The Marguerite Fund sells a portfolio of five assets to Pantheon

Marguerite has announced the sale of a portfolio of renewable and concession-based assets by the Marguerite Fund to Pantheon.

The assets comprise interests in two offshore wind farms (288 MW Butendiek offshore wind farm in Germany and 326 MW C-Power offshore wind farm in Belgium), a Spanish shadow toll road (146 km shadow toll road Autovía del Arlanzón) and two French solar PV plants (36 MW Toul-Rosières 2 solar plant and 36 MW Massangis 1 solar plant).

The acquisition was made via Marguerite Pantheon SCSp, an investment vehicle wholly owned by a pool of funds and managed accounts run by Pantheon, a global private markets fund investor. This vehicle will be managed by Marguerite.

The transaction was signed during August 2017, since which all conditions have been satisfied and completion of the transaction is scheduled for 13 December 2017.

The Marguerite Fund and Marguerite were advised by Macquarie Capital (exclusive financial adviser), Kirkland & Ellis and Clifford Chance LLP (legal), and KPMG (vendor due diligence – financial and tax).

Pantheon was advised by Hogan Lovells (legal), Ernst & Young (tax, structuring and commercial) and PWC (commercial)

The transaction enabled Pantheon to acquire what it assessed to be a mature, stable and well diversified portfolio of renewable and concession-based assets across diversified jurisdictions, sectors and technologies in Europe. All assets are fully operational and are currently generating predictable stable cash distributions, underpinned by robust regulatory regimes, feed-in-tariffs, and/or contracted revenues with strong creditworthy counterparties.

Nicolás Merigó, Partner and Chief Executive Officer of Marguerite, declared:

“The Marguerite Fund is now fully invested. It has accomplished its initial targets, having committed over EUR 700m capital to 20 greenfield and brownfield/expansion investments, across EU and all target sectors, and successfully exiting five of its first investments through the sale to Pantheon.”

Andrea Echberg, Partner and Head of European Infrastructure and Real Assets at Pantheon commented:

“We are delighted to have had the opportunity to acquire for our clients a portfolio of, in our view, highly attractive core infrastructure assets that are currently generating strong yield. We have enjoyed working with and look forward to a collaborative, ongoing relationship with the Marguerite team.”