The year 2015 saw the launch of the PKA AIP 2 Direct program, which is an extension of the PKA AIP 1 Direct program. PKA AIP 2 Direct covers the period from 2015 to 2017 and is intended to deliver DKK 7.5 billion (EUR 1.0 billion) worth of infrastructure assets to PKA’s current portfolio.
The focus for PKA AIP 2 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 Europe, including the UK, 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 PKA.
The investment criteria for PKA AIP 2 Direct are as follows:
|Investment||Manager||Investment type||Asset type||Currency||Commitment||Year|
|Tees Renewable Energy Plant||Equity||Biomass-fired plant||GBP||150,000,000||2016|
|Burbo Bank Extension||DONG Energy||Equity||Offshore wind||GBP||330,000,000||2016|
|Gode Wind 2||DONG Energy||Equity||Offshore wind||EUR||288,000,000||2014|
|Gemini||Northland Power Inc./Siemens||Subordinated loan||Offshore wind||EUR||120,000,000||2014|
|Butendiek Offshore Wind Park||wpd/Siemens||Equity||Offshore wind||EUR||100,000,000||2013|
|Anholt Offshore Wind Farm||DONG Energy||Equity||Offshore wind||DKK||2,500,000,000||2011|