IFM Investors sells Pacific Hydro to State Power Investment Corporation

IFM Investors and State Power Investment Corporation (“SPIC”) are pleased to announce that SPIC has signed an agreement to acquire Pacific Hydro. Pacific Hydro is a leading global renewable platform with 900 MW of generation capacity across 19 hydro‐electric and wind generation facilities in Chile, Australia and Brazil. Pacific Hydro also has a significant pipeline of greenfield projects.

IFM Investors is a pension‐fund owned, global fund manager with assets under management of $64.5 billion. Investment teams in Australia, the Americas and Europe manage  institutional strategies across infrastructure (equity and debt), debt investments, listed equities and private capital.

SPIC is a comprehensive energy group and the result of the merger between the former China Power Investment Corporation and State Nuclear Power Technology Corporation. SPIC has total assets of USD 113 billion and its total installed capacity exceeds 100 GW. SPIC’s main business includes power generation, coal, aluminium, logistics, finance, environmental protection and high‐tech industries. SPIC currently has presence in 35 countries and regions overseas including Malta, Japan, Turkey, Vietnam, etc.

Mr. WANG Binghua, Chairman of SPIC commented that: “The acquisition of Pacific Hydro will add a high quality global renewable development platform to SPIC. SPIC is committed to maintaining the stability of Pacific Hydro’s current business and management team, as well as supporting expansion through the pipeline of development projects”.

Kyle Mangini, IFM Investors’ Global Head of Infrastructure commented that: “IFM Investors’ Australian Infrastructure Fund has been a proud, long‐term owner of Pacific Hydro and invested heavily in growing the business over the last 10 years. We are not surprised with the level of buyer interest in the business and are particularly pleased that Pacific Hydro is transitioning to an owner of the quality of SPIC, who will continue the path of growth and excellence. We wish them well”. 

The transaction is subject to customary conditions and is expected to complete in the first quarter of 2016.

SPIC was advised by Santander Global Corporate Banking and King & Wood Mallesons. IFM Investors was advised by Credit Suisse, Merrill Lynch and Herbert Smith Freehills.

For further information please contact:

Andrew Butcher
Partner, Bespoke Approach
Phone: +61 3 9654 0735 / Mobile: +61 400 841 088
Email: [email protected]