Greystone Infrastructure Fund Acquires Majority Stake in Irish Wind Farm
TORONTO, January 13, 2016 – The Greystone Infrastructure Fund (“Greystone”) is pleased to announce its acquisition of a 51% equity interest in the 24.2 MW Ballycadden Wind Farm Ltd. located in southeastern Ireland from a private equity fund managed by UK-based Impax Asset Management Group PLC.
Under the terms of the agreement, Greystone will have a majority ownership interest representing a 51% stake in the operating asset. The remaining 49% ownership will continue to be held by the existing Irish minority shareholders consisting of local land owners. Operational since 2013, the asset has demonstrated strong performance and is highly beneficial to the diversification of the Greystone portfolio.
“This acquisition represents Greystone’s inaugural investment in the European market and provides our institutional investors with a unique opportunity to gain long-term exposure to the European renewable energy sector,” said Jeff Mouland, Head of the Greystone Infrastructure Fund. “Furthermore, the transaction enhances Greystone’s European presence and accelerates the firm in our pursuit of other high quality assets in Ireland and across Europe on behalf of our investors.”
The asset will be managed by Greystone’s infrastructure team, led by Jeff Mouland in Toronto, Ontario.
The transaction achieved all customary closing conditions, including receiving all regulatory approvals, and reached financial close on January 12, 2016.
KPMG completed the financial due diligence and served as tax and valuation advisors. A&L Goodbody served as legal advisor to Greystone.
About the Greystone Infrastructure Fund
The Greystone Infrastructure Fund has a global mandate that targets diversified mid-market infrastructure assets with attractive risk-adjusted returns, capable of providing predictable and stable cash flows over the long term. The Greystone Infrastructure Fund forms part of the real asset class platform managed by Greystone Managed Investments Inc.
About Greystone Managed Investments Inc.
Founded in 1988, Greystone Managed Investments Inc. is a privately-owned, Canadian institutional investment manager. Employee-controlled, the firm is one of Canada’s largest money managers1 with C$31 billion of assets under management (as at December 31, 2015). Greystone is a multi-asset class manager with in-house expertise in fixed income, Canadian equities, U.S. equities, international equities, real estate, mortgages and infrastructure. Greystone is headquartered in Regina, with offices in Toronto, Winnipeg and Hong Kong. For more information, please visit www.greystone.ca.
For further information, please contact:
Jeff Mouland, Executive Director & Head, Infrastructure, (416) 309-2599
Media Relations Contact:
Anne Bilczuk, Senior Vice-President, Marketing & Communications, (306) 779-6153
1 Benefits Canada, November 2015, Top 40 Money Managers based on Canadian pension assets as of June 30, 2015