Infrastructure Debt

Investment Approach

Our Infrastructure Debt Strategy provides a diversifying private credit solution to investors, targeting attractive cash yield with meaningful downside protection. The strategy is focused on originating and managing a diverse portfolio of North American private debt investments in infrastructure projects, with a particular focus on middle market opportunities that offer superior returns due to illiquidity premiums.

Track Record

We bring specialized credit expertise to identify and structure debt investment opportunities in Canadian and American infrastructure projects. Our long-standing industry relationships drive proprietary deal flow, where we seek an optimal position in the debt capital structure to drive strong risk-adjusted returns.

The senior team at Fiera Private Debt has built one of Canada’s leading non-bank private debt platforms, with over $900 million invested in infrastructure debt while achieving targeted returns over the last 15 years.

Key principles

  • Attractive risk-adjusted returns
  • Strong and stable cash yield
  • Complexity and illiquidity premiums
  • Downside protection from long-term, hard assets as collateral
  • Lower risk profile due to meaningful covenants, contracted cash flows, and allocation of risks
  • Strategically diversified across infrastructure sub-sectors, geographic regions of Canada and the U.S.
  • Low correlation to broader market and business cycle-sensitive holdings

Diversification

Diversification

Mid-market focus to seek optimal risk/return and demonstrated ability to source proprietary opportunities
Rigor

Rigor

Disciplined underwriting diligence and loan structuring expertise to protect investor capital and maximize returns
Protection

Protection

Combining defensive benefits of both infrastructure and private credit asset classes
Responsible

Responsible

Longstanding commitment to responsible investing and integrated ESG analysis

Experience

Since inception, Fiera Private Debt has invested over $900 million in infrastructure debt opportunities, spanning more than 35 projects in a diverse mix of infrastructure sectors.

Industries

  • Power
  • Transport
  • Telecom
  • Renewables
  • Sustainable
  • Utilities

Cases Studies

Power Generation - Cascade Power Project

Cascade Power Project

Power Generation
Location:
Edson, Alberta
Type:
Combined cycle power plant
Size:
900 MW
Solution:
Construction to term financing

Provided debt solution to build and operate a 900MW combined cycle gas turbine power plant that benefits from long term agreements.

When complete, Cascade is expected to be largest, most efficient CCGT plant in Alberta, providing 8% of Alberta’s power and generating 62% less CO2 emissions compared to traditional coal-fired generation.

Renewables - Claresholm Solar Project

Claresholm Solar Project

Renewables
Location:
Willow Creek, Alberta
Type:
Solar photovoltaic
Size:
132 MW
Solution:
Construction to term financing

Co-led financing for the construction of a 132MW (AC) solar photovoltaic project, with a portion of electricity to be sold under long-term contract and balance sold into the wholesale market.

Once operational, Claresholm will be Canada’s largest solar facility and an important asset in Alberta’s transition to clean electricity generation.

Utilities - Genesee Lake Holding Corp

Genesee Lake Holding Corp

Utilities
Location:
Alberta
Type:
Electricity Transmission
Size:
500km of 500kV lines
Solution:
Acquisition financing

Provided long term financing for the private purchase of Alberta PowerLine, 500km of electric transmission lines (500kV) and two 500kV substations.

APL owns and operates the Fort McMurray West 500-kV Transmission Project, the longest 500-kV AC transmission line in Canada and benefits from 35-year availability-based tariffs.