First Infrastructure Capital Advisors, LLC 

2800 Post Oak Blvd, Suite 1950, Houston, TX 77056

info@firstinfrastructurecapital.com

+1.713.337.7980

©2018 by First Infrastructure Capital Advisors, LLC

Select Case Studies

Acquisition of an independent midstream company that provides gathering, processing and transportation services to oil and gas plays

In February 2019, First Infrastructure Capital acquired WhiteWater, including its 60% stake in Agua Blanca, a Delaware Basin intrastate natural gas pipeline system. Contemporaneous with this transaction, First Infrastructure Capital also entered into definitive agreements to acquire WPX Energy, Inc.’s 20% ownership stake in Agua Blanca.  Agua Blanca is a natural gas residue pipeline servicing the Delaware Basin. The system consists of ~90 miles of 36” diameter pipeline and 70 miles of smaller diameter pipeline crossing portions of Culberson, Loving, Pecos, Reeves, Ward and Winkler counties. The initial capacity is ~1.4 Bcf/d with significant expansion plans underway. The asset is supported by multiple, substantial, long-term, take or pay contracts. The Agua Blanca system has a multitude of direct downstream connections which provide shippers on the system access to multiple markets.

Founding investor in a start-up Eagle Ford, Texas based midstream company that has experienced significant growth.

Following the establishment of Howard Energy Partners, the Quanta Capital team was actively involved in the development of the company ultimately leading to the inclusion of General Electric Company as an additional co-investor in April 2012. Strategically positioning assets along the Mexico border to benefit from increasing natural gas production.

Successful JV partner with incumbent utility in the largest high-voltage transmission concession in North American history

Large transmission opportunities are arising with the development of build, own, operate concession models coupled with the requirement for transmission grid replacement, reinforcement, and new build. The Alberta Electric System Operator (AESO) ran a competitive process for the right to develop, design, build, finance, own, operate, and maintain a 500kV transmission project.  ATCO and Quanta developed a partnership for Quanta to provide EPC services and investment in the project. The ATCO / Quanta team won the CA$1.433 billion concession in December 2014. The project closed on CA$1.4 billion of bonds in October 2017. 

The project has won four awards for including Americas P3 Deal of the Year (PFI), North America Transmission Deal of the Year (IJ Global), Gold Award for Project Financing (CCPPP), and the P3 Awards Gold Award for Best Financial Structure

Maurepas Pipeline System

Initial investor and developer in downstream support infrastructure interconnecting two refineries in South Louisiana

The Maurepas Pipeline System consists of three separate pipelines each approximately 100 miles in length and located in the Gulf Coast region of Louisiana just upriver from New Orleans. Quanta was the lead developer for the approximately $500 million project. Quanta was originally tasked with developing a tank farm and related pipeline and was asked to take over the development of a pipeline system given the complexity of the commercial and technical challenges associated with the project. Quanta Capital performed the development of the initial tariffs, related financial modeling and proposal submission to Motiva and recruited SemGroup Corporation to be the owner and operator of the pipeline system.

Successful development of downstream support infrastructure on the Gulf Coast

Raven is an on-purpose Ethylene-to-Butene-1 processing facility to be located in Baytown, Texas.  Quanta Capital structured the Raven asset as a "tolling" facility with long-term fee-based offtake agreements with commitments from multiple Butene-1 buyers for most of its capacity. Raven was developed by Evonik Industries (Evonik) and Quanta Capital Solutions, Inc. Quanta Capital and funds managed and/or advised by Partners Group are partnering as co-lead financial sponsors for the project.  

Lincoln Renewable Energy - NJ Oak Solar Project

Final development and construction of the largest photovoltaic solar generation facility in New Jersey

As a result of discussing engineering, procurement, and construction services with Lincoln Renewable Energy (“LRE”), Quanta Renewable Energy Services, a Quanta subsidiary, introduced Quanta Capital to the project.  Quanta Capital worked with the LRE management team to time sales of the un-contracted power and renewable energy credits (“REC”) from the facility, including the timing on the ultimate refinancing.

QCS ECA 0927 Powerline

Providing turn-key build, own, operate solutions to end-users

QCS ECA 0927 Powerline is a 138 kV Electrical Transmission Line in the Farmington area that was built to supply electrical power to a customer's compressor station. Quanta Capital’s successful structuring of this investment is an example of the team's success in offering to customers build, own and operate solutions for infrastructure assets by leveraging the relationships of Quanta’s operating units.  The customer was able to effectively convert capital expenditure into operating expenditure as a result of the investment structure. 

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CASE STUDIES DISCLAIMER

Quanta Services, Inc. whether through Quanta Capital Solutions or otherwise, has been investing in opportunities of the kind to be targeted by First Infrastructure since June 2011.  Set forth above are certain prior transactions made by Quanta Services, Inc. that were sourced and structured through Quanta Capital Solutions. These investment case studies represent a selection of the transactions undertaken by the firm’s management team while at another firm, namely Quanta Capital Solutions.

The historical investment activity of Quanta Services, Inc. and Quanta Capital Solutions is no guarantee of the expected investment program or performance of First Infrastructure or of any funds managed by it.  These transactions are presented merely as representative of the investment acumen of the Quanta Capital Solutions team that is the core of First Infrastructure’s management team.

Prospective investors should not rely on this information in making an investment decision, as the portfolio investments of First Infrastructure may be materially different than the prior investments sourced and structured by Quanta Capital Solutions.  There can be no assurances that First Infrastructure will achieve comparable results or be able to implement its investment strategy or objectives.