AMP Capital has agreed to form a joint venture with Invenergy  through which the Australian investment manager will buy a 50% stake in a portfolio of gas-fired projects in the U.S., Canada and Mexico.

The portfolio comprises all of the assets Invenergy holds through Invenergy Clean Power except for two construction-stage assets—the approximately 900 MW Clear River gas-fired project in Rhode Island and the 378 MW Energía del Pacífico project in El Salvador.

Invenergy Clean Power owns approximately 3.7 GW of operating and construction-stage generation assets in addition to its development pipeline.

Invenergy will be the joint venture's managing member and will use a portion of the proceeds of the deal to pay down debt.

Representatives of Invenergy in Chicago and AMP in London declined to comment on the financial terms of the transaction.

The deal, which will require the approval of the U.S. Federal Energy Regulatory Commission, is slated to close in July.

Among the Invenergy Clean Power assets is Invenergy Thermal Operating I, a financing vehicle through which the developer and independent power producer owns the 330 MW Ector County peaker in ERCOT West and the 584 MW Nelson combined-cycle project in Rock Falls, Ill., both of which the company has recently put up for sale.

Invenergy hired Guggenheim Partners to sell the Ector County project earlier this year, while Credit Suisse is said to have lined up a buyer for the Nelson plant ( PFR, 2/22 4/30).

Sydney-based AMP has not previously invested equity in Invenergy Clean Power, though the firm did furnish Invenergy Thermal Operating I with mezzanine debt in the form of a $200 million second lien term loan C in 2015.

AMP’s Infrastructure Debt Fund II provided $150 million of the junior debt, with an additional $50 million coming from warehoused funds.

"It was our second investment with Invenergy," Patrick Trears, partner and head of infrastructure debt Americas at AMP in New York told PFR at the time. "So we’re building on a successful relationship." ( PFR, 10/21/15).

AMP’s Infrastructure Debt Fund provided Invenergy Renewables, which was known at the time as Invenergy Wind Power, with a loan in November 2011.

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