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31 July 2017
AMP Capital’s infrastructure debt strategy increases its exposure to renewable energy

AMP Capital's  Infrastructure Debt team has reached financial close on an expansion of its  mezzanine debt investment with Alterra Power Corp., a global renewable energy  company headquartered in British Columbia, Canada.

Alterra  manages eight power plants totalling 825 MW of hydro, wind, geothermal and  solar generation capacity in Canada, the US and Iceland. Alterra owns a 363 MW  share of this capacity, generating more than 1,500 GWh of clean power annually.

Under  the agreement, an additional tranche of US$21.1 million was added to the  existing facility the company holds with AMP Capital. The proceeds have been  used to partially fund Alterra's equity contribution to the Flat Top Wind  project, which is a 200 MW wind project in central Texas.

AMP  Capital's infrastructure debt strategy has now loaned a total amount equivalent  to US$93 million to Alterra, secured against Alterra's interest in a 264 MW  portfolio of renewable energy projects, comprising two run-of-river hydro  facilities (Toba Montrose, Jimmie Creek) and a wind farm (Dokie 1) in British  Columbia, and now Flat Top.

AMP Capital  US Infrastructure Debt Director Spencer Ivey said: "We are pleased to have  strengthened our relationship with Alterra with this investment. Our investors  will benefit from increased exposure to a core infrastructure asset that has  high barriers to entry, long-term contracted revenue streams, geographic and  technology diversity, and an experienced management team with a proven track  record. It is an excellent addition to our already-strong portfolio.

"Renewable energy is a key investment  theme for AMP Capital's infrastructure debt strategy and we are seeing a strong  pipeline of opportunities in the US, Australia and Europe. This pipeline is  matched by ever-increasing interest in infrastructure debt as an asset class  from global investors, particularly pension plans and insurance companies."

AMP  Capital's Infrastructure Debt team has 13 investment professionals located in  London, New York and Sydney. The team has invested more than US$3 billion in 58  infrastructure debt assets since 2001.

About AMP Capital

AMP Capital is a specialist  investment manager with more than A$165 billion in funds under management as of  31 December 2016 and more than 250 investment professionals. AMP Capital has a  heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. It is a  subsidiary of AMP Limited, which was established in 1849, and is one of  Australia's largest retail and corporate pension providers.