Swiss Life Asset Management (SLAM) is the investment advisor to six infrastructure funds, with total infrastructure assets under management of c. CHF 10 billion, mostly on behalf of pension funds and other institutional investors located in Europe. SLAM currently owns a ~13.2% look-through stake in Amprion and early considerations concern raising a a single-asset-fund (“SAF”) to which, on the one hand, existing Swiss Life Group entities contribute part of their stakes, and, on the other hand, new investors contribute new capital to fund future equity contributions associated with the current stake. Project Planck aims to fundraise a SAF containing indirect stakes in Amprion. Barclays is mandated to support the fundraising process as financial advisor fundraising process as financial advisor and is looking for a third party (“Consultant”) to assess Amprion’s regulatory environment as well as the CAPEX requirements of Amprion’s investment pipeline (“Transaction Advisory”).
The Transaction Advisory (“Due Diligence”) was performed mainly based on publicly available information as well the Consultant’s own expertise in the TSO business. Key sources of information were the current draft grid development plan 2037/2045, publicly available information provided by Amprion, publicly available regulatory information as well experience-based assumptions to be made by the Consultants. E-Bridge’s Regulatory Model was used to derive results for the regulatory environment of Amprion.
Key deliverable of the project is a PPT-report comprising statements and information on the elements required in a regulatory due diligence analysis. The deliverable will be used by Barclays/ SLAM as a basis for information memorandum to potential fund investors. Within the scope of the RDD we gave a brief overview of the structure and current regulatory topics in the German electricity market. We summarized the incentive regulation scheme and derive Amprion’s regulatory cost base and revenue caps for the 4th regulatory period with the help of our regulatory model.
