State Power Investment Corporation (SPIC), newly established through the merger of China Power Investment Corporation and State Nuclear Power Technology Corporation, is a large state-owned enterprise under the administration of the Central Government with a registered capital of RMB 45 billion an...
On December 15, 2015, State Power Investment Corporation (SPIC) and IFM Investors signed a Share Sale Agreement to acquire Pacific Hydro.
Pacific Hydro is a global clean energy solutions provider wholly owned by the IFM Australian Infrastructure Fund, which is managed by IFM Investors, a pension-fund owned, global fund manager with assets under management of AUD 64.5 billion across infrastructure, debt investments, listed equities and private capital in Australia, America and Europe.
The acquired assets totaling 900MW comprise 19 Pacific Hydro owned hydroelectric and wind power facilities spread across Chile, Australia and Brazil and a significant pipeline of greenfield projects as well.
The acquisition of Pacific Hydro will add a high-quality global renewable development platform to SPIC, who 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.
The transaction is subject to customary conditions, and is expected to be completed 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.
