Australian investment manager AMP Capital has completed a $145m mezzanine debt investment with Stonepeak Infrastructure Partners to support the acquisition of Swancor Renewable Energy and the construction of the 376MW Formosa 2 offshore wind farm off Taiwan.
Stonepeak is buying 95% of Swancor’s renewable business in a deal first announced last year.
Formosa 2 will feature 32 Siemens Gamesa 7MW turbines, with operations expected to start next year.
AMP Capital head of infrastructure ebt in Asia Simon La Greca said: “The transaction represents our first infrastructure debt investment in Taiwan – it’s a key milestone for our business and delivers a unique, quality asset for our clients around the world.
“Infrastructure investment in Asia is growing at pace to meet the demands of rising populations and expanding economies.
“Renewable energy in Asia is a sector where we see a long-term opportunity – alongside water, transport and telecommunications infrastructure – in supporting this growth.
“Historically, infrastructure projects were funded by local governments, however private sector funding is becoming increasingly important to help meet growing demands for infrastructure in the region.”
AMP Capital said the investment follows its record $6.2bn fundraise for its fourth infrastructure debt strategy announced in October 2019.
More than $2bn of funds raised have already been invested in assets around the world, with Swancor Renewable Energy one of the more recent additions to the portfolio.
Other investors in the project are Macquarie’s Green Investment Group and Japanese company Jera.