Our Portfolio
GIP has made the following infrastructure investments:
Terra-Gen Power Holdings, LLC
Year of Investment: 2009
Terra-Gen is a leading US renewable power generation company that owns or operates over 800 megawatts (MW) of renewable power facilities, including geothermal, wind and solar technologies. Terra-Gen also has more than 5,000 MW of renewable energy projects under development including its Alta Wind Energy Center in Tehachapi, California. This project, which is anticipated to be the largest such facility in the United States, involves the construction of up to 3,000 MW of wind energy facilities, with the first 1,550 MW (enough power to supply approximately 275,000 homes or 1.1 million people) committed to Southern California Edison under a long-term power purchase agreement. With the successful closing of $1.2 billion of project financing in July 2010, over 700MW are now under construction and expected to enter commercial operations in early to mid-2011. GIP acquired a convertible preferred interest in Terra-Gen in December of 2009, which was converted to a 38.8 % common interest upon the completion of certain milestones related to the Alta project.
Gatwick Airport Limited
Year of Investment: 2009
Gatwick is the UK’s second largest airport and the world’s busiest single runway airport. Currently, the airport handles approximately 33 million passengers annually through two terminals. Gatwick primarily serves the leisure travel market and has around 80 airline customers which serve more than 200 destinations and are a mix of short- and long-haul scheduled, low cost and charter service providers. A GIP-led consortium acquired Gatwick for approximately 1.5 Billion GBP in December 2009.
Chesapeake Midstream Partners, L.P. (CHKM)
Year of Investment: 2009
CHKM is a natural gas gathering joint venture, formed in September 2009, between GIP and Chesapeake Energy Corporation, one of the leading natural gas/liquids unconventional resource producers in the U.S. CHKM provides critical fee-based gathering services to Chesapeake, Total and other third party producers in the Barnett Shale and the Midcontinent region, which includes the Anadarko, Arkoma, Delaware and Permian Basins. Its gathering systems currently consist of 2,800 miles of gathering pipelines servicing some 4,000 natural gas wells. CHKM provides its gathering, treating and compression services pursuant to long-term, fixed fee contracts.
On August 3, 2010, CHKM closed its initial public offering of common limited partnership units representing 17.3% of CHKM’s equity interests. The common units of this Master Limited Partnership began trading on the New York Stock Exchange on July 29, 2010 under the symbol “CHKM”. Chesapeake and GIP collectively own limited partner units representing 80.7% of the equity interests in CHKM and jointly own and control the general partner of CHKM.
Ruby Pipeline Holding Company, LLC
Year of Investment: 2009
Ruby is an approximately 675-mile natural gas pipeline to be constructed, owned and operated in a joint venture between GIP and El Paso Corporation. GIP’s investment in Ruby recognizes America’s increasing demand for cleaner energy resources. The project’s financing was successfully closed in Q2 2010 with construction beginning in August 2010. When completed, Ruby will transport natural gas from the growing Rocky Mountain supply region to the U.S. West Coast markets. Ruby is scheduled to go into service in April 2011. GIP has committed to invest up to $700 million in this joint venture with El Paso, which is the largest owner and operator of interstate natural gas pipelines in the U.S. While under construction, El Paso will assume all of Ruby’s construction and development obligations. Once Ruby is operational, GIP and El Paso will own and operate the pipeline on a 50/50 basis.
GIM Channelview Cogeneration, LLC
Year of Investment: 2008
Channelview is a nominal 830 megawatt natural gas-fired cogeneration facility in the greater Houston, Texas area. Channelview, which became operational in 2002, is a clean, efficient power generator that sells steam and a portion of its electric output under long-term contracts. GIP is the majority shareholder in Channelview, which was acquired from affiliates of Reliant Energy in July 2008 in an equity partnership with FORTISTAR.
Biffa
Year of Investment: 2008
Biffa is one of the leading integrated waste management and energy from waste companies in the United Kingdom providing waste collection, processing and treatment, recycling and disposal services. Biffa operates the largest industrial and commercial collection network in the country with over 70,000 customers, 1,450 collection vehicles and 128 locations. The Company also has one of the largest landfill and resource recovery operations handling 7 million tons of waste each year through 24 landfill sites and a renewable energy business with 103 MW of installed capacity. Biffa currently operates two PFI contracts and has recently signed a 25 year contract with West Sussex County Council to treat residual municipal waste using the latest mechanical biological treatment technology. The Company continues to focus on the development of alternative disposal and recycling infrastructure and in January 2010 opened a 200,000 ton materials recovery facility (MRF) in Manchester.
In August 2010, Biffa acquired Greenstar UK. Greenstar UK is the leading recycling-led waste management company in the United Kingdom and operates a municipal business serving 23 local authorities, the largest MRF network nationwide and a substantial national accounts business serving almost 300 customers. The combined Biffa /Greenstar will be the leader in recycling-focused waste management solutions in the United Kingdom.
East India Petroleum Limited (EIPL)
Year of Investment: 2007
EIPL is a provider of liquid storage services for petroleum, lubricant products, petrochemicals, liquefied petroleum gas and bio diesel. The facility is located in the premier port of Visakhapatnam, India, whose cargo volumes and related freight activities make it one of the busiest in India.
IPH (Jersey) Limited (IPH)
Year of Investment: 2007
IPH is a wholly-owned subsidiary of GIP that was acquired in 2007 to provide GIP with a platform to lead and drive value in its investments in the ports sector. IPH is led by the experienced management team of Alistair Baillie, former Chief Operating Officer of P&O Ports, and Eliza O'Toole, formerly a City legal partner specializing in infrastructure development. IPH’s strategy is to invest in port assets internationally where there is growth and value creation opportunity. This focus applies across the sector with potential investments in all forms of port activity and ownership.
http://www.i-p-h.co.uk
Investments made through IPH to date are:
Port of Brisbane (PoB)
Year of Investment: 2010
In November 2010, GIP agreed to acquire a 26.7% interest in PoB as a joint-leading investor in the Q Port Holdings consortium. The consortium acquired a 99-year lease from the Queensland State Government.
PoB is Australia’s third largest diversified port and has a catchment area encompassing Queensland and northern New South Wales. Queensland is Australia’s third largest State by population and size of economy. PoB is a landlord port which promotes the overall port, builds and maintains its wharves, dredges the access channels to maintain navigable access to the port, leases terminals to operators, leasesback up land areas to associated businesses and operates the rail terminal. In FY10, 32 million tons of cargo and 919,000 containers (TEUs) passed through PoB.
International Trade Logistics S.A. (ITL)
Year of Investment: 2008
ITL owns Argentina’s second largest and most modern container terminal. ITL also operates complementary logistics and warehousing businesses. GIP, through its wholly-owned subsidiary IPH, partnered with PSA International, the world’s largest operator of container terminals, to acquire a majority interest in this world class container port and logistics business.
PSA (UK) East Terminal Limited
Year of Investment: 2007
IPH (40%) formed a joint-venture company with PSA International Pte Ltd (60%) to operate a short sea container terminal at the Great Yarmouth Port. IPH and PSA International Pte Ltd are making a substantial capital investment in creating this container terminal. The first phase is projected to be operational in early 2009.
Great Yarmouth Port Company Limited (GYP)
Year of Investment: 2007
GYP is the principal UK port servicing the Southern North Sea oil and gas industry. Together with general cargo including forest products, agribulk and aggregates, it handles 1.3 million tons per annum. GYP has constructed a new deep water outer harbour at Great Yarmouth which provides enhanced port facilities to cater to larger vessels and a wider range of trades.
London City Airport (LCY)
Year of Investment: 2006
GIP acquired 100% of London City Airport jointly with AIG Financial Products (AIG-FP) in late 2006. In October 2008, GIP acquired the 50% ownership in London City Airport that it did not already own. After giving effect to the sale of a portion of this incremental ownership, GIP now owns a 75% interest in London City Airport.
Located close to Canary Wharf and the City of London, London City Airport is convenient for business travellers. The airport offers easy access to key business destinations within the United Kingdom and across Europe. Since its initial investment in London City Airport, GIP has supported a program of investment and operational improvements aimed at increasing capacity and improving the operating offering and service quality. London City Airport’s passenger numbers grew by 22% in its first full year of ownership.