| Asset Type | Energy Infrastructure (Solar + Battery Storage) |
| Status | EdSan1A in operation (full COD Q3 2022) and EdSan1B closed at full COD in Q4 2023) |
| Asset Description | 346 MW solar + 1,505 MWh battery storage (EdSan1A) and 410 MW solar + 1,786 MWh battery storage (EdSan1B), the two projects are located in southern California and are expected to be the largest solar + storage project in the U.S. on a combined basis. EdSan1A reached COD from Aug. 2021 – Sept. 2022 and EdSan1B reached COD in late 2023. The projects benefit from a diverse set of revenue contracts, in addition to a partner who is the O&M provider and asset manager, creating alignment of interests. |
| Asset Revenues | The project has a diverse set of 15+ revenue contracts, including for solar electricity and RECs, as well as capacity contracts. Offtakers include investor-owned utilities, corporations, and community choice aggregators. |
| Contract Expiry | Project offtake agreements terminate in 7-15 years, with the projects earning revenue on a merchant basis thereafter. |
| Asset Type | Energy and Social Infrastructure |
| Status | Operational |
| Asset Description | 50-year concession to operate, maintain and upgrade the Georgetown University utility system, which is all of the electric, steam and condensate, natural gas, chilled water and associated central assets serving the Main and Downtown campuses, and includes utility and energy services to the Jesuit Community, the Georgetown University Medical Center and MedStar Georgetown Hospital. The concessionaire will also implement energy conservation measures to achieve a 35% reduction in energy use intensity |
| Asset Revenues | In exchange for an upfront payment, the Concessionaire receives three revenues steams: (i) a starting fixed fee of $21.1 million that grows by ~$2.2 million per year until 2031, then growing at 1.5% per year; (ii) a return on investment for capital improvements made to the system over the term of the concession; and (iii) payment of operating costs on a pass-through basis |
| Counterparty | Georgetown University (S&P: A-; Moody’s: A3) |
| Concession Expiry | 2071 |
| Asset Type | Energy Infrastructure |
| Status | In construction |
| Project Description | Two solar PV facilities (Brockville and Beckwith) with 24.4 MWdc of aggregate generation capacity located near Brockville and Ottawa, Ontario. |
| Project Revenues | 100% of power produced is sold to the OPA under 20-year Power Purchase Agreements (PPAs) |
| Conterparty | Ontario Power Authority |
| PPA Expiry | 2033 - 2034 (PPA term: 20 years following COD) |
| Asset Type | Energy and Social Infrastructure |
| Status | Operational |
| Asset Description | 50-year concession to operate and maintain The Ohio State University’s campus district energy system, including the production and/or distribution of steam, chilled water, natural gas, and electricity across the 485-building Columbus campus and implementation of a comprehensive energy conservation program designed to increase system efficiency by 25% or greater. |
| Asset Revenues | In exchange for an upfront payment, the Concessionaire receives three revenue streams: (i) a fixed $45 million per year (escalating at 1.5% per annum); (ii) a return on investment for capital improvements made to the system over the term of the concession; and (iii) payment of operating costs on a pass-through basis. |
| Counterparty | The Ohio State University (S&P: AA; Moody’s: Aa1) |
| Concession Expiry | 2067 |
