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SWFI First Read, December 27, 2016

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Statoil Wins Bidding for Offshore Wind Lease in New York

Norwegian state-owned oil giant Statoil ASA has been declared the provisional winner of the U.S. government’s wind lease sale of 79,350 acres offshore New York with a bid of US$ 42,469,725. The auction was conducted by the U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM). The lease comprises an area that could potentially accommodate more than 1 GW of offshore wind.

Allianz Global Investors Helps Finance Grande Prairie Wind Project in Nebraska

On December 21, Allianz Global Investors, a unit of the German insurer Allianz, announced that it has made an investment of over US$ 400 million on behalf of its clients into the Grande Prairie Wind project, a 400 MW wind farm in Holt County, Nebraska – the largest wind energy project in the state’s history. Construction on the project began in July 2015 and is owned by BHE Renewables, a subsidiary of Berkshire Hathaway Energy. The financing consisted of unlisted bonds with a 20-year term that were privately placed with U.S. and European investors through Allianz Global Investors’ infrastructure debt platform. The Grande Prairie Wind project has a long-term power purchase agreement (PPA) with Omaha Public Power District.

Italian “No” Referendum Final Coffin Nail that Killed Investors’ Appetite

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Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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