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. |
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 |
Asset Type | Energy Infrastructure |
Status | Operational |
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 | Ontario Power Authority |
PPA Expiry | 2034 and onward (20 years following COD) |
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. |