Investment firm looking to sell Pacific Hydro

Reports indicate Pacific Hydro could be sold for more than AUD$2 billion (US$1.5 billion). Interested companies cited by various sources to date range from AES Corp. to Statkraft AS to TerraForm Power Inc.

Pacific Hydro was founded in Australia in 1992 and owns 19 generating facilities in Australia, Chile and Brazil with a combined 900 MW of capacity in hydropower and wind.

The company’s hydro plants in Australia include 2.5-MW Drop on the Mulwala Canal, 30-MW Ord on the Ord River, and Lake Glenmaggie, Lake William Hovell and Eildon Pondage, which together have an installed capacity of 9.9 MW.

Pacific Hydro has been operating in Chile since 2002 and has run-of-river plants in the Cachapoal Valley and water rights to develop up to 600 MW. These operating facilities are Coya and Pangal, with a combined capacity of 76 MW, 155-MW La Higuera, 164-MW La Confluencia, and 111-MW Chacayes. The company also operates more than 310 MW of hydro in the Tinguiririca Valley through joint venture Tinguiririca Energia. Statkraft has a 50% share in this joint venture.

Pacific Hydro has been operating in Brazil since 2006 but has no hydro plants in that country.

News sources indicate Bank of America Merrill Lynch and Credit Suisse have been appointed to run an auction of Pacific Hydro.

A new chief executive officer of Pacific Hydro was announced in May 2014.

Pacific Hydro is owned by IFM Australia Infrastructure Fund, which is managed by IFM Investors. IFM Investors was established more than 20 years ago and is owned by 30 Australian superannuation (pension) funds.

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