| 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. |
| 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) |
| 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) |
