2020 Agenda

  • 08:00

    DELEGATE REGISTRATION & NETWORKING BREAKFAST

  • 09:00

    INFRAMATION NEWS WELCOME

    Jon Berke
    Jon Berke
    Editor, US, Inframation News
  • 09:05

    FIVE CHARTS ON INFRASTRUCTURE M&A

  • 09:15

    OPENING  KEYNOTE  ADDRESS

  • 09:35

    OPENING PANEL DISCUSSION:  STATE OF INFRASTRUCTURE INVESTING IN NORTH AMERICA

    Infrastructure funds saw a massive amount of deal flow in 2019 in terms of both volume and dollars. Take privates for a global fiber operator Zayo Corp and railroad operator Genesee & Wyoming collectively accounted for USD 22bn in deal flow. Elsewhere, there were multiple deals announced in the midstream and ports space where the deal value exceeded USD 1bn. Observers point to both an abundance of dry powder and a point in the cycle where first and second generation infra funds needed to sell off assets as their funds neared maturity. Speakers on today’s panel will address the following.

    • What sectors will see deal flow activity into 2020 and why?
    • Will multiples continue to be driven up?
    • What impact will European investors have on the space
    • Are there any good secondary markets in airport investing that could be interesting given the wave of smaller airport deals in Europe (Luton, Leeds et al)
    Barry  Gold
    Barry Gold
    Managing Partner, NEXUS Infrastructure Capital
    Peter  Taylor
    Peter Taylor
    Managing Director, Carlyle Global Infrastructure
  • 10:20

    MORNING REFRESHMENTS & NETWORKING BREAK

  • 10:50

    KEYNOTE ADDRESS

    With solar and wind becoming more efficient, investors are turning to other sustainable energy generation such as hydro and embracing battery storage.

    • Which of these technologies have started to become investable technologies and why?
    • What other forms of energy and power generation are less developed, but have potential and why?
    • What kind of subsidies are out there to fund these technologies in their nascent stages?
    • Is there still opportunity in solar and wind and where is it?
  • 11:05

    PANEL DISCUSSION: SUSTAINABLE ENERGY: FINDING NEW FUNDING FOR NEW RENEWABLES OPPORTUNITIES

    Hydro, energy storage and water desalination have become rising areas for sustainable energy investing as solar and wind development have become mature and more efficient. Support has also come at the federal level as this past summer Congress introduced the Renewable Electricity Tax Credit Equalization Act to help along the likes biomass, hydro, biogas and waste-to-energy industries as part of a “baseload” energy sources to provide 24/7 renewable electricity.

    Though costs have come way down for solar and wind in recent years, renewable developers had to take another deep breath as separate tax breaks for solar and wind energy developers were set to expire in the next two years, but extension proposals were either proposed or being looked at. Panelists will look at the following 

    • What are the current drivers for sustainable energy investing today?
    • How do infra investors currently strategize today between the newer energies and solar & wind?
    • How are deals being structured around the current and/or future expiration of the PTC and ITC Credit
    • How corporate PPAs changing the dynamic 
    Georges   Arbache
    Georges   Arbache
    Senior Vice President - Power, Utilities & Infrastructure, Jefferies
    Stuart Murray
    Stuart Murray
    Principal, Head of Energy Management Consulting North America, AFRY Management Consulting
  • 11:50

    PANEL DISCUSSION: MIDSTREAM: INVESTMENT STRATEGIES FOR CONSTRUCTION BOOM AND COMMODITY RISK

    Midstream has become a major staple infrastructure funds as a host of take private opportunities continue to arise off under-valued equities. And enormous institutional capital will be needed in the coming years as multiple LNG facilities today are receiving the necessary environmental permits which will allow them to proceed with construction. Panelists today will look at 

    • New opportunities in midstream and why
    • Long term prognosis for LNG
    • Will infra and energy infra funds reach for services firms around these business for core plus opportunities 
    • With oil still at unsustainable levels for some E&P producers, is there forcing any compression on margins for pipeline owners and how is that impacting the deal pipeline in the space 
    Hadley  Peer Marshall
    Hadley Peer Marshall
    Managing Director, Brookfield Asset Management
  • 12:35

    NETWORKING LUNCH

  • 13:35

    PRESENTATION: TARIFF EXPERTS

  • 13:55

    PANEL DISCUSSION: HOW WILL PORT AND RAILROAD DEALS GET AFFECTED BY CURRENT TRADE ENVIRONMENT

    With over 20 transactions done in the ports and rail space in the past three years in North America, these subsectors have been most active among core investment opportunities for infrastructure funds in the US. This includes the USD 8.4bn acquisition of global class II and class III railroad operator Genesee & Wyoming by Brookfield Infrastructure and GIC and MIRA’s USD 1.78bn buyout of the Port of Long Beach.

    However, there appears to be a host of issues that hurt performance of both asset classes in the near term. Earlier in 2019, Moody’s estimated that the gradual retirement of coal plants as utilities continue to shift generation to renewable sources could result in the loss of USD 5bn in revenues to the railroad industry. The ports, particularly on the West Coast, also could get impacted by the trade wars taking place between China and US 

    Finally, the US and Canada ports spending a massive amount of capex in recent years to overhaul and improve their operations to allow for bigger ships with more cargo to sail into their ports. 

    Panelists will discuss:

    • China’s impact on trade and how it could impact West Coast trading ports
    • What strategies are port owners using to hedge against continued tariffs
    • What effect if any does it have on institutional capital’s ability to finance their deals in this area
    • What impact will the trade wars have on short haul rail operators
    • Will shipping alliances impact both forms of core infra?
  • 14:45

    AFTERNOON REFRESHMENTS & NETWORKING BREAK

  • 15:15

    FIRESIDE CHAT - DEBT CAPITAL MARKETS

  • 15:40

    PANEL DISCUSSION: FUNDRAISING: RETHINKING RETURNS IN A COMPETITIVE ENVIRONMENT

    Inframation Deals data shows there are at least 178 funds in the market fundraising collectively targeting USD 349bn. This on top of the USD 30.7bn that has been raised by specialist infrastructure and renewable energy funds so far this year through July 2019. Questions remain as to whether there are enough opportunities out there and how GPs manage return expectations when increasing acquisition multiples inevitably mean lower returns. Separately, are the alternative strategies GPs are structuring also creating new opportunities such as renewables, super-core and debt? Also how are exit strategies affected by existing funds?

  • 16:25

    PANEL DISCUSSION: DIGITAL INFRA - BUILDING OUT CONNECTIVITY FOR THE FUTURE

    Demand for data has driven both investment in data center owner and joint ventures for Greenfields data center development with existing owners. On the same front, the Zayo deal is example of deals where infra funds control the middle mile for both business and consumers. Today’s panelists will discuss the following trends:

    • Hyperscale vs edge data center buildout 
    • End game for all these fiber deals
    • Telecom companies carving out real assets—opportunities risks
    • What are the next areas of investment for infrastructure telecom investors? 
  • 17:10

    CLOSE OF CONFERENCE & DRINKS RECEPTION