PKA AIP pursues investment opportunities in essential infrastructure assets on behalf of PKA and potentially other institutional investors. In 2018 PKA AIP launched the third investment program, PKA AIP 3 Direct, in continuation of PKA AIP 1 and 2 Direct with EUR 1.8 billion (DKK 13.5 billion) in assets under management. From 2018 PKA AIP expects to deploy EUR 500 – 600 million annually in the PKA AIP 3 Direct program corresponding to a total investment volume of EUR 1.5 – 1.8 billion (DKK 11 – 13 billion) from 2018 to 2021.
The focus for PKA AIP 3 Direct is to build a portfolio of complementary infrastructure assets, characterized by long duration, stable, and contracted cash flows with material downside protection, controllable risks and strong governance structures. To achieve this, we look for infrastructure assets located in Northern and Western Europe as well as United States, where regulatory regimes have historically been stable. We enter into long-term partnerships with utilities and asset managers with a stake in the long-term performance of the assets, which helps to ensure alignment with the ultimate beneficiaries of PKA pension funds.
The main investment criteria for PKA AIP are as follows:
|Investment||Manager||Investment type||Asset type||Currency||Commitment||Year|
|Anholt Offshore Wind Farm||Ørsted||Equity||Offshore wind||DKK||2,500,000,000||2011|
|Butendiek Offshore Wind Park||wpd/Siemens||Equity||Offshore wind||EUR||100,000,000||2013|
|Gemini||Northland Power Inc./Siemens||Subordinated loan||Offshore wind||EUR||120,000,000||2014|
|Gode Wind 2||Ørsted||Equity||Offshore wind||EUR||288,000,000||2014|
|Burbo Bank Extension||Ørsted||Equity||Offshore wind||GBP||330,000,000||2016|
|Tees Renewable Energy Plant||MGT Teesside||Equity||Biomass-fired plant||GBP||150,000,000||2016|
|Walney Extension||Ørsted||Equity||Offshore wind||GBP||340,000,000||2017|
|Nyhamna gas processing plant||North Sea infrastructure AS||Equity||Gas infrastructure||NOK||Undisclosed||2018|