AXIUMAXIUM

Highly diversified North American portfolio Over 260 Core Infrastructure Assets

Grand Valley Wind Farm
Asset Type Energy Infrastructure
Status Operational (COD in December 2015)
Asset Description 40 MW operating wind facility located in Dufferin County, Ontario. The wind facility was developed under Ontario’s Feed-in-Tariff (FiT) program.
Asset Revenues 100% of power produced is sold to the IESO under a 20-year Power Purchase Agreement (PPA).
Counterparty IESO (rated Aa3 by Moody’s)
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Axium Travers
Asset Type Energy Infrastructure (Solar Power)
Status Operational
Asset Description 691 MWdc / 465 MWac operational solar project located in southern Alberta. The project utilizes monocrystalline silicone bifacial modules supplied by JinkoSolar with single-axis trackers by NEXTracker. The project also includes an expansion opportunity representing an additional 124 MWdc / 83 MWac which is in its early development stage.
Asset Revenues The project has a 15-year PPA with Amazon for 400 MW at a fixed tariff rate, which represents 86% of the capacity. The PPA includes the environmental attributes associated with the contracted production. The project will maintain a 14% merchant exposure to energy and carbon credits over the PPA period
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Axium ES Holdings LLC
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.
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Axium BlueWave
Asset Type Energy Infrastructure
Status Greenfield
Asset Description BlueWave is a development company focused on distributed generation (DG) solar and utility-scale storage, specifically focused on community solar, in the US Northeast and Mid-Atlantic. The development pipeline consists of over 1.3 GW of capacity across over 140 projects and 5 states.
Asset Revenues Community solar projects will generate revenue by state community solar bill credits earning retail rates for 20–25 year initial periods depending on market. Beyond the initial program, projects will be able to sell electricity on a merchant basis. Storage projects will generate revenue through capacity revenues and energy arbitrage.
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Axium Great Plains Wind LLC
Asset Type Energy Infrastructure (100% wind)
Status Operational
Asset Description 1,062 MW diversified portfolio of 7 wind assets. The portfolio is located in 3 states in the US. The portfolio has a weighted average operational age of 7 years and strong historical availability. 65% of capacity is currently contracted under long term offtake agreements.
Asset Revenues The assets are primarily contracted under long-term PPAs with high-grade utility and corporate counterparties that bear a weighted average credit rating of A. Part of the portfolio currently operates on a merchant basis.
Contract Expiry Portfolio has remaining average off-take tenor of 7 years with assets earning revenue on a merchant basis or through new long-term agreements thereafter.
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527 Renewables Holdings LLC
Asset Type Energy Infrastructure
Status Operational
Asset Description 1,415 MW diversified portfolio of 28 wind and solar assets. The portfolio is located in 12 states throughout the US. The projects are prime recontracting and repowering targets, providing significant future opportunity. One of the projects, a 70 MW wind asset in Maryland, will be repowered in 2022-2023.
Asset Revenues The assets are contracted under long-term PPAs with high-grade utility and corporate counterparties that bear a weighted average credit rating of A.
Counterparty Exelon Generation
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Axium Crimson
Asset Type Energy Infrastructure (Battery Storage)
Status Operational
Asset Description 350MW (1400MWhs) battery storage project located in southern California. Construction is anticipated to start in August 2021 with COD in August 2022. Once operational, the project will provide capacity and crucial supply-shifting benefits to the California grid. The project has 2 ~15-year offtake contracts for the total project capacity.
Asset Revenues 200MW are contracted under a tolling agreement for 14 years and 10 months, during which there is no merchant exposure. 150MW are contracted under a capacity contract for 15 years, during which it will earn energy arbitrage revenues on a merchant basis.
Counterparties Recurrent Energy, Southern California Edison (SCE), Pacific Gas & Electric (PG&E)
Contract Expiry Project offtake agreements terminate in ~15 years, with the project earning revenue on a merchant basis thereafter.
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Upper Peninsula Power Company
Asset Type Energy Infrastructure
Status Operational (COD in 1884)
Asset Description Upper Peninsula Power Company (UPPCO) is the largest electric utility in Michigan’s Upper Peninsula serving 53,000 electric customers in the region. UPPCO’s asset base is comprised solely of generation and distribution assets, including 4,500 distribution line miles, 50 substations, and 57MW of owned generating capacity coming largely from seven hydroelectric facilities located in the Upper Peninsula. UPPCO also plans to begin building a 60MW utility scale solar asset in 2022. The Company is rate-regulated by the Michigan Public Service Commission.
Asset Revenues Rate base revenue mechanism paid by residential, industrial, commercial and municipal electricity customers in its service territory.
Counterparties Michigan Public Service Commission
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Georgetown University Concession
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
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Denfield Power
Asset Type Energy Infrastructure
Status Operational (COD between February 2012 and November 2014)
Asset Description Four wind facilities and two solar facilities totalling 396 MW of aggregate generation capacity located in Ontario in the counties of Lambton, Middlesex, Haldimand, Huron, and Wellington. The wind facilities were developed under Ontario’s Feed-in-Tariff (FiT) program and the solar facilities were developed under Ontario’s Renewable Energy Standard Offer Programme (RESOP)
Asset Revenues 100% of power produced is sold to the IESO under 20-year Power Purchase Agreements (PPAs).
Counterparty IESO (rated Aa3 by Moody’s, A (high) by DBRS)
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Cascade Power Project
Asset Type Energy Infrastructure
Status Under construction (commercial operations in Q2/Q3 2024)
Asset Description Equity interest in a shovel-ready 900 MW combined-cycle power plant to be located approximately 200 km west of Edmonton, AB.
Asset Revenues Market energy sales with ~80% of the gas supply sourced via three 14 years average gas netback agreements (gas prices indexed to electricity prices).
Counterparties Peyto Exploration & Development Corp. – Pacific Canbriam Energy Ltd. –
Cutbank Dawson Gas Resources Ltd.
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CPV Three Rivers
Asset Type Energy Infrastructure (natural gas power generation)
Status Under construction (commercial operations in 2023)
Asset Description CPV Three Rivers is a 1,258 MW combined cycle power generation project located in northeastern Illinois, within the ComEd load zone of PJM. The project issued NTP in late August 2020, with commercial operations anticipated in Q2 2023.
Asset Revenues Project will generate revenue by participating in PJM’s energy and capacity markets. Roughly 90% of the Project’s gross energy margin is secured for the first five years of operations through Power Price-Based Gas Supply Agreements whereby the project purchases gas at a fixed percentage of day ahead electricity prices.
Counterparties Capacity & Energy Revenue – PJM ISO, Power Price-Based Gas Supply – Morgan Stanley and Advantage Oil & Gas
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Wind Energy Transmission Texas
Asset type Energy Infrastructure (transmission line)
Status Operational (COD between Sept. 2013 and Jan. 2014)
Asset description Wind Energy Transmission Texas, LLC (WETT) is a regulated electric transmission provider in West Texas that owns and operates 500 circuit miles of transmission lines and six switching stations across eleven West Texas counties.
Asset revenues Rate base revenue mechanism paid from the pooled revenues collected by the ERCOT from ~80 electric distribution service providers in Texas.
Conterparties ERCOT – Electric Reliability Council of Texas and PUCT – Public Utility Commission of Texas
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Axium Arizona Renewables
Asset Type Energy Infrastructure
Status Operational (COD in August 2011 for Copper Crossing and November 2010 for Dry Lake II)
Asset Description 50% interest in a portfolio of two operating renewable projects, one 65.1 MW wind farm (Dry Lake II) and one 23 MWdc solar farm (Copper Crossing), both located in Arizona and fully contracted under long- term PPAs.
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Axium Longwood
Asset Type Energy Infrastructure (District heating & cooling)
Status Operational
(generation unit COD between 1980 and 2017)
Asset Description Tri-generation energy complex located in Boston’s Longwood Medical and Academic Area (LMA).
Medical Area Total Energy Plan (MATEP) provides 100 MW of electricity capacity, 1,000,000 lbs / hr of steam capacity, and 41,000 tons chilled water.
Asset Revenues Revenues derived from long-term utilities contracts with hospitals and medical institutions located in the LMA, including six hospitals affiliated with Harvard University.
Counterparty Institutes affiliated with Harvard Institutes of Medicine (Boston Children’s Hospital, Brigham & Women’s Hospital, Beth Israel, Dana-Farber Cancer Institute, Harvard Medical School, Joslin Diabetes Center)
(Average credit rating of AA-)
Contract Expiry 2051 (~33 years following acquisition closing)
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Axium Coachella
Asset Type Energy Infrastructure
Status Operational (Construction project reached COD May 2021)
Asset Description Option to acquire a 50% leasehold interest at value of asset construction cost upon completion of a project which will replace an existing transmission line with a new double-circuit 220kV line along a 48-mile corridor in Southern California; project will increase the line capacity from 1,600 to 4,800 MW, allowing California to unlock more solar generation and meet its renewable portfolio standards.
Asset Revenues Rate base revenue mechanism paid from the pooled revenues collected by the California Independent System Operator from market participants.
Counterparties Morongo Band of Mission Indians
California Independent System Operator (CAISO)
Southern California Edison (SCE)
Contract Expiry 30 years from COD
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Axium US Wind II Portfolio
Asset Type Energy Infrastructure
Status Meadow Lake VI: Operational (COD Dec. 2018)
Prairie Queen: In construction (COD in Q2 2019)
Asset Description The portfolio consists of two wind farms: Meadow Lake VI (200.4 MW) located in White and Benton Counties, IN; and Prairie Queen (199.3 MW) located in Allen County, KS.
Asset Revenues 100% of the projects’ production is contracted to be sold to investment-grade counterparties under long-term PPAs.
Conterparties Meadow Lake VI: Wabash Valley Power (75.4 MW)/Cummins Inc. (75 MW)/Nestle, USA (50 MW)
Prairie Queen: Kansas City Power & Light (100%)
PPA Expiry Meadow Lake VI: 15 years (Cummins & Nestle) to 20 years (Wabash) from COD
Prairie Queen: 20 years from COD
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Aurora Solar
Asset Type Energy Infrastructure
Status Operational
Asset Description Nine solar PV facilities in Ontario totalling 101.5 MWdc of aggregate generation capacity located in the municipalities of Smiths Falls, Perth, Coldwater, and Wyebridge. The installations were developed under the government’s Feed-in-Tariff (FiT) program.
Asset Revenues 100% of power produced is sold under 20-year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA Expiry 2033 and onward
(20 years following COD)
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Brooklyn Navy Yard Cogeneration Facility
Asset Type Energy Infrastructure (Natural gas power generation)
Status Operational (COD in 1996)
Asset Description Brooklyn Navy Yard (BNY) is a 286 MW nominally rated natural gas combined cycle cogeneration facility located in Brooklyn, New York City which sells steam and electricity output to the Consolidated Edison Company of New York (ConEd). BNY has steam output capacity of 1,000,000 lbs per hour.
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Northwestern BC Hydroelectric Facilities
Asset Type Energy Infrastructure
Status Operational (COD between October 2014 and October 2015)
Asset Description Three run-of-river hydroelectric facilities located near the Iskut River watershed in Northwestern British Columbia with a total installed capacity of 303 MW.
Asset Revenues 100% of power produced is sold to BC Hydro under a fully inflation-indexed 60-year Power Purchase Agreement (PPA).
Counterparty BC Hydro (rated Aaa by Moody’s, AAA by S&P, and AA (high) by DBRS)
PPA Expiry Between October 2074 and October 2075
(60 years following COD)
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Axium Infinity Solar
Asset Type Energy Infrastructure
Status Operational (COD between November 2012 and October 2014)
Asset Description Eight solar PV facilities in Ontario totalling 105.5 MWdc of aggregate generation capacity located in the municipalities of Brockville, Ottawa, Temiskaming, Mississipi Mills, and South Stormont. The installations were developed under the Ontario government’s Feed-in-Tariff (FiT) program.
Asset Revenues 100% of power produced is sold under 20-year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA Expiry 2032 and onward
(20 years following COD)
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Axium Buckeye (OSU Concession)
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
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Axium US Clean Energy
Asset Type Energy Infrastructure (Natural gas power generation)
Status Middletown : Operational (COD in May 2018)
Kings Mountain : Operational (COD reached in December 2018)
Asset Description The portfolio consists of two conventional generation assets that will utilize state-of-the-art Mitsubishi Hitachi Power Systems combined-cycle technology. Middletown Energy Center (MEC) is a 478 MW CCGT located in Western PJM (Ohio). Kings Mountain Energy Center (KMEC) is a 470 MW CCGT located in North Carolina.
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Axium US Solar Holdings
Asset Type Energy Infrastructure
Status Operational (COD between June 2012 and May 2014)
Asset Description 5 solar PV facilities with 69 MW DC of aggregate generation capacity. Facilities are located in California and Georgia. The projects were originally developed by smaller solar companies and subsequently sold to RETC.
Asset Revenues All of the projects benefit from long-term, fixed-price contracts with creditworthy counterparties, and terms ranging from 15 to 25 years.
Counterparty Georgia Power, Imperial Irrigation District, Modesto Irrigation District
PPA Expiry 2027 to 2037
(15 years, 20 years and 25 years following COD)
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Axium Solarlight
Asset Type Energy Infrastructure
Status Operational (COD between November 2014 and January 2015)
Asset Description Three solar PV facilities with 41 MWdc of aggregate generation capacity. Projects were developed by Canadian Solar Solutions Inc. under the Ontario government’s FIT program.
Asset Revenues 100% of power produced is sold under 20-year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA Expiry 2034 for 2 assets and 2035 for the other
(20 years following COD)
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K2 Wind Farm
Asset Type Energy Infrastructure
Status Operational (COD in May 2015)
Asset Description 270 MW wind farm located in Goderich, Ontario that was jointly developed by Samsung Renewable Energy, Pattern Energy and Capital Power. K2 is one of the two largest operating wind projects in Ontario.
Asset Revenues 100% of power produced is sold under a 20-year Power Purchase Agreement.
Counterparty IESO
PPA Expiry 2035
(20 years following COD)
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Slate Creek Wind Farm
Asset Type Energy Infrastructure
Status Operational (COD in December 2015)
Asset Description 150 MW wind project utilizing Vestas turbine technology, with turbine and Balance of Plant (BOP) operations and maintenance services provided by Vestas and EDF Renewable Services.
Asset Revenues 100% of power produced is sold under a 20 year term Power Purchase Agreement (PPA).
Counterparty Kansas City Power & Light
PPA Expiry 2036
(20 years following COD)
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Axium US Wind Portfolio
Asset Type Energy Infrastructure
Status Operational (COD dates between 2008 and Q1 2016)
Asset Description 1,600 MW wind portfolio consisting of 12 assets in 7 states. Portfolio projects use a variety of tier 1 wind turbines (Vestas, Gamesa, GE, Suzlon), with operations and maintenance services being provided by original equipment manufacturers under long-term agreements.
Asset Revenues 100% of power produced is sold to creditworthy investor owned utilities, municipal power agencies, and government entities under PPA with weighted average remaining life of 16 years.
PPA Expiry 2023 – 2039
(Between 15 and 25 years )
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Vents du Kempt Wind Farm
Asset Type Energy Infrastructure
Status Operational (construction completed in December 2014)
Project Description 101.2 MW wind farm located in the Québec municipalities of Ste-Marguerite-Marie and Causapscal which was developed by Axium Infrastructure under Hydro-Québec’s 2005 call for power.
Asset Revenues 100% of power produced is sold under a 20-year Power Purchase Agreement (PPA)
Counterparty Hydro-Québec
PPA expiry December 2034
(20 years following COD)
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Saint-Robert-Bellarmin Wind Farm
Asset Type Energy Infrastructure
Status Operational (COD in October 2012)
Asset Description
80 MW wind farm located in the municipality of Saint-Robert-Bellarmin, Québec. The project was developed by EDF EN Canada, and is fully contracted under a 20-year Power Purchase Agreement with Hydro-Québec.
Asset Revenues 100% of power produced is sold under a 20-year Power Purchase Agreement.
Counterparty Hydro-Québec
PPA Expiry 2032
(20 years following COD)
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De l’Érable Wind Farm
Asset Type Energy Infrastructure
Status Operational (COD in November 2013)
Asset Description 100 MW wind farm with 50 E82 Enercon Turbines
Asset Revenues 100% of power produced is sold under a 20-year Power Purchase Agreement (PPA).
Conterparty Hydro-Québec
PPA Expiry 2033
(20 years following COD)
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Axium Solar
Asset Type Energy Infrastructure
Status Operational (COD in December 2010 and December 2011)
Assets Description Four operational solar PV facilities (Elmsley East, Elmsley West, St.Isidore A and St.Isidore B) with 47.1 MWdc of aggregate generation capacity located in the townships of Rideau Lakes and St. Isidore near Ottawa, Ontario. The installations were developed under the IESO’s RESOP Program
Assets Revenues 100% of power produced is sold to the IESO under 20-year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA Expiry 2030 / 2031
(20 years following COD)
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Brockville and Beckwith
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)
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Portfolio of Renewable Wind Energy Facilities
Asset Type Energy Infrastructure
Status Operational
Asset Description Equity interest in a renewable energy portfolio representing 679 MW of fully contracted generation capacity. Portfolio comprises 12 projects (10 wind and 2 solar) located across 4 provinces (BC, ON, NB, PEI).
Asset Revenues 100% of power produced is sold to the OPA under 20-year Power Purchase Agreements (PPAs)
Conterparty BC Hydro, IESO, NB Power and PEI Energy Corp
PPA Expiry From 2021 to 2033
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ABW Solar PV Facilities
Asset Type Energy Infrastructure
Status Operational (COD between January and March 2013
Asset Description Three solar PV facilities (Amherstburg, Belmont and Walpole) with 65.7 MWdc of aggregate generation capacity. Projects were developed by First Solar and GE Energy Financial Services under the Ontario government’s RESOP program.
Asset Revenues 100% of power produced is sold under 20-year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA Expiry 2013 and onward
(20 years following COD)
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Borealis Solar PV Facilities
Asset Type Energy Infrastructure
Status Operational (COD between December 2013 and March 2014)
Asset Description Ten solar PV facilities with 108 MW DC of aggregate generation capacity. Projects developed by Recurrent Energy under the Ontario government’s Feed-in-Tariff (FIT) program.
Asset Revenues 100% of power produced is sold under 20-year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA Expiry 2033 and 2034 (20 years following COD)
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Northern Solar PV Facilities
Asset Type Energy Infrastructure
Status Operational (construction completed in October 2014)
Asset Description Four solar PV facilities (Kapuskasing, Ramore, Mattawishkwia and Wainwright) with 42.8 MWDC of aggregate generation capacity developed by Axium Infrastructure in 2014 under the Ontario Power Authority’s FIT Program.
Asset Revenues 100% of power produced is sold to the OPA under 20 year Power Purchase Agreements (PPAs)
Counterparty IESO
PPA expiry 2034 (20 years following COD)
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Axium Western Wind Energy
Asset Type Energy Infrastructure
Status Operational (COD in February 2011)
Asset Description Dokie is a 144 MW wind farm located on the top of two mountain ridges in the Peace River District of Northern British Columbia. The project is the largest operating wind farm in BC.
Asset Revenues 100% of power produced is sold under a 25-year Power Purchase Agreement (PPA).
Conterparty BC Hydro
PPA Expiry 2036
(25 years following COD)
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Axium Western Hydro Energy
Asset Type Energy Infrastructure
Status Operational (COD in May 2010)
Asset Description Toba Montrose consists of 2 run-of-river hydroelectric facilities with 235 MW of aggregate generation capacity located within the Toba Montrose River Watershed, 100 km north of Powell River and 190 km northwest of Vancouver. The project is the largest privately held operating run-of-river station in BC.
Asset Revenues 100% of power produced is sold under a 35-year PPA
Conterparty BC Hydro
PPA Expiry 2045
(35 years following COD)
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Jimmie Creek Hydroelectric Facilities
Asset Type Energy Infrastructure
Status Operational (COD in August 2016)
Asset Description Run-of-river hydro facility located 10km downstream of East Toba River with a total capacity of 62 MW.
Asset Revenues 100% of power produced is sold under a 40-year Power Purchase Agreement (PPA).
Counterparty BC Hydro
PPA Expiry July 2056
(40 years following COD)
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Metropistas
Asset type Transportation infrastructure
Status Operational (COD in 1972)
Asset Description Metropistas is the toll road concessionaire operating Highway 22 (PR-22) and Highway 5 (PR-5) in Puerto Rico under a 50-year concession that commenced in 2011 with the Puerto Rico Highways & Transportation Authority (PRHTA). PR-22 and PR-5 are essential commuter highways that provide critical transportation links to residents and businesses in the island’s northern corridor.
Asset Revenues ~96% toll-based revenue (all-electronic tolling) / ~3% from Dynamic Toll Lanes (DTL) revenue / ~1% from non-toll revenue sources
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Train Maintenance Centre
Asset Type Transportation Infrastructure
Status Operational (project completion was achieved on December 18, 2019)
Project Description Project involves the design, construction, financing and maintenance of a suburban train maintenance center, which will include an inspection building, a workshop for major repairs, a wheel profiling workshop, a washing process building, and a day garage to park the trains
Project Revenues 100% availability-based (no exposure to volume / market risk)
Counterparty Réseau de transport métropolitain (RTM) (formerly AMT: agency of the government of Québec coordinating public transportation services across the Montreal region)
Concession Expiry 2048
(concession term: 30 years after substantial completion)
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Montreal Gateway Terminals
Asset Type Transportation Infrastructure
Status Operational
Project Description Largest container terminal operator at the Port of Montreal, Montreal Gateway Terminals operates two of the Port’s four international terminals. In 2018, the container volume totaled 900,000 TEU.1
Asset Revenues Container handling revenues, with rates ($/container basis) determined in medium-term contracts with each shipping line
Key Stakeholders Lease: Port of Montreal
1TEU stands for twenty-foot equivalent container units.
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Highway 407
Asset Type Transportation infrastructure
Status Operational
Asset Description Highway 407 is the world’s first all-electronic, open-access toll highway, stretching 108 kilometers from the west to the east of the Greater Toronto Area. The highway forms part of the 400-series highways, serving as a bypass of Highway 401 and a major east-west corridor across the suburbs to the north of the city.
Asset Revenues 100% toll-based (all-electronic tolling)
Concession Expiry 2098 (concession term: 99 years)
Project Website For more information visit: www.407etr.com
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Anthony Henday Drive Southeast Leg Ring Road
Asset Type Transportation infrastructure
Status Operational (COD in October 2007)
Asset Description
Design, construction, financing and operation of 11km of new four and six-lane divided roadway forming the southeast quadrant of a larger ring road around the City of Edmonton, as well as maintenance of the existing southwest portion of the highway
Counterparty Province of Alberta
Concession Expiry 2037 (30 years following COD)
Asset’s Website For more information visit: www.lafargeinfrastructure.ca/Index.aspx
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Sea-to-Sky Highway
Asset Type Transportation infrastructure
Status Operational (construction completed in June 2010)
Asset Description Capacity and safety improvements to the 100km of roadway between West Vancouver and Whistler, as well as the design, construction, financing, operations, maintenance and rehabilitation of the two to four-lane roadway.
Asset Revenue Availability, usage, and safety payments
Counterparty Province of British Columbia
Concession Expiry 2030
(concession term: 25 years)
Asset Website
For more information visit: https://www.tranbc.ca/2011/12/21/the-sea-to-sky-highway-award-winning-safety/
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Axium Campus Housing LLC – UMass
Asset Type Social Infrastructure (Student Housing)
Status Under Construction (Commercial Operations in 2023)
Asset Description Mass Ave Housing Partners is a concession from the University of Massachusetts Amherst to construct and operate on-campus undergraduate and graduate student housing facility . The undergraduate facility will feature 253 apartments with a total of 623 beds and the graduate facility will feature 140 apartments with a total of 201 beds. Construction of the undergraduate and graduate facilities is expected to be completed by the ends of August 2023 and November 2023, respectively. The facility will be operated pursuant to a concession agreement with the University for a 65-year term. The Project Company has the authority to set rental rate and operating budgets, and will retain a third-party property manager responsible for maintenance of the property as well as unit leasing and rent collection.
Asset Revenues Rental revenue is collected from students every month. Approximately 3% of rental revenues will be paid to the property manager as a management fee.
Counterparty University of Massachusetts (S&P: AA- / Moody’s: Aa2 / Fitch AA)
Contract Expiry Concession with the University expires after 65 years.
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Axium Moonlight
Asset Type Social Infrastructure (Personal Care Home Portfolio)
Status Operational
Asset Description 90% interest in a portfolio comprised of seven personal care facilities representing 449 rooms. Kirby Group, the largest operator in Newfoundland & Labrador, is the operator and owns the balance of the ownership interests in the portfolio.
Asset Revenues Personal care facilities are licensed, regulated and funded by the provincial government. The provincial government subsidizes the care, programs, supplies and accommodation costs of the residents, who are also subject to a co-payment as determined by a Regional Health Authority conducted financial assessment of incoming residents.
Counterparty Regional Health Authorities (agencies of the provincial government)
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Swiftsure Housing Partners LLC
Asset Type Social Infrastructure (graduate student housing)
Status Under construction (commercial operations in 2023)
Asset Description Swiftsure Housing Partners is a partnership between Axium and Balfour Beatty to construct a graduate student housing facility located at Vanderbilt University in Nashville, Tennessee. The facility will be the only on-campus graduate student housing facility at Vanderbilt University and consists of 529 apartments with a total of 616 beds. The facility will be operated pursuant to a ground lease and cooperation agreement with Vanderbilt University under a 65-year term. Rental rates are set collaboratively with the University on an annual basis and are subject to a cap that ensures rental rates will stay at a specified discount to market rates in the Nashville area. Balfour Beatty Campus Solutions has been retained as property manager and is responsible for maintenance of the property as well as unit leasing and rent collection, for which the University also provides support.
Asset Revenues Rental revenue is collected from students every month. Revenues earned above a 95% occupancy rate are split 75% to Swiftsure Housing Partners and 25% to Vanderbilt University long-term.
Counterparty Balfour Beatty Campus Solutions (property manager)Vanderbilt University (S&P: AA+ / Moody’s: Aa1 / Fitch AAA)
Contract Expiry Ground lease with the Vanderbilt University expires in 2086
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Axium Yarrow
Asset type Social Infrastructure (long-term care facilities)
Status Operational
Asset Description 90-95% interest in 25 facilities representing 2,935 beds located in Alberta and BC. Optima Living is the operator and owns the balance of the equity ownership interest in the portfolio.
Asset Revenues Continuing care facilities in Alberta and British Columbia are licensed, regulated and funded by the provincial government. The provincial government subsidizes the care, programs, supplies and accommodation costs of the residents, who are also subject to a co-payment. The funding rates paid by the government and the residents to the operators are set on an annual basis.
Counterparty Alberta Health Services and various B.C. Regional Health Authorities
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Axium Aster & Axium Bloom
Asset type Social infrastructure
Status Operational
Asset Description 92.5% interest in two portfolios (Aster and Bloom) comprising of 26 facilities representing 4,114 beds located in Alberta and B.C. AgeCare is the operator and owns the balance of the equity ownership interests in the two portfolios.
Asset Revenues Long-term care facilities are licensed, regulated and funded by the provincial government. The provincial government subsidizes the care, programs, supplies and accommodation costs of the residents, who are also subject to a co-payment. The funding rates paid by the government and the residents to the operators are set on an annual basis.
Counterparty Alberta Health Services (agency of the provincial government), Various B.C. Regional Health Authorities (agencies of the provincial government)
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Axium Campus Housing LLC – Aspire
Asset Type Social Infrastructure (graduate student housing)
Status Operational (substantial completion in 2014)
Asset Description Aspire at West Campus is a purpose-built graduate student housing facility located at the University of Iowa (UI) in Iowa City. The facility is the only on-campus graduate student housing facility at UI and consists of 521 apartments with a total of 862 beds. Aspire is currently operated pursuant to a ground lease and operating agreement with UI under a 50-year term, including sponsor’s 10-year extension option. Rental rates are set collaboratively with the University but the sponsor has ultimate decision making authority. The original developer, Balfour Beatty, has been retained as property manager and is responsible for maintenance of the property as well as unit leasing and rent collection, for which the University also provides support.
Asset Revenues Rental revenue is collected from students every month. Revenues earned above a 95% occupancy rate are split 50:50 with UI.
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Axium Extendicare
Asset Type Social Infrastructure (long-term care facilities)
Status Operational
Asset Description 85% interest in 31 facilities representing 4,718 beds located in Ontario and Manitoba. Extendicare is the operator and owns the balance of the equity ownership interest in the portfolio.

Asset Revenues LTC facilities are licensed, regulated and funded by the provincial governments. The provincial governments subsidize the care, programs, supplies and accommodation costs of the residents, who are also typically subject to a co-payment. The funding rates paid by the government and the residents to the operators are generally set on an annual basis and differ by province.

Counterparty Provincial health ministries or regional agencies for the provinces of Ontario and Manitoba.
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Etobicoke General Hospital Phase 1 Patient Tower
Project Type Social Infrastructure (Greenfield PPP)
Status Operational (substantial completion reached on February 19, 2019)
Project Description The project involves the design, construction, financing and maintenance of a ~250,000sq.ft. patient care wing that will be attached to the existing Etobicoke General Hospital. It will accommodate acute clinical services and administrative functions for the broader Etobicoke General Hospital.
Project Revenues 100% availability-based (no exposure to volume / market risk)
Counterparty The William Osler Health System.
Concession Expiry 2048 (30 years following substantial completion)
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Montréal University Hospital Research Center
Asset Type Social infrastructure
Status Operational
Project Description Project involves the design, construction, financing and operation of a 68,500 m2 state-of-the-art clinical research centre facility focused on innovation, non-invasive human exploration and knowledge transfer for health care services and teaching.
Asset Revenues 100% availability-based (no exposure to volume / market risk)
Counterparty CHUM Hospital (payments supported by the province of Québec)
Concession Expiry 2043
Asset Website For more information, visit:
http://crchum.chumontreal.qc.ca/en
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