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) |
Asset Type | Energy Infrastructure |
Status | Under construction (commercial operations in 2023) |
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. |
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. |
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. |