Economic Infrastructure

In June 2015, we acquired 100% of Nordic Power AS, a portfolio of 13 newly commissioned hydropower plants from Nordkraft, a Norwegian utility controlled by the Narvik Municipality. Since acquisition, we have added an additional two plants to the portfolio, taking the total projected annual output to 160 GWh.

Key attractions:

• Attractive return and yield profile
• Core, power generation asset
• Proven technology, low operating risk and long asset lives
• Exclusive option over pipeline of new plants

In September 2016, we signed an agreement to acquire 48% of RREA, its second transformational funding solution in the UK rolling stock sector. The transaction comprises 20x12 carriage electric Stadler trains, 24x4 and 14x3 carriage bi-mode Stadler trains serving the InterCity, Stansted Express and Regional lines of the East Anglia Franchise, operated by Abellio.

Key attractions:

• Core UK rolling stock asset
• Long term operating profile with no volume risk
• Blue chip transaction counterparties
• No refinancing risk
• Immediate yield to SLCI I

In June 2015, we acquired 100% of Auris Kaasunjakelu, the largest natural gas distribution pipeline in Finland, from Gasum Oy, a Finnish state controlled company. The pipeline provides local gas distribution to Helsinki and 11 surrounding areas.

Key attractions:

• Strong cash generation and yield
• Core infrastructure asset with regulated return
• Safe and stable operating and regulatory environment
• Safe, stable operating environment
• Recently upgraded asset base and low capex requirement
• Growth opportunities through acquisition