Energy

AIMCo Loans Money to Western Energy Services Corporation

Alberta Investment Management Corporation (AIMCo) provided C$ 215 million (US$ 176 million) in a second lien senior secured term loan facility to contract drilling and well services firm Western Energy Services Corporation. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI First Read, September 18, 2017

Duqm Solar Power Plants Eyes Start Before 2017 Ends The US$ 94 million solar power plant project in Duqm will start construction before the end of 2017. The project is funded by Oman Investment Fund (OIF) and Ningxia Zhongke Jiaye New Energy and Technology Management Co. OIF has a 49% stake in the project. SoftBank […]


Why Did CEFC China Energy Agree to Buy a Large Rosneft Stake from Glencore and QIA?

Baar, Switzerland-based Glencore and the Qatar Investment Authority (QIA) have agreed to jointly sell a 14.16% stake in Rosneft to CEFC China Energy Company Limited for US$ 9.1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CIC Monetizes Part of Teck Resources’ Position

In a pivot, the China Investment Corporation (CIC) lowered its ownership position in Vancouver, B.C.-based Teck Resources Limited. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


How Hurricane Harvey Will Impact Sovereign Funds?

As of August 30, 2017, more than 30,000 Americans remain homeless from the disastrous effects of Hurricane Harvey. An estimated 100,000 homes are thought to have been destroyed or severely damaged by the hurricane and floods. The City of Houston and outlying towns remain impacted, while Texas Governor Greg Abbott commented that the disaster was […]


Oman’s SGRF Strategically Invests in Uranium Miner

Oman’s State General Reserve Fund (SGRF) signed a deal with Berkeley Energia to invest up to US$ 120 million to finance the Salamanca mine, a uranium mine located near Madrid, into production. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


tibbles

SWFI First Read, August 29, 2017

Munich RE Invests in Minority Stake in Texas Wind Farm Portfolio Munich RE Group, advised by MEAG, acquired a 49% ownership stake in a portfolio of wind projects in Texas from Starwood Energy Group. The portfolio is comprised of two 230 MW wind farms, the Electra and Horse Creek wind farms, in north-central Texas, specifically […]


blackstone

Blackstone Wants a Slice of the MLP Industry

The Blackstone Group moved to acquire Harvest Fund Advisors LLC, an investment firm with more than US$ 10 billion in assets under management. Harvest Fund Advisors raises money from institutional investors in pooled funds and customized separately managed accounts, investing those assets in public master limited partnerships (MLPs) holding U.S. midstream energy assets. The separately […]


Saudi Arabia and China Agree to $20 Billion Joint Investment Fund

Saudi Arabia and China have agreed to form a joint US$ 20 billion investment fund. The fund is in preliminary stage, but has received commitments from top government officials on both sides. The joint fund would target investments in infrastructure, energy, mining and materials. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. […]


Mozambique Inches Toward a Sovereign Wealth Fund

Mozambique Minister of Economy and Finance Adriano Maleiane issued a plan to have a reserve account called the National Development Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Powering Australian Renewables Fund Lines Up Financing for Coopers Gap Wind Farm

The Powering Australian Renewables Fund (PARF) signed an agreement with GE. The agreement entails GE supplying and installing 123 wind turbines for the Coopers Gap Wind Farm project at Cooranga North, 250 kilometers north-west of Brisbane. The installation is expected to be completed by 2019 and produce enough energy to power at least 260,000 homes, […]


CPPIB Participates in Calpine Buyout

Private equity firm Energy Capital Partners has led a group of investors which include the Canada Pension Plan Investment Board (CPPIB) to acquire Calpine Corporation (Calpine), one of the largest independent power generators in the United States, for US$ 5.6 billion in cash. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please […]


NZ Super Goes Low-Carbon on Global Passive Equities Portfolio

The New Zealand Superannuation Fund (NZ Super) announced that its massive global passive equity portfolio, which makes up around 40% of the fund’s assets, is now low-carbon. According to the organization, NZ Super essentially diverted NZ$ 950 million from 297 companies with high exposure to carbon emissions and reserves. [ Content protected for Sovereign Wealth […]


Cubico Taps Mexican Development Banks for Solar and Wind Project Financing

London-based Cubico Sustainable Investments, which is jointly owned by Ontario Teachers’ Pension Plan (OTPP) and PSP Investments, raised in total US$ 450 million in project financing for a 600 renewable energy portfolio in Mexico. Broken up, the first part is a 350 MW solar power photovoltaic project located in El Llano, in the state of […]


Amid Uncertainty, Temasek Seeks to List FTS International

Singapore’s Temasek Holdings looks to list Fort Worth, Texas-based FTS International, Inc. (formerly known as Frac-Tech Holdings), one of the largest hydraulic fracturing (fracking) companies in North America. The company was founded by Dan and Farris Wilks. The company eventually sold a majority interest in 2011 to an investor group led by Maju (Maju is […]


KIA Throws in the Towel with Areva, Incurs Losses

The Kuwait Investment Authority (KIA) plans to sell its 4.82% ownership interest in Areva to the French state. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB and Allianz Invest in GNS’ Spanish Gas Distribution Business

On August 3, 2017, Allianz Capital Partners and Canada Pension Plan Investment Board (CPPIB), through its wholly owned subsidiary called CPP Investment Board Europe S.à r.l., signed an agreement with Gas Natural Fenosa (GNF) to acquire a 20% minority equity interest in its gas distribution business in Spain (Gas Natural Distribution Business or GNDB). [ […]


CIC Could Give Capital Boost to Russia’s Transneft

With U.S. President Donald J. Trump adding more sanctions onto Russia due to pressure from the U.S. Congress (from both sides of the partisan aisles), Russia is moving closer to China in both economic and political ties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


GIC and Macquarie Make Offer for Minority Stake in EDC

Energy Development Corporation (EDC) is the biggest producer of geothermal energy in Southeast Asia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


Russia Reserve Fund to Merge into National Welfare Fund

Russian President Vladimir Putin inked into law a new fiscal rule. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]