IMCO completes sale of interest in Spanish electricity provider
Viesgo disposition is a component of long-term infrastructure strategy; delivers strong returns to clients
TORONTO (June 10, 2020) – The Investment Management Corporation of Ontario (IMCO) has completed the sale of its interest in Viesgo, a Spanish electricity provider servicing 700,000 customers, to funds managed by Macquarie Infrastructure and Real assets (MIRA). The sale is part of a previously announced transaction between MIRA and Wren House. Terms were not disclosed.
“The investment made in 2015 alongside MIRA has generated a strong return due to the successful implementation of a number of strategic initiatives,” said Tim Formuziewich, Managing Director and Global Head of Infrastructure. “We would like to thank Viesgo’s management team and MIRA, who have done a tremendous job at driving value in this investment.”
Over recent months, IMCO Infrastructure has disposed of select energy and utility holdings (including Koole Terminals and Cube Hydro). They have also entered into strategic partnerships with key investors and added several investment professionals to the team.
At December 31, 2019, IMCO’s infrastructure assets under management were CAD $5.7 billion. IMCO is targeting to grow its Infrastructure program to $10 billion by 2024, through the addition of world-class infrastructure assets and by working with its strategic investment partners.