentManagementasDirectInvestoroftheYear–Debt.Receivingthisawardisagreathonour.“Thisawardparticularlyrecognizesthe

hardworkandconsistentperformanceoftheinfrastructureteamatMetLifeInvestmentManagementandourgrowingassetmanagementbusiness.In2019,theinfrastructureteamhadarecordyearandinvestedover$7billionininfrastructuredebtandnowhasaportfolioAUMover$30billion.WewouldalsoliketothankourequitysponsorandbankrelationshipsforselectingMetLifeInvestmentManagementfortheirpartnership.”

Best Direct Investor – Debt MetLife IM

"I want to take a moment to extend my sincere appreciation and thanks to IJInvestor for the selecting MetLife Investment Management as Direct Investor of the Year – Debt."

John Tanyeri, global head of private infrastructure and energy finance at MetLife Private Capital Investors



CaissededépôtetplacementduQuébecwaschosenbytheindependentpanelofjudgesontheIJInvestorAwardscommitteetowintheBestDirectInvestortrophyintheEquitycategory.DuringtheOctoberonlinejudging

session,oneoftheinternationalpanelchoseCDPQ“forthesheerbreadthanddepthofinvestment–beitgeography,subsector,greenfieldorbrownfield.Thisreallydemonstratestheirwideimpactandinfluence.”Anotherjudgecelebratedits“amazing

switchfromminorityinvestortomajorinvestor”,whichwassupportedbyonepanellistrecognisingthefundmanagerforbeinga“long-term,dedicatedinvestorinthisspace”.Overthecourseofthejudgingperiod–

beginningApril2019toendMarch2020–CDPQ’sinfrastructureteamcompletedtransactionstotallingnearlyC$5billionacrossawiderangeofsectorsandregions.Inthetelecomsspace,CDPQacquired

a30%stakeinVerticalBridge,aleaderintheUSwirelesscommunicationstowersbusiness;whileinBrazilitbought(inpartnershipwithEngie)a90%stake(31.5%toCDPQ)inTransportadoraAssociadadeGás,Brazil’slargestnaturalgastransportationcompany.TheninMay2019CDPQacquireda

45%stakeinanumberofDPWorldports–includingtwoinChile,fourinAustraliaandoneintheDominicanRepublic–throughthe$8.2billioninvestmentplatformcreatedwiththisportoperatorin2016.Thiswasfollowedbyacquiringa24.9%

stakeforC$150millioninthePPPcontractfortrains,systemsandO&MoftheSydneyMetro,thelargestpublictransportprojectinAustralia.CDPQalsoconcludeda$75millionreinvestmentinAzurePowerGlobal,increasingitsstakefrom40.3%to49.7%inleadingIndiansolarenergyplayer.CDPQalsoannouncedtheacquisition

ofPlenaryAmericas,aleadinginvestor,developerandoperatorofpublic

infrastructureinNorthAmerica.Withthisinvestment,itacquiredPlenaryAmericas’operatingbusiness,aswellasacontrollingstakeinitsexistingPPPportfolio.With36projects,PlenaryAmericas’

leadingcollectionofsocialandcivilinfrastructureassetsisuniqueinbothitsgeographicandsectoraldiversification.Inadditiontothisinvestment,CDPQmaintainsitscloserelationshipand20%ownershipinterestinPlenaryAsiaPacific.EmmanuelJaclot,executiveVPand

headofinfrastructureatCDPQ,says:“AtCDPQ,westrivetocreatevaluethroughourpurposefulandpatientinvestments.Ourteamisthankfultoreceivethisawardinrecognitionofourinvestmentapproachcharacterizedbyawell-diversifiedportfolio,innovativeplatformsandactiveassetmanagement.WefirmlybelievethatbycontinuingonthispathwewillsucceedindeliveringsteadyreturntoourclientswhiledoublingthesizeofourportfoliotoC$60billioninthecomingyears.”

Best Direct Investor – EquityCDPQ

CDPQ, proud recipient of three IJInvestor Awards in 2020

· Best Direct Investor – Equity

· Best Digital Infrastructure Acquisition – Towers, VERTICAL BRIDGE

· Best Transport Acquisition – Ports, GLOBAL PLATFORM WITH DP WORLD

A constructive approach to building infrastructure



BlackRockhaswonthe2020IJInvestorAwardforBestEquityFundManagerforNorthAmerica,thefirsttimethistrophyhasbeenjudgedandawardedonaregionalbasis.

IJInvestorAwardslaunchedlastyearwithaneventinLondontorecognisedevelopmentsonaglobalscale,butgiventheimpressiveresponsefromtheindustrymakingmorethan250submissions,wewereabletoopencertaincategoriesonasectorandregionalbasis.Theindependentpanelofjudgeswas

consultedtodeterminethattherewassufficientcompetitionwhenthisoccurredandineachcase–aswiththisone–therewereatleastthreecontenders.InchoosingBlackRockasthewinner,one

ofthejudgessaid“raising$5billionforanenergyandpowerfundisatrulyremarkableachievement.Chapeau!”Anothersupportedthisview,admiringthefundmanager’sabilityto“fundraiseinadifficultmarketforenergy”.Duringthejudgingperiod–beginning

April2019toendMarch2020–theBlackRockInfrastructureplatformcontinueditsgrowthstorybyincreasingAUMby

around20%acrossitsinfrastructureequityfundrange.Thebusinessachievedakeymilestone

bycompletingthefinalcloseforthethirdvintageoftheGlobalEnergy&PowerInfrastructureFundseries–GEPIFIII–with$5.1billionincapitalcommitments.ThisrepresentsBlackRock’slargestilliquid

alternativefundraiseeverandreflectsthefirm’sfocusonalternatives,especiallyinfrastructure.ThecommitmenttoRealAssetsisdriven

byacontinuedalternativeinvestmentfocusbyinvestors:BlackRock’sannualrebalancingsurveyfoundthat55%ofinvestorsanticipateincreasingtheirallocationtoRealAssets,morethanforanyotheralternativeassetclass.TheplatformalsolaunchedthethirdvintageoftheGlobalRenewablePowerFundIII–GRPIII–withafirstcloseof$1.2billioninDecember2019.Bothfundsreflecttheplatform’sfocuson

fast-rivers–sectorsandregionsundergoingafundamental,irreversiblechange,suchastheenergytransition.Inaggregate,BlackRockdeployed$3.5

billionininfrastructureassetsacrossEurope,AsiaPacific,andNorthAmericaoverthe

judgingperiod,includingtheGRPteamacquiringacommercialandindustrialsolardeveloperintheUS–GESolar–thusgainingaccesstoaportfolioofhigh-qualityUSC&Isolarandstorageassets.Duringthesameperiod,BlackRock’s

infrastructureplatformrealized$869millionofinvestmentsbothtofinancialplayersaswellasstrategicinvestors.“ThisawardisatestamenttoBlackRock’s

focusonhelpingclientsachievebetterinvestmentoutcomes,”saysEdwinConway,globalheadofBlackRockAlternativeInvestors.JimBarry,BlackRock’sglobalheadofreal

assets,adds:“Investorsarelookingtobuildresilienceintotheirportfoliosandincreasingallocationstolesscorrelatedexposuresinprivatemarkets,includingincreasingallocationstoinvestmentsininfrastructure,renewablepowerandrealestate.”MarkFlorian,globalheadofGEPIF,says:

“Thefundraisingsuccessconfirmsthatinvestorsaresearchingfordifferentiatedstrategiesanddiversifiedreturnsinthisyield-starvedenvironmentinordertomeettheirreturnobjectives.”

Best Equity Fund Manager – North America BlackRock

2020

ijglobalawards.com

Opening the submissions portal was delayed due to the Covid-19 pandemic as we had initially planned to host a physical event in 2021, however that looks increasingly unlikely.

We do maintain a hope that we will be able to host awards nights in June, but – if not possible – we will announce the award winners in the summer issue of the IJGlobal Magazine. As always, the awards will reflect activity from the previous calendar year – January to December 2020 – and will celebrate the best-in-class transactions and organisations across the international infrastructure and energy sectors.

We will be launching the submissions portal for IJGlobal Awards 2020 early in the new year Wednesday 6 January 2021.

For more information please contact:

Doug [email protected]



Advisory

TheIJInvestorAwardspanelofindustryexpertsselectedRothschild&Coasthisyear’swinnerofthetrophyforBestFinancialAdviseracrosstwocategories–Infrastructureandastheoverallwinnerinthissector.ThejudgingteamgaveRothschildthe

doublehonourbasedonitsperformanceinthejudgingperiodthatrunsfromthestartofApril2019toendMarch2020.ThejudgesoptedforRothschildover

rivalsinthiscategorywithoneraisingahattoitforan“impressiveyearwithnumeroussuccessfultransactions”whileanothersaid:“WearealwaysimpressedbyRothschildandithasbeenparticularlyimpressiveduringthejudgingperiod.”Rothschildperformedwellinthat

timehavingcompletedmorethan50transactionsinwhichitprovidedclientswithindependentandintegratedM&A,strategic,debt,andderivativesadvice.Thisyear,Rothschildactedona

rangeoftransactionsacrossindustriesfromregulatedutilitiestocorepluscommunicationsinfrastructureviautilities,renewables,midstream,powerandtransport.Astogeography,itwasinvolvedondealsincountriesasdiverseastheUKandtheNordics,GreeceandPortugal.

AkeydealinthattimewasadvisingthebuyersofElectricityNorthWestwhichrequireditsintegratedM&A,debt,andstrategicinsighttoassistwithacompellingvaluepropositionfortheclients’firstforayintoUKregulatednetworks.ItssellsideadviceinDWS'25%stake

saleofPeelPortstoAustralianSuperalsodemonstratedinnovation,dealingwiththepoliticalbackdropoftheUK'stradingrelationshipwiththeEU.TheteamalsoadvisedAthensAirportonfinancingits

concessionextensionwiththeGreekgovernmentfollowingcomplexnegotiationswithlocalandsupranationallenders,andthegovernment,highlightingitssovereignadvisorycredentials.ItalsoactedforCityFibreon

implementinga£1.12billioncapexfinancingpackage,thelargestdedicatedfibrerolloutfacilityintheUK,givingthebusinessthefundingandflexibilitytoimplementitsgrowthstrategy.AliKazmi,globalco-headoftransport

andinfrastructureatRothschild&Co,says:“Considerablegrowthintheinfrastructureinvestorbase,andassociatedfundraising,hasfuelledsignificantM&Aactivityinrecentyears.Thishasresultedininvestor-drivendealflowacrossgeographiesandoveragrowingrangeofsub-sectors.“Rothschild&Co’sfocusonlongterm

relationshipswithinfrastructureinvestors,ourintegratedbusinessmodelandabilitytoadviseclientsonbothtraditionalandnewassetclasseshasallowedustotakeadvantageofthesetransactionvolumes–withourexpertiseindebtadvisorybeingparticularlyimportanttoclientsinwhathasbeenattimesachallengingeconomicbackdrop.”

Best Financial Adviser – Overall • Best Financial Adviser – Infrastructure Rothschild & Co

US-basedM&AheavyweightWeilGotschal&MangeswontheoverallIJInvestorAwardforglobalactivityforadvisingclientsoninfrastructureandenergyacquisitions,fundraisingandday-to-dayfundoperation.Thejudges–anindependentpanelof

industryexperts–choseWeilasthewinnerfortheover-archingprizewithonesaying:“Weilneverceasestoimpressinthissector.FromfundraisingthroughtoM&A,thisfirmisinternationallyimpressive.”Anotheradded:“Itlendsconfidenceto

aprocesswhenyouseeWeilatthetable.Youknowthatyouaredealingwithfirst-rateplayersatthetopoftheirgame.”Weilwasjudgedagainstallother

submissionsacrossallawardscategoriesforlegaladvisersandcameouttopsbasedonitssubmissionfordevelopmentsinthejudgingperiodthatranfromthestartofApril2019throughtotheendofMarch2020.

Acrossthereviewperiod,Weilactedonmajormandatesfor25%ofthetop40globalinfrastructuremanagers.Thefirmbelievesitrepresentedmoreoftheworld’slargestinfrastructuremanagersthananyotherlawfirminthattime.Weilactedonthesecondlargest

infrastructurefundraisingever–BrookfieldInfrastructureFundIV–and,attheotherendofthespectrum,workedonfundraisingsfornewentrantstotheinfrastructuremarketlikeCapManandColumbiaThreadneedle.Inadditiontothelargenumberand

varietyoffundraisingmatters,ajointWeilfundsandcorporateteamactedforInfraRedonthesaleof80%ofitsbusinesstoSunLifeFinancial–ahigh-profileinfrastructureGPsale–demonstratingitsabilitytoexecutecomplicated,multi-practiceinfrastructurefundsrelatedmandates.

ThiswasadealinvolvingaNorthAmericaninstitutionalbuyerofaninfra-focusedbusinesswithpeopleintheUK,Europe,US,AsiaandAustralia.Italsoinvolvedmanagingmultipleunlistedandlistedfundsholdingassetsacrosstheglobe.Weil’sabilitytoexecuteonitistestamenttoitsglobalinfrastructurefundsandM&Acapabilities.JamesSargent,partnerinWeil’sprivate

fundsgroup,says:“Weareveryproudtohavereceivedthisrecognition.Wefirmlybelievethatinfrastructureasastand-aloneassetclasswillcontinueitsrapidgrowthtrajectoryoverthenextdecade,andhavepurposebuiltourtransatlanticcross-practiceinfrastructureplatformtoservicetheincreasinglycomplexandspecialisedfundraising,investmentandfinancingrequirementsofinfrastructuresponsorsacrossthespectrum.”

Legal Adviser – Global Weil Gotshal & Manges

Athens Airport concession extension



CantorFitzgeraldwontheIJInvestorAwardsglobaltrophyforFinancialAdviserinthePower&Energycategoryforactivityconcludedduringthejudgingperiod–fromthebeginningofApril2019totheendofMarch2020.Thejudgeswereimpressedbythe

“markettraction”CantorFitzgeraldhadbuiltupintheshorttimethatithasbeenactiveintheinfra/energyspace,saluting“outstandingperformancefromaveryexperiencedteamofspecialists”.ThejudgingperiodrepresentsCantor

Fitzgerald’sfirstfullyearofactivityforthepower,energyandinfrastructureteam.DuringthistimeithasestablisheditselfasakeyindependentpowerandinfrastructurefirmofferinganM&AandcapitalmarketsproductinNorthAmerica,Europe,MENAandAsiaacrosspower,utility,energyandtransportinfrastructure.Andtheyhadabusyfirstfullyear.CantorFitzgeraldadvisedOaktreeand

minorityinvestorsinthe$1.4billionSpanishsaleofEoliaRenovablestoAIMCO.ItalsoactedforAsterionIndustrialPartners,EDFInvestandSwissLifeAssetManagementontheacquisitionoftheUK’sEnergyAssetsGroup–adealcreditedforreopeningtheUKutilityinfrastructuremarketforcrossborderinvestmentpostBrexit.ItalsoadvisedArclightCapitalinthesaleofBizkaia

Energia(Spain)toCastletonCommoditiesandWhiteSummitCapital,asignificantEuropeanmerchantpowerM&Atransaction.ItalsoactedforRocklandCapitalintheacquisitionofRollsRoycePower–aUS/UKcross-borderM&AinvestmentinUKmerchantpower.CantorFitzgeraldadvisedMarubeniin

itsdivestitureprogrammeforcoal-firedassetsinAsia,includingitspositionsinthePhilippinesandCambodia.ItalsoactedforInframedinthesaleofitsinterestinJordanWindPowerCompany;followedbyworkingwithAdeniumCapitalintheannouncedsaleofitsJordansolarportfolio.InDebtCapitalMarkets,CantorFitzgerald

wasthesolestructuringadviserandjointplacementagentforthe$378millionprojectbondforRocklandCapital’sGridflexGenerationportfolio.Itplayedasimilarroleinthe$482million

refinancingofMiddleRiverPower’sHighDesertandPJMPeakingportfoliointhreetransactions–the$262millionrefinancingofHighDesertCCGT;$165millionprojectbondforPJMPeakers;and$55millionholdcofinancingfortheJetpeakportfolio.Meanwhile,itwassoleadviseron

the$224millionrefinancingofCalpeakPowerforMiddleRiverPower,andthe£121.9millionholdcofinancingforGreenInvestmentGroup’sOSWCo.

InEquityCapitalMarketsadvisory,CantorFitzgeraldwasinvolvedinthe£75millionfollow-onofferingforGreshamHouseEnergyStorageFundplc,supportingthebuild-outofbatterystorageintheUK.KevinPhillips,globalco-headofpower,

energyandinfrastructurebasedinNewYork,says:“Whatcharacterisesourbusinessisourwillingnesstoengagewithchallenging,complextransactionsinM&Aandfinancing,inordertodeliverexceptionaloutcomesforourclients."HariChandra,globalco-headofpower,

energyandinfrastructure,adds:"Iampleasedwithourteam'sglobalorientationandourabilitytosupportourenergyandpowerclientsacrossgeography,productandsubsector.Ourbusinesscontinuestogrowsubstantially."

Financial Adviser – Power & Energy Cantor Fitzgerald

ThetrophyforBestLegalAdviserforM&AactivityacrosstheglobalinfrastructureandenergyspacewasawardedbytheIJInvestorAwardspanelofindependentindustryexpertstoLinklaters.ThisisthesecondsuccessLinklaters

hasenjoyedintheseawardshavinglastyearwonforthegloballegalcategory–theonlytrophypresentedtoalawfirmattheinauguralevent.AttheOctober2020judgingsession,

thefirmwaspraisedforhaving“concludedanimpressiverangeofmandates”withanotherindustryexpertsaying:“Linklatersbringsapragmaticapproachandawealthofexperienceinthesectortoensurethatdealsgetdone.”Throughoutthejudgingperiod–from

April2019toendMarch2020–Linklatersadvisedon40dealsinvolvingfinancialinvestorsgloballywithacombinedvalueof$26billion,actingontwoofthetopfiveacquisitionsbyvaluein2019.Linklatersalsopositioneditselfat

theforefrontofthedigitalinfrastructure

revolutionhavingadvisedArqivaonthesaleofitstelecomsdivisiontoCellnexTelecomfor£2billion.Thistransactioncovers7,400cellularsites,includingmasts,towersandurbanrooftopsites,andtherighttomarketfurthersitesacrosstheUK.Duringthe12-monthjudgingperiod,

LinklatersworkedwithOMERS,AllianzandAXAontheiracquisitionofastakeinSFRFTTH(Altice'sfibretothehomebusiness).ItalsoadvisedPSPandMacquarieAsiaInfrastructureFundonthe$1.8billionacquisitionofdatacentrespecialistAirTrunk;andactedforVodafoneonthe

£18billionspin-offofitpan-Europeanmastbusiness,thelargesttelecomsdealeverinEurope.JessamyGallagher,globalco-headofthe

infrapractice,says:“Investorscanseegoodopportunitiesincorebusinesseswhichhavebeencreatedlargelybychangesinvaluationsandexitsbybothfinancialsponsorsandstrategicowners.“Giventhesolidassetpipeline,current

investorsentimentandthesubstantialamountofdrypowderinthemarket,weexpectM&Aintheinfrastructuresectortocontinuethismomentumandpickupthroughout2021aswell.Thisappliesacrossallassetclasses,includingregulatedutilitiesandofcoursedigitalinfrastructurewhichcontinuestobehighlyattractivetoinfrafunds.”Sheadds:“Wearegratefultoour

clientsforcontinuingtoseekouradviceandsupportontheirmostsignificantandchallengingM&Aopportunitiesandwearehonouredthatoureffortshavebeenrecognisedinthisaward.”

Best Legal Adviser – M&A Linklaters

"What characterises our business is our willingness to engage with challenging, complex transactions in M&A and financing."

Kevin Phillips, global co-head of power, energy and infrastructure

"We are grateful to our clients for continuing to seek our advice and support."

Jessamy Gallagher, global co-head of the infra practice



TheestablishedprivateinvestmentfundsteamatGoodwinwonunanimousapprovalfromtheIJInvestorAwardsjudgingteamtoscooptheLegalAdvisoryFundraisingcategory.Thejudgessingledoutthelawfirmfor

“therangeandbreadthofGoodwin’sfundformationactivitiesduringthejudgingperiodwhichcontinuestoimpress”,withanotherdescribingitasthe“stand-outleaderininfrafundfundraisingadvisory”.Goodwinhaslongbeenhighlyregarded

foritsactivityinfundraisingadvisory.Theteamhasmorethandoubledsince2017,makingitoneofoneofthelargestgroupsofspecialistinvestmentfundformationlawyersinEurope,comprisingover50lawyershandlingmorethan€70billionoffundformationmandatesacrossallsectors.Throughoutthejudgingperiod–start

April2019toendMarch2020–Goodwinpartneredwithclientstoachieverecord-settingfundraisings,dramaticallyexceedinginitialprojections,andovercamemyriadchallengesthrownupbytheCovid-19pandemic.Theprivateinvestmentfundsteam

workedwithanarrayofleadinginfrafundmanagersincludingMacquarieInfrastructureandRealAssets,Antin,CapitalDynamics,ColonialFirstState,UBS,

Meridiam,Denham,PineBrookPartnersandGlennmontPartners,tonameafew.Examplesofitsachievementsinclude

advisingMIRAonstructuringandfundraisingforMacquarieEuropeanInfrastructureFund6(MEIF6)whichexceededits€5billiontargetandclosedatitshardcapof€6billion.ItworkedwithGlennmontonthe

successfulclosingofitsFundIII,whichraised€850milliontoinvestincleanenergyacrossEurope,thelargestamountraisedforagreenenergyonlyfundwithapan-Europeanmandate.TheteamalsoworkedwithAllianzCapital

PartnersandAllianzGlobalInvestorsonfundraisingforAllianzEuropeanInfrastructureFund(RAIF),whichraisedaround€860millionofcommitmentsinjustninemonths.

AnotherexampleofitsworkinthejudgingperiodishavingactedforAntinalongsideanotherfirmontheclosingofitsfourthandlargestfundtodate–AntinIV–whichopenedin2018witha€5.5billiontargetandclosedinJuly2020(outsidethejudgingperiod)withatotalcommitmentof€6.5billion.Thismadeitoneofthelargestfundstohaveconductedfinalclosingduringthecoronaviruspandemic.MichaelHalford,partnerinGoodwin’s

privateequitygroupandheadofitsPIFpracticeforEuropeandAsia,says:“Thisawardrecognisesourleadingpositionasthe‘goto’lawfirmforinfrastructurefunds,whichisacorepartofourprivateinvestmentfundsbusinessandanareawecontinuetoseeincreasingactivityin,despitethechallengingeconomicenvironment.“Overthepast12monthsourpractice

acrosstheUK,France,Luxembourg,theUSandAsiahasraisedover£10billionforinfrastructureandenergysponsors.Thisprestigiousawardisgreatacknowledgementofthehardworkcarriedoutbyourglobalteam,itscollaborationwithourexpandinginfraclientbaseandreinforcesGoodwin’spositionasmarketleaderintheinfrastructurefundformationspace.”

Best Legal Adviser – fundraising Goodwin

TheIJInvestorAwardforBestLegalAdviserintheTaxEquitycategoryhasbeenawardedtoAkinGumpStraussHauer&Feld.TheUS-basedlawfirmwassingledout

foritsactivityduringthejudgingperiodthatrunsfromthestartofApril2019throughtoendMarch2020,duringwhichitadvisedonmorethan$113.5billioninenergytransactionsalone.Amongthedealsitclosedduringthe

judgingperiod,AkinGumprepresentedSunTrustBankinitstaxequityinvestmentintheHolsteinsolarproject,a200MWsolarparklocatedinNolanCounty,Texas.ThiswasoneofSunTrust’sfirsttax

equityinvestmentsandthefirsttaxequitytransactiononasolarhedgeofftakeinthemarket.Theproject,whichwascompletedinJuly

2020,wasdevelopedby8minuteenergyandsoldtoDukeEnergyRenewablessimultaneouswiththeclosingofthetaxequityinvestmentandaconstructionandtermloanfacilityledbyCITBank.Thistransaction,whichclosedinJuly2019,

involvedaproxyrevenueswapandisthefirstDukeEnergyRenewablesprojecttousesuchahedgeagreement.Energyfromtheproject,whichrequired

morethan709,000solarpanelsacrossaround1,300acres,wassoldthrougha12-yearhedgeagreementtoasubsidiaryofGoldmanSachs–JAron&CoLLC.JohnMarcianoIII,co-headoftheglobal

projectfinancepracticeatAkinGump,says:“Ourmarketismovingtowardamoremerchantnorm.Gonearethedaysof20-yearutilityofftakearrangementsbeingthegoldstandard.“Astherealmoneymovesintothemarket

andtheindustrycomesintoitsown,theplayersareunwillingtogiveupthepotentialupsidethatcomeswithalong-term,fixed-priceofftakeagreement.Holsteinisagoodexample.Ashort-tenuredhedge–thefirstlarge-scalehedgedealtobebuiltPhoebewasthefirsttoclosefinancing,butHolsteinbeatittooperation.“Similarly,ontheotherendoftheproject

sizespectrum,iscommunitysolar,whichinmostcasesisalmostentirelymerchant.The

offtakefortheseprojectsislikeAmazon,withjustintimedeliveryofofftakers.Thisisaverydynamictime.We’rehappytobeinvolvedinalltheseinterestingdeals.”Itscoreenergyandglobalfinancial

restructuringteamroutinelyadvisesclientsinsomeofthelargestandhighest-profilerestructurings,recentlyincludingPG&E’s$30+billion,FirstEnergySolution’s$5billion,SanchezEnergy’s$2.3billion,andWeatherfordInternational’s$8.34billionChapter11bankruptcies.

Best Legal Adviser – Tax Equity Akin Gump Strauss Hauer & Feld

"This prestigious award is great acknowledgement of the hard work carried out by our global team."

Michael Halford, partner in Goodwin’s private equity group

Holstein solar project



Forthesecondyearinarow,bfinancehasscoopedtheIJInvestorAwardforBestInvestmentConsultantforactivityduringthejudgingperiodthatrunsfromstartApril2019toendMarch2020.However,havingpickeduptheawardlast

yearinpersoninthesumptuoussurroundingsoftheWestminsterBanquetingHouse,bfinanceseniordirectorforinfrastructureAnishButanithisyearaccepteditvirtually.Overthejudgingperiod,bfinance

supportedinvestorsinmakingmorethan$3billionofallocationstoinfrastructure.Thisactivityspannedthefullbreadthofstrategytypes:unlistedandlisted,equityanddebt.Whilemostofthisactivitywasthroughexternalassetmanagers,theteamisincreasinglysupportingdirectandco-investmentactivity.Inmanycasesbfinanceclientswere

makingtheirfirstforaysintoinfrastructure,bringingnewcapitalintothespacewitheducationandanalysistailoredtotheclient’sneeds.Therehasbeenasignificantexpansion

inthegeographicreachofbfinance’sinfrastructureinvestmentclienteleduringthisperiod–witnessingthefirm’sfirstinfraclientsinMalaysia,SouthAfricaandtheUSA.bfinancealsonowsupportsagreater

varietyofclients.Inadditiontopension

schemeclientbaseitisincreasinglyworkingwithinsurers,corporatetreasuries,financialinstitutions,gatekeepers/fiduciarymanagers.Theinfrastructureresearchteam,headed

byAnishandPeterHobbs(headofprivatemarketsandmanagingdirector)hasalsoexpanded,withtheadditionoftwonewinfrastructurespecialists–JakeConsiglioandGeraldWu,bothfromDeloitte.bfinancenowmonitorsmorethan200

managersaspartofroutinecoverageandhasresearchedoverahundredadditionalGPproposalsthroughmanagersearchactivityinthisperiod.Anishsays:“Wearehonouredtoreceive

thisrecognitionfromIJInvestorandthepanelcomprisingleadingfiguresintheassetclass,especiallyinayearwhenapandemichasbroughtnewchallengesforusandforourclients.“Astheassetclasshasgrownin

popularity,sotoohavethevarietyofinvestmentproductsandthesophisticationofimplementationoptions.Itisexcitingtoseeanincreasinglydiverseglobalmixofinvestorsseekingtoaccessinfrastructure,aswellasthegrowingvarietyofstrategiesreceivingattention,withmorefocusduringthelastyearonareassuchasgreenfieldandAsianinfrastructuredebt.”

Best Investment Consultant bfinance

TheIJInvestorAwardforexcellenceinmodelauditwasthisyearpickedupbyOperis,along-establishedplayerinthefieldwithimpressiveexperienceacrossthesectors.ThisawardreflectsOperis’strong

geographicalandsectorreachwithinthejudgingperiod–startApril2019toendMarch2020.ThejudgessaidofOperisthatit“makes

themodelauditprocessmoreefficientwhereitisusuallytime-consuming".Anotheradmiresits“bottom-upapproachtocomplementthestandardtop-downformalanalysistodetecterrorsandreducecosts”.Anotherjudgeadds:“Operisstood

outforthesheerbreadthandcomplexityoftransactionsthatitworkedonduringthejudgingperiod,nottomentiontheexpansionoftheirgeographicfootprint.”Overthejudgingperiod,Operisreviewed

financialmodelsfortransactionsspanningnumerouscountriesacrossEurope,Africa,theMiddleEastandNorthAmericaaswellascoveringallmaininfrastructuresectors.Keydealsidentifiedinthesubmission

includeactingforEquitixontheGreenHighlandRenewablessalewhichsawEquitixandSIMECAtlantispurchaseaportfolioofhydroelectricplantsinScotland,fromSIMEC.Operisalsoactedonthesale

oftheSwanseaUniversityStudentAccommodationPPPstakewhichchangedhandsfromStModwenPropertiestoUPP.InMay2019,Operisplayedarolein

“significantlylessthanitsusualtimeframe”ontheJoulzDienstensalewhichsaw3iInfrastructureacquiretheDutchsmartmeteringbusinessfrominfraandenergy

networkoperatorStedinGroupforanenterprisevalueof€310.4million.OperisdirectorChrisAldredsays:“2020

hasdemonstratedtheresilienceoftheinfrastructuremarkettoeconomicstressesandhasprovidedfurtherimpetustotheenergytransitionanddigitalisationagendas.“Operishasbeenpleasedtosupport

itsclientsgettheirprojectsthroughtosuccessfulcompletionevenattimesofthegreatestfinancialmarketvolatilityinthefirsthalfoftheyear,withrobustfinancialanalysisandduediligenceprovingevenmoreimportantthanever.”ChiefexecutiveHenriettaRoylesays:

"Inthepastyear,Operishasundertakenaround200assignmentsinvolvinginfrastructurefinancingaroundtheworld,nearly30ofwhichinvolveinfrastructureM&A,anumberwhichhasincreasedsignificantly,evenoverthelast2-3years.“Wehavealsonoticedanincreasein

thenumberofauditsforinternalpurposes,suggestingastrongerimplementationofbestpracticeduediligenceprocesses.”

Best Model Auditor Operis

Anish Butani

"We are honoured to receive this recognition from IJInvestor and the panel comprising leading figures in the asset class, especially in a year when a pandemic has brought new challenges for us and for our clients."

"In the past year, Operis has undertaken around 200 assignments involving infrastructure financing around the world."

Henrietta Royle, Chief executive, Operis



TheIJInvestorAwardforBestPlacementAgentwaswonforthesecondyearrunningbyCampbellLutyens,onceagainwinningovertheindependentpanelofjudges.Onejudgesingleditoutforits

“consistencyandcontinuedmarketleadership”whileanotherlaudeditforbeing“anearlybelieverintheassetclass,ithasforgedacentralandleadingroleinattractingcapitalintothesectorasithasmatured”.Anotherjudgeadds:“Theyhavebeena

strongsupporterofthegrowthofdiversityintheassetclasspromotingnichestrategiesandalternativestructures.Thisallowstheindustrytomeetavariedandgrowinglevelofinvestorneeds.”CampbellLutyens(CL)hasgrownto

becomethelargestindependentadvisoryfirmofitstypeglobally,withsevenofficesacrossNorthAmerica,EuropeandAsiaandateamofmorethan160people.Overthecourseofthejudgingperiod,

CLwasinvolvedintheprivateinfrastructureverticalacross11infrastructurefundraises,withtheaggregatetargetfundsizecominginatmorethan$35billion.Thefirmcontinuestoactformarket-

leadingglobalandregionalclientsinthecore,core+andvalue-addspace,andCLexpectstocontinueitsstrongperformanceinto2021withasimilarlystrongpipelineofinfrastructuremandates.CLadvisedGPsandLPsacrossa

broadrangeofhigh-profileandinnovativeinfrastructuresecondarymandates,accountingformorethan$10billionofinfrastructuresecondariesvolumeforover15blue-chipclients.Oneofitsgreatestachievementsfrom

duringthejudgingperiodclosedmid-April2020,butallofCL’seffortswerefocusedpriortotheclosedate,andthatwasonArcusEuropeanInfrastructureFundII.Thisprimaryraisewaspartofalong-term

co-operationwhichstartedasaground-breakingGP-ledtransactionthattheCLteamdevised/executedforArcusin2016tohelpextendthetermofthefirm’sfirstfund.Thetransactionwas,atthattime,thelargestinfrastructureGP-Leddealevercompleted.FundIIreachedfinalcloseduringthe

peakofCovid-19andatatimewhenequitymarketshadfallen30%globally.Duetolockdowns,thefinalstageofthefundraising

wasconductedalmostentirelyvirtually.Thefundcomprises18newinvestorsrepresenting€837million,securedfromadiversesetofgeographiesincludingEurope,Asia,MiddleEastandNorthAmerica.GordonBajnai,chairoftheCLglobal

advisoryboard,said:“TheIJInvestorjuryhasnowchosenCampbellLutyenssecondtimeinarow.Thisisahugerecognitionofourteam’sleadershipinthefaceoftheCovidcrisistoplace11funds,advise15secondariesclientsand–mostprominently–raise$6billionforsustainabilityandimpactininfrastructureduringtheyear.”

Best Placement Agent Campbell Lutyens

Private equity | Infrastructure | Private credit

We consistently deliver results for our clients through thoughtful, creative advice and meticulous execution

Member FINRA/SIPC | Authorised and regulated by the Financial Conduct Authority | Licensed and regulated by the Securities and Futures Commission | Licensed by the Monetary Authority of Singapore

London | New York | Hong Kong | Singapore | Chicago | Los Angeles | Charlotte

173x118 mm_IJ Global 2020 Award_ver1.indd 1 12/9/2020 11:16:12 AM

"The IJInvestor jury has now chosen Campbell Lutyens second time in a row. This is a huge recognition of our team’s leadership in the face of the Covid crisis."

Gordon Bajnai, chair of the CL global advisory board



IJInvestorforthefirsttimethisyearopenedupanawardscategorytorecognisetheeffortsofratingsagenciesacrossinfrastructureandenergyM&Aandfundactivity–withMoody’sInvestorsServicewinning.Theindependentpanelofindustry-expert

judgesrecognisedMoody’sasa“leaderinESGpublications”withanothersayingitdeservedtowin“fortheirrecognitionofESGinratingdecisions”.Aswithallawards,thisreflectsactivity

duringthejudgingperiodwhichrunsfromthestartofApril2019totheendofMarch2020.Asat31March2020,Moody’shad

ratedmorethan$1.7trillionofprojectandinfrastructurefinance(PIF)debtcoveringmorethan1,000publicly-ratedcompaniesandtransactions.Duringtheperiod,itrated463PIFdeals,representingover$193billionpublicdebtissuedbyPIFissuersgloballythataccountedfor86%oftotalrateddebtissued.However,whenitcomestoM&Aandinfrastructurefundactivity,

itwastheESGcomponentthatwasofgreatestinteresttothejudgingpanel.Overthecourseofthejudgingperiod,

Moody’ssteppedupitsinvolvementinthisspace,recognisingthatESGconsiderationswereincreasinglyrelevanttoissuers,investors,counterpartiesandothers;andthatstakeholdersrequireclear,objective,transparentandglobally-consistentstandardsforunderstandingandmeasuringthesefactors.Duringthejudgingperiod,Moody’s

enhanceditsESGcapabilitiesthroughthreeacquisitions.Moody’s–throughFourTwentySeven–

isuniqueinincorporatingphysicalclimatescenariosintoitscreditratingsanalysis.Forexample,inJanuary2020,itexaminedthemainclimatehazardsthatUSregulatedelectricutilitiesfaceacrosstheirserviceterritories,determinedoverallriskprofilesforeachandidentifiedareasofhighestriskbyhazard.VigeoEirisoffersproductsandcapabilitiesbasedonESGassessments

andanextensiveESGdatabase,aswellasspecialisedresearchanddecision-makingtoolsforsustainableandethicalinvestmentsincludingsecond-partyopinions.Moody’sinvestmentinSTGFaligns

withitsglobalcommitmenttopromotingtransparentstandardsforevaluatingESGrisks.Locally,theinvestmentstrengthenstheratingsagency’spresenceandengagementinChinaanditsfinancialmarkets,withafocusonsupportinglong-term,sustainablegrowthandcontributingtothehealthydevelopmentofESGmarkets.WalterWinrow,globalheadof

infrastructureatMoody’s,says:“Weareverypleasedtoreceivethisawardinwhathasbeenanextraordinaryyearbyanystandard.Onceagain,infrastructureshoweditsresilienceinadverseconditionswithrateddebtissuanceatnear-recordlevels,supportedbysolidcreditperformanceacrossmostsectorsduringthepandemicandESGcomingofageasadriverforinvestors.”

Best Ratings Agency Moody’s Investors Service

AsoneoftheindependentpanelofjudgessaidofArupatthevirtualIJInvestorAwards2020JudgmentDay,itisan“internationalleaderinthisspace,andwelldeservesrecognition”.ArupscoopedtheBestTechnicalAdviser

awardforindustryactivityacrossthejudgingperiod–startApril2019toendMarch2020–withjudgesapplaudingits“stellarperformance”and“clearleadershipinthemarket”.Onewasparticularlykeentosingleoutits

northEuropeancredentials,describingitasa“globalconsultantwithin-depthexpertiseacrossvarioussectors,notablyutilitiesintheNordics.”Duringthejudgingperiod,Arupadvised

onsomelandmarktransactionsincludingthesaleofElectricityNorthwestintheUKwhichcompletedinDecember2019,aswellasastringofsuccessfulsolarPVacquisitionsinPoland.Thesewereshortlyfollowedbythe

CapOmegagaspipelinesalewhichwasrelaunchedin2019,andthetake-privateofBuckeyePartnersbyIFMInvestors,inamulti-billiondollartransactionintheUSmidstreamsector.Arupadvisedon£30billionofclosed

transactions–around30deals–duringtheperiod,includingAthensInternationalAirport,

BrotorpWindfarmacquisition,ConexusBalticGridandBRISAAuto-estradasdePortugal.OutsideEurope,Arupsupportedother

significanttransactionsincludingadvisingontheDaesungIndustrialGasesbusinessinSouthKoreaandAltaGasCanada.ItplayedasignificantroleintheacquisitionofPlenaryAmericasbyCDPQ,andadvisedontheacquisitionofHobartInternationalAirportinAustralia.Activityaroundterminalacquisitions

globallyhascontinuedatpacewithArupadvisingonsalesincludingOdfjellinNorthAmerica,VopackTerminalsinAmsterdam,andHamburgandPinOakTerminalsintheUS.DuringthejudgingperiodArupleveraged

itsglobalexpertisetoadviseinternational

institutionslikeAbertis,GIC,CPPIBandOTPPonsignificantplatforminvestmentsinMexicosuchastheacquisitionsofReddeCarreterasdeOccidenteandImpulsoradelDesarrolloyelEmpleoenAmericaLatinaconcessioncompanies.FilippoGaddo,Arupbusinessandinvestor

advisoryleader,says:“GiuseppeTomasidiLampedusaintheGattopardofamouslysaidIfwewantthingstostayastheyare,thingswillhavetochange,itfeelsthatwayintheworldofinfrastructureduringthepandemic.“Themarketischanging,somedeals

havebeendelayedorcancelled–mostlyintransport–andnewassetclassesareemerging...mostlyinthedigital/telecomssector.”Filippoadds:“WeinArup–asanadviser

–havehadtoadapttonewwaysofworkingandprovideanewserviceoffering.However,theneedforinvestingininfrastructureasoldonesageandarereplacedandtheneedtoshifttoalowcarbonworldandbuildnewassets,isstillthesame–wehavenotstoppedandaswerecoverfromthepandemicwewillcontinuetoseenewdealsemerging.“Themarketisfrothybutnotdeadand

personallyIlookoptimisticallytoa2021betterthan2020,withoutforgettingtocelebrateoursuccessesin2020.”

Best Technical Adviser Arup

"The market is frothy but not dead and personally I look optimistically to a 2021 better than 2020, without forgetting to celebrate our successes in 2020." Filippo Gaddo, Arup business and investor advisory leader



Performance AwardsThewinneroftheIJInvestorAwardforRe-definingInfrastructure,OverallisInfracapitalfortwonewinvestmentsitmadethroughitsbrownfieldfund,InfracapitalPartnersIII.JudgessaidInfracapitalwasan“early

adopterinthefibrespace”andthatithas“significantexperienceingreenfieldandbrownfieldtelecomsinfrastructure.”Thefundsawstrongdeploymentin2019

and2020inthefibrespacewiththenewinvestments,andcontinuestodelivervaluetoLPsbytargetingcomplexassetsinthemid-marketspace.Fibreisbecomingamoderndayessential

withdemandgrowing–morepronouncedinruralcommunities–exponentiallybutinvestmentneedsarenotbeingmet.Duringthepandemic,thiswasexemplifiedwheredatausagesurgedandtheneedforfullfibrebecamemoreapparent.AcrossboththeUKandpartsofEurope,therehasbeensignificantunderinvestmentinfibreinfrastructure,resultinginchallengesinaddressingthisincreaseddemandfordata.

In2019,thefundacquired50%ofSSETelecoms,oneoftheUK’sleadingconnectivitysupplierswithagrowing12,000kmUK-widefibrenetwork.SSEhasmanagedbusinessesthroughouttheUKandcontinentalEurope,andfocusesondeliveringfibrenetworkstomeettheincreasingsocietaldemandsforhigh-speedinternetaccess.InDecember2019,Infracapitallaunched

asuccessorstrategyforInfracapitalGreenfieldPartnersI(IGPI)tocontinuetoinvestanddeliveronthesignificantopportunitytobuildnewinfrastructureacrossEurope.Itclosed80%ofitstargetduringitsfirstclose.In2020,InfracapitalPartnersIIIacquired

63%ofBBV,apureplayGermanfibre-to-the-home(FTTH)business,withastrongtrackrecordandafocusonrollingoutFTTHinruralandsemi-ruralareas,whicharecurrentlyunderservedandreliantonslowbroadbandspeeds,primarilyfromcoppernetworks.

PostthejudgingperiodfortheIJInvestorAwards,Infracapitalsigneditsfirstdealforthesuccessorstrategy,acquiringFibrus,afibrebroadbandnetworkproviderinNorthernIrelandamidstchallengingmarketconditionscausedbyCovid-19.Fibrusplanstorolloutfibre-to-the-

premises(FTTP)toover145,000premisesacrossNorthernIreland,underliningfibre'sstatusasamoderndayessentialutility.Fibruswillprovidegigabitcapable

broadbandtosemi-ruralandsuburbantownssufferingfromlowaveragebroadbandspeeds.AndyMatthews,managingdirectorof

Infracapital,says:“Asoneoftheearlyadopterswecanseerealbenefitsbeingdeliveredinfibreconnectivity.Broadbandinfrastructureisacriticalcomponentinbuildingamoresustainableandresilienteconomy,particularlyinthecontextofCovid-19,andIamproudofourcontinuedcommitmentinmakingthisaccessibletoall.”

Re-defining Infrastructure, Overall WinnerInfracapital

European Greenfield and Brownfield Infrastructure SpecialistInfracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth

For Investment Professionals only. This document does not constitute an offer or solicitation. Past performance is not a guide to future performance. The value of investments can fall as well as rise. Infracapital is a business name of the European infrastructure division of M&G Investment Management Limited and M&G Alternatives Investment Management Limited, wholly owned subsidiaries of M&G plc, a company incorporated in the United Kingdom. This financial promotion is issued by M&G Investment Management Limited. M&G Investments Management Limited and M&G Alternatives Investment Management Limited are registered in England and Wales under numbers 936683 and 2059989. The registered office is 10 Fenchurch Avenue, London EC3M 5AG and both firms are authorised and regulated by the Financial Conduct Authority. NOV 20 / 511107

OVERALLWINNER

Awards2020

Re-defining Infrastructure



TheIJInvestorAwardsindependentpanelofindustry-expertjudgeswaswonoverbytheAntinInfrastructurePartnersFundsubmission,overwhelminglyvotinginfavourofittowintheBestFundPerformancecategory.Judgeswereparticularlyimpressedby

theJuly2019saleofEuroportsmakingAntinoneofthefirstinfrastructuremanagerstofullyexititsfund.AntinFundIreturnedaGrossIRRof24.2%anditgeneratedagrossmultipleof2.5x,payingagrossyieldof7.2%,whichisthoughttobeoneofthebestofitsvintage.ReturnsforthemajorityofFundI

investmentsoutperformedtargetsforgrossIRR,grossyield,orboth.WhereAntinexperiencedsome

challenges,itsactiveassetmanagementapproachenabledittopreservevalue.Whiletherewereinevitablybothpositiveandnegativesurprisesalongtheway,thelessonAntinlearnedisthatitsmodelworks,provingresilientacrosstheeconomiccycle.Thefirm’sstrictadherencetotheAntin

InfrastructureTestprotectedFundIfromdownturnsinGDP,duetoAntin’sfocusondownsideprotectioninanyinvestmentthatitmakes.In2008,Antinsetouttoraiseitsfirst

fundwithatargetsizeof€1billion.Afterasuccessfulfundraisingindifficultmarketconditions,FundIreacheditsfinalcloseoversubscribedat€1.1billionwiththebackingof35investors.OneofthejudgessaidofAntin’s

performance:“Thisisonefundmanagerthatyouknowtreatsitsduediligenceandstewardshipwiththelevelofcompetence

thatisrequired.”Meanwhileanotherjudgeadded:“TheworldwouldbeabetterplaceifotherfundmanagerstookaleafoutoftheAntinbook.”MarkCrosbie,managingpartnerat

AntinInfrastructurePartners,says:“WearehonouredtobeawardedBestFundPerformance.“Thisawardacknowledgesthetalentand

expertiseoftheAntinteamwehavebuiltandfurtherdemonstratesourconvictionthatFundIperformancewillrankatthetopendoftherangewhencomparedtosimilarinfrastructurefundsfromthe2008vintage.”

Best Fund Performance Antin Infrastructure Partners Fund

"This award acknowledges the talent and expertise of the Antin team we have built and further demonstrates our conviction that Fund I performance will rank at the top end of the range when compared to similar infrastructure funds from the 2008 vintage." Mark Crosbie, managing partner at Antin Infrastructure Partners

This advert is issued by Antin Infrastructure Partners and is produced for information purpose only. This document does not constitute an offer to sell, purchase, subscribe for or otherwise invest in units or shares of any fund managed or advised by Antin Infrastructure Partners, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or be taken as investment advice. antin-ip.com

2939_AIP_IJ Investor Award_Ad_173x118_v2_AW.indd 1 11/12/2020 12:01



TheIJInvestorAwardforRe-definingInfrastructureinEuropewaswonbyArcusInfrastructurePartnersforitsinvolvementinthecoldstoragesector.ThisawardrecognisesArcus’innovation

inlate2019throughtoearly2020–comfortablyinsidethejudgingperiod–whenitacquiredmajoritystakesinthreeindustrial-scaleEuropeancoldstoragecompanies.TheseareStockhaboinBelgium(40%

controllingstakeacquired),LintelointheNetherlands(75%ownershipstake)andGlacioinNorway(90%stake)andestablishedaplatform,ConstellationColdLogistics.Constellation’sstrategy,developedwith

thehelpofspecialistadvisers,contemplatestheaggregationofseveralmarket-leadingcoldchaininfrastructurebusinesseswithinEurope.ThetotalinitialinvestmentinConstellationisaround€65millionandwasfundedentirelybyequityfromArcusEuropeanInfrastructureFund2SCSp.Thethreecompaniesworkwithfood

producerssuchasUnileveraswellaswholesalersandretailersandactascriticalnodesinthejourneybetweentheproductionoffoodanditsconsumption.Thethreedealswereacquiredonapurelybilateraloff-marketbasisinsomecaseswith

yearsofrelationshipbuildingbeforethen.Thefacilitiesarebuiltat“strategic

locationswithcaptivecatchmentareas”,suchasnexttofoodproductionfactoriesoratports,oneofseveralbarrierstoentryforcompetitors.AlthoughConstellationoffersvalue-addservicessuchasblastfreezingandthawing,storageisthecoreofitsbusiness.

IanHarding,Arcusco-managingpartner,says:“Arcus’investmentstrategyisfocusedonowning,managingandbuildingtheinfrastructureofthefuture.“Althoughweareproudtowinthe

RedefiningInfrastructureinEuropeaward,webelievethatournewareaofinvestment–coldstoragelogistics–hasmanyclearinfrastructurecharacteristicsthatwillseeitbecomethecoreinfrastructureofthefuture,muchlikerollingstock,portsandtowersbecame,afterweacquiredsuchassetsinthelate2000s.“Arcushasalongandsuccessfulhistory

ofinvestinginassetclassesthatwereoncenotconsideredinfrastructurebuttodayarethebreadandbutteroftheindustry.”Headds:“Ourpartnershaveanaverage

ofmorethan19yearsofexperiencewithintheEuropeaninfrastructureinvestingmarket,bringingspecificinsightstobothoriginationandvaluecreationopportunities.“ThiscriticalinsightenabledArcusto

identifytelecomtowers,portsandrollingstocksubsectorsearlyonandmakeinvestmentsinShere,ForthPorts,AngelandAlpha.Sincetheinitialinvestmentintoeachofthosebusinesses,theirrespectivesubsectorshaveexperiencedsignificantpositivevaluationre-ratingsandarenowconsideredtobemainstreamcoreinfrastructureforinstitutionalcapital.”

Re-defining Infrastructure, EuropeArcus Infrastructure Partners

Ian Harding

"Arcus has a long and successful history of investing in asset classes that were once not considered infrastructure but today are the bread and butter of the industry."

Arcus acquired majority stakes in three industrial-scale European cold storage companies in late 2019 through to early 2020

We invest. We manage. We grow.

LONDON | AMSTERDAM | LUXEMBOURG | MILAN | LISBON www.arcusip.com

JANUARY

Businesses acquired and platform established.

AUGUST

Awarded full marks.

A+ Strategy & Governance

A+ for Infrastructure

OCTOBER

Sale of Brisa, fi nal asset in AEIF1.

DECEMBER

Winner of IJ Investor Awards

Re-defi ning Infrastructure – Europe

Best Transport Acquisition (Logistics)

NOVEMBER

Awarded 3 Infrastructure Sector Leader Awards.

2 0 2 0

APRIL

Final close of Arcus European Infrastructure Fund 2 (AEIF 2) at:

EUR 1.22 billion

Thank youto our investors and stakeholdersWe live in unprecedented times, but 2020 has been a milestone year for Arcus. Our proven, value-add approach will continue to focus on trends that drive real innovation and sustainable change in society: decarbonisation, changing demographics and data explosion.We look forward to continuing the journey with you.

2901_ARC_Industry Tombstone Advert_Infrastructure Investor 209x285mm_v2.indd 1 07/12/2020 16:02



TheindependentjudgingpanelchoseAmberInfrastructureasthewinnerintheMarketInnovationcategoryforEuropebasedonitsactivitybetweenApril2019andtheendofMarch2020.JudgeschoseAmberaheadofrival

submissions,basedonhowthefundmanager“evolvedinresponsetochangingmarketconditions”whileremainingconsistently“focusedoninvestmentinessentialinfrastructureassetsthatproviderobustcashflowsandattractiverisk-adjustedreturns”.TheAmberteamislong-established

havingstartedinvestingtogetherin1998inwhatwasthenanemergingassetclass.InthejudgingperiodAmbermarkednumerousdevelopmentsacrossitsvehicles.InternationalPublicPartnerships(INPP)

wasactiveinvestingadditionalriskcapitalintoEnglishschoolsPPPprojects,completingitsfullacquisitionofCadentaspartoftheQuadgasconsortium,andclosingtheinnovativerefiofanOFTOasset.TheNationalDigitalInfrastructureFund

(NDIF)raised£75milliontofundinitialfullfibrebroadbandrollouttomorethan100,000premisesbyend2021.Meanwhile,theScottishPartnershipforRegenerationinUrbanCentres(SPRUCE)builtaheadofsteam.

ButwhenitcametoinnovationthejudgeswereswayedbyAmber’sinvolvementwiththeMayorofLondon’sEnergyEfficiencyFund(MEEF)forwhichtheinvestmentpolicywasextendedtoallowfortheprovisionoffinancetolowemissionvehicleschemesthatbenefitthepublicsectorandSMEs.TheywerealsoswayedbyThreeSeas

InitiativeInvestmentFund(3SIIF)forwhichAmberwasinFebruaryexclusiveinvestmentadviserandhelda€520millioninitialclose,cornerstonedbyregionalgovernmentbackedfinancialinstitutions.3SIIFtargetscriticalinfrastructureinvestment

in11countriesinCentralandEasternEurope,focusedongreenfieldinfraprojectsinenergy,digitalandtransport.Itsgoalistomobiliseinvestmentinessentialinfrastructureacrosstheregion,acceleratingeconomicdevelopment,andimprovingconnectivityandcooperationthroughouttheregion.ItistheonlyfundfocusedontheThreeSeas

regionandwillbeoneofthefirstcommercialinfrafundstoinvestthereuniquely.Althoughthereareafewfundsthathavemadeinfrastructureinvestmentsintheregion,theirmandatesaremuchwiderandinvestinginthisgeographyisnotaspecificfocus.Additionally,manyofthesepeerfundswillnotinvestinallthecountriescoveredbythefund.

AmberInfrastructureGroupchiefexecutiveGainTaitsays:“AmberisverypleasedtohavewontheMarketInnovationscategoryforEuropeatthe2020IJInvestorAwards.WearedelightedthatAmber’sabilitytoconsistentlyevolveinresponsetochangingmarketconditionshasbeenrecognised–particularlyinthechallengingcircumstances2020haspresented.“CoretoAmber’scultureisourproven

trackrecordinidentifyingnewsubsectorsandassetclasseswithininfrastructure.WehavesuccessfullypositionedourselvesasanearlymoverinareasrangingfromEuropeandigitalinfrastructuretoUSprogressivedevelopment.”

Market Innovation – EuropeAmber Infrastructure

DigitalColonyandColonyCapitalwontheIJInvestorAwardforRe-definingInfrastructureintheAmericasforitspioneeringworkinthedigitalinfrasector.JudgesidentifyDigitalColonyasa

“clearleaderinthedigitalinfrastructurespace”,recognisingitssuccessonclosingitsinauguralfundat$4.05billionasa“demonstrationoffaithfromthemarket”.Theindependentpanelofjudges

choseDigitalColonyforthisawardforhavingcreatedthefirstdedicateddigitalinfrastructurefund–DigitalColonyPartners–anditspartneringwithcompaniesthatwillprovidethenextgenerationofconnectivitysolutions.DigitalColonyPartnersismorethan70%

deployed,anditisakeycomponentofColonyCapital’spivottodigitalinfrastructure.Injustafewmonths,amidtheCovid-19

pandemic,DigitalColonyandColonyCapitalteamscompletedanumberofcomplexandtransformativetransactionsunderMarcGanzi’sleadership,withtheoverarchinggoalofpartneringwithcompaniesthatwill

providethenextgenerationofconnectivitysolutions.KeyamongthesewasVantageData

Centers,aglobalproviderofhyperscaledatacentrecampuses,announcingadefinitiveagreementtoformastrategicpartnershipvaluedat$3.5billion.Atotalof$200millionoftheinvestmentcomesdirectfromColony’sbalancesheet.StevenSonnenstein,managingdirector

atDigitalColony,says:“Fromnicheto

mainstream,DigitalColony‘sexecutiveteamhasbeeninvestingindigitalinfrastructureforovertwodecadesandhasledthepathforotherstofollow.“Theseinvestmentshavegonefrom

venturecapital-backed,toinfrastructure-funded,tosupercore-fundedbecauseofthestrong,stable,predictable,andhigh-qualitycounterpartynatureoftheassetclass.”Headds:“Ouroperationally-focused

investmentstrategyisn’tjustwordsonapagebutalsopartofourDNAandmantra.Weareentrepreneurial-basedandinvolvedinourportfoliocompanies’day-to-dayoperations,thisallowsustobeproactive,insteadofreactive,totheneedsofourinvesteecompanies.“Thebasisofoursuccessisrootedin

ourpeopleandourteams.Werecruitthebestoperatorsandinvestorsintheindustry.Wefocusononesectorandonesectoronly,allowingustospecializeandbecomethebestatwhatwedo.Focusequalsexcellence!"

Re-defining Infrastructure, Americas Digital Colony / Colony Capital

"From niche to mainstream, Digital Colony‘s executive team has been investing in digital infrastructure for over two decades and has led the path for others to follow." Steven Sonnenstein, managing director at Digital Colony

"Core to Amber’s culture is our proven track record in identifying new sub sectors and asset classes within infrastructure." Gain Tait, Group chief executive, Amber Infrastructure

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