DIF Infrastructure III invested in a 24 MWp portfolio of 6 solar PV plants to be installed on the rooftops and parking lots of Casino supermarkets and warehouses in the south of France. The projects have been developed by Green Yellow, a 100% subsidiary of Casino, one of the leading global supermarket groups, and are all planned to be commissioned by autumn 2014.
DIF Infrastructure III acquired 85% of the shares, while Green Yellow has retained 15%. Prior to this acquisition, DIF already successfully invested in 23 projects in partnership with Green Yellow, totalling 47 MWp, which are now all operational. This acquisition increases the installed capacity of solar PV projects managed by DIF in France to 135 MWp.
Thomas Vieillescazes, Head of DIF France stated:
"This is the fifth portfolio of solar PV projects that DIF has acquired from Green Yellow since 2010, confirming DIF's capacity to develop strong relationships with key counterparties. The transaction is perfectly consistent with DIF's strategy to build sizeable portfolios of high quality assets providing stable cash flows and an attractive yield to our investors".
DIF Infrastructure III was launched in January 2012. The fund held a first close in May 2012 and realised a final closing March 2013. The committed capital is €800 million, which substantially exceeded the target of €600 million.
The fund invests in PPP/PFI/P3 projects, renewable energy projects and other core infrastructure assets with a similar characteristics and risk/return profile in Europe and North America