WHITEHELM-MANAGED CHALLENGER EMERGING MARKET INFRASTRUCTURE FUND COMPLETES DIVESTMENT OF TAIWAN ONSHORE WIND FARM

9 July 2020

Whitehelm Capital (“Whitehelm”) is pleased to announce that Challenger Emerging Market Infrastructure Fund (“EMIF”) has completed the divestment of Miaoli Wind Co., Ltd., (“Miaoli”) a 49.8MW onshore wind project located in Miaoli County, Taiwan, to Taiwan Cogeneration Corporation (“TCC”).

Miaoli was the final investment held in EMIF following divestment of other infrastructure assets located across Asia and South America in recent years. Whitehelm is the co-General Partner and Fund Manager of EMIF along with joint venture partner Mitsui & Co., Ltd (“Mitsui”).

Miaoli was acquired by EMIF in 2013 and was the first privately-owned wind farm developed in Taiwan. The asset operates under a long-term power purchase agreement with Taiwan’s state-owned power generation and distribution company, Taiwan Power Company.

“This marks the divestment of the final asset in the EMIF portfolio, a successful joint venture between Whitehelm and Mitsui that has operated in Asia for over a decade.” said Saji Anantakrishnan, Whitehelm Capital’s Head of Australia and Asia.

“The sale of Miaoli has delivered a strong result for EMIF investors and Whitehelm will continue to expand its footprint in Asia, seeking high quality infrastructure projects in the region.”

About the Purchaser
Taiwan Cogeneration Corporation – TCC is a listed company on the Taiwan Stock Exchange (TSEC: 8926) with a market capitalisation of c.NT$23,270 million (c.US$780 million) and, together with its subsidiaries, operates cogeneration plants and invests in independent power plants, cogeneration plants, and renewable energy power plants across Taiwan. The largest shareholder of TCC is Taiwan Power Company. TCC is ranked in the top 5% of listed companies in Taiwan for corporate governance.

About Whitehelm Capital
Whitehelm is one of the world’s most experienced independently owned infrastructure managers. With an outstanding track-record spanning over 22 years, Whitehelm has invested over A$10.3 billion, with A$4.7 billion in funds currently under management and A$18.4 billion in funds under advice. Whitehelm has achieved strong returns across multiple market cycles, with an exceptional record of capital preservation. Whitehelm offers investment capabilities across unlisted infrastructure, listed infrastructure, and infrastructure debt.