DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its 50% stake in Lone Valley to Munich Re, represented by Munich Re’s global asset manager MEAG. Closing of the transaction is expected to take place in Q1 2021.
Lone Valley consists of two single-axis tracking utility scale solar photovoltaic projects: Lone Valley I, which is a 10 MWac facility, and Lone Valley II, which is a 20 MWac facility, both located next to each other in San Bernardino County, California, USA.
Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the successful exit of DIF’s first renewable energy investment in the USA and are confident that MEAG will be a strong steward of the project going forward.”
Holger Kerzel, Member of MEAG’s Management Board, said: “By further expanding our renewable energy portfolio, we contribute to avoiding climate-damaging emissions near one of the world’s largest conurbations. With the solar energy produced in these plants, around 10,000 households can be supplied with electricity.“
DIF was advised by Fifth Third Securities (financial) and Stoel Rives LLP (legal). MEAG was advised by Ballard Spahr (legal).
About DIF Capital Partners
DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:
- DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), concessions, utilities, and (renewable) energy projects.
- DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.
DIF Capital Partners has a team of over 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.
About MEAG
MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €334 billion, around €67 billion of which in its business with institutional investors and private customers.
MEAG invests in alternative assets in North America on behalf of investors from the Group and institutional investors. MEAG’s most recent investments in the US comprise a timberland investment in Oregon, the infrastructure investment Astoria Energy Partners in N.Y.C. and the real estate investment 330 Madison Av. in Manhattan.
Contact DIF: Allard Ruijs, Partner a.ruijs@dif.eu.
Contact MEAG: Josef Wild, Spokesperson j.wild@meag.com.
