| 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 | 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 (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. |
| 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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