Dutch asset manager DIF has sold a portfolio of four Canadian solar PV plants held in a mature infrastructure fund, signalling its first exit in North America.
The portfolio has been sold to Ullico Inc’s infrastructure investment business, DIF confirmed on Monday (3 September).
Ullico, a US insurance and financial services company, meanwhile recently invested in a portfolio of four solar and wind projects owned by affiliates of DE Shaw Renewable Investments. DE Shaw manages the Renewable Energy AssetCo II fund, in which Ullico is a limited partner.
The four solar farms, CSI Glenarm LP, Goldlight LP, Illumination LP and Stone Mills Solar Park LP, were all connected to the grid between 2012 and 2015.
All the solar parks were acquired by DIF at the start of construction except Stone Mills which was purchased two years into operations.
DIF is in the process of selling assets from its mature funds, according to head of exits Andrew Freeman.
The Canadian solar parks were held in its fourth infrastructure fund, DIF III, which was launched in 2012 and has made 56 investments in Europe and North America.
DIF has already sold two UK solar parks in the fund to Greencoat and is also selling a 107.7MW portfolio of French rooftop and ground-mounted assets in a process code-named Project Alpine.
DIF was advised on the sale by Raymond James (financial) and Osler (legal).