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CDPQ and CKD IM to Acquire Enel Renewable Energy Assets in Mexico

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Caisse de dépôt et placement du Québec (CDPQ) and CKD Infraestructura México S.A. de C.V. (CKD IM), an investment vehicle funded by some of Mexico’s largest pension investors, acquired an 80% stake in a portfolio of wind and solar assets owned by Enel Green Power México S.r.l. de C.V, the Mexican unit of Italian renewable energy company Enel Green Power (Enel), in a deal worth US$ 1.35 billion. This transaction blueprints the “Build, Sell and Operate” aka BSO model, which is being used by many in the renewable energy infrastructure space.

Milestone Deal in Mexican Renewable Infrastructure

The transaction will mark the investment platform’s first venture in the renewable energy sector since its creation in 2015, joining CDPQ and CKD IM’s portfolio of investments in Mexican road and telecommunication infrastructure. The Mexican government has set a goal of generating 40% of its power supply from renewable energy sources by 2035.

“This transaction broadens our exposure in renewable energy alongside a leading operator,” said Macky Tall, Executive Vice-President of Infrastructure at CDPQ in a press release. “By creating a platform with key Mexican partners in 2015, we wanted to be positioned to identify the best opportunities in Mexico, a priority market for CDPQ.” Mr. Tall was ranked eighth in SWFI’s fifth annual Public Investor 100 list, which includes some of the most significant and impactful public investor executives of 2017.

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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Wells Fargo Could be Slimming Down, Possible Retirement Unit Sale

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Wells Fargo (WFC) is looking to exit the retirement plan servicing market, for a potential sale price of US$ 1 billion. The unit is involved in record-keeping, custody, trust details and various other retirement plan services for corporations. It is housed under the Wealth and Investment Management unit. The retirement plan servicing market is not particularly compelling for the bank, especially in light of the U.S. Department of Labor’s newer regulations to force managers to disclose compensation arrangements and fees to plan fiduciaries. Wells Fargo has been lauded for its loyal consumer base and high revenue, and doesn’t require the business, though recent scandals have been a drag on the company’s profitability and public image. This news has pre-empted some advisors to jump ship. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Petroleum Signs Deal to Buy Interest in Nour North Sinai Offshore Area Concession

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Mubadala Petroleum, a division of Mubadala Investment Company, signed a deal to acquire a 20% percent participating interest in Egypt’s Nour North Sinai Offshore Area concession. The seller of the interest is a subsidiary of the Italian energy giant Eni. Eni holds an 85% stake in the partnership with Tharwa Petroleum Company, which holds a 15 percent interest. Formed in 2004, Tharwa Petroleum Company is 100% owned by the Egyptian government through a variety of state-owned entities such as the Egyptian General Petroleum Corporation (EGPC) at 20% and Egyptian National Gas Holding Company (EGAS) at 20%.

The sales transaction is subject to conditions, such as approval from government authorities in Egypt.

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