Delivering attractive returns since inception. Combining the right entry window with execution excellence and operational improvements to deliver returns and valuation significantly above underwritten base cases

  • Nortegas

    Nortegas

    The 2nd largest natural gas and LPG distribution company in Spain, with over 8,000 km of gas pipeline and over 1 million natural gas and LPG connection points. Nortegas is present in the Basque Country, Asturias and Cantabria. WSC and the consortium of investors purchased 100% of Nortegas from Portuguese utility EDP in July 2017 for a total FV of €2.5bn. Upon acquisition, Nortegas issued investment grade bonds totalling €1.3bn, which became the largest inaugural bond issuance in Spain by a non-blue chip company.
    • Investment Year2017
    • Description2nd largest regulated natural gas distribution company in Spain
    • Investment TypeBrownfield / Majority Investment
    • LocationSpain
    • SectorNatural Gas Distribution
    • Co-InvestorsInstitutional Investors advised by J.P. Morgan Asset Management, ADIC, Swiss Life Asset Managers, Other Swiss Institutional Investors
    • Deal Size€2.5bn (FV)
    • Current StatusOperational
    Company website
  • I-77

    I77 Express

    A 50-year PPP project of managed lanes in Charlotte (North Carolina) comprising a 26-mile stretch alongside Interstate 77. The project uses dynamic tolling to manage traffic flow and decrease congestion to regulate real-time toll segment prices 24 hours a day, in order to ensure a minimum speed of 45 mph. WSC and the consortium of investors own a 30% stake in the project. The total project cost is US$650m and the opening is expected during 1Q19. Cintra Infraestructuras, one of the largest transportation infrastructure operators in the world owns a 50% stake in the project.
    • Investment Year2015
    • Description26-mile urban managed lane in Charlotte
    • Investment TypeUnder Construction / Minority
    • LocationUSA
    • SectorToll Roads
    • Co-InvestorsCintra, John Laing, Aberdeen and Other Institutional Investors
    • Deal Size$700m (FV)
    • Current StatusOperational
    Company website
  • Bizkaia energía

    Amorebieta

    Amorebieta is a 786 MW natural gas-fired CCGT plant located in the industrial hub of Bilbao, in Spain. It uses two General Electric 9FA gas turbines and one Alstom steam turbine, making it one of the most efficient gas-fired power plants in the Iberian Peninsula.
    • Investment Year2019
    • Description786 MW natural gas-fired CCGT in Bilbao
    • Investment TypeOperating / Majority*
    • LocationSpain
    • SectorPower Generation - Combined Cycle Gas Turbine
    • Co-InvestorsCastleton Commodities International
    • Deal SizeUndisclosed
    • Current StatusOperational

    * Plant under operation at time of investment. WSC and co-investors hold a majority shareholding position.

    Company website
  • WR

    White River Renewables

    Two Round I Solar PV plants in Mexico.
    • Investment Year2020
    • DescriptionTwo Solar PV plants totalling 155MW of operating solar capacity. Las Viborillas, (130MWp) in Jalisco and San Ignacio (25MWp) in the Yucatán Peninsula.
    • Investment TypeOperating / Majority
    • LocationMexico
    • SectorRenewables
    • Co-InvestorsRiverstone
    • Deal SizeUndisclosed
    • Current StatusOperational
  • La Isla

    La Isla

    One of the largest Solar PV plants with downside protection and preferential return.
    • Investment Year2018
    • DescriptionOne of the first large scale (183MW) grid-parity Solar PV plant in Europe with downside protection and preferential return
    • Investment TypeUnder Construction / Joint Venture
    • LocationSpain
    • SectorRenewables
    • Co-InvestorsArdian
    • Deal Size€126m (FV)
    • Current StatusOperational