November 20, 2023
DIF Capital Partners achieves full tenor refinancing on Bay Village -Karratha Accommodation Project
DIF Capital Partners (via its DIF V fund) is pleased to announce that it has successfully refinanced the Bay Village – Karratha Accommodation Facility, securing full tenor financing for the remainder of the availability based ~12-year concession, eliminating refinancing risk and providing future certainty for global energy company Woodside.
The value accretive refinancing delivers outperformance to investors and consists of a full tenor, low-cost, fully hedged senior debt facility from lead underwriter MUFG, leveraging DIF’s strong local relationship and taking advantage of the asset’s robust operational performance.
Bay Village, located in Karratha, Western Australia, comprises a 604-bed fly-in-fly-out (FIFO) facility purpose-built to accommodate employees and contractors engaged in Woodside’s North-West Shelf and Pluto energy projects. The facility offers a range of amenities, including a gym, outdoor swimming pool, recreational spaces, dining areas, multi-use sports courts, extensive food offerings, and social initiatives to promote the health, wellbeing and comfort of its residents.
Bay Village plays a pivotal role in supporting and bolstering Woodside’s energy projects in Australia, aligning with the global energy transition, and supporting neighbouring nations in emission reduction efforts.
The successful refinancing underscores DIF’s value creation capability, ability to secure competitive financing for critical infrastructure projects and track record of providing substantial value to our investors.
DIF Capital Partners was advised by Tetris Capital, Corrs Chambers Westgarth and Advisian. MUFG was advised by Allens.
About DIF Capital Partners
DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.
DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.
With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.
In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.
Press contact
DIF Capital Partners: press@dif.eu