Sydney, 30 May 2017 – DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 125 MW Clare Solar PV project from Fotowatio Renewable Ventures (FRV), via a 50 – 50 joint venture with Lighthouse Infrastructure.
EV Private Equity has invested in Evolution Engineering Inc. Financial terms weren’t announced. Evolution Engineering, of Calgary, provides products and engineering services to the measurement while drilling market.
Evolution Engineering Inc. (“Evolution” or “the Company”) today announced the completion of an investment from EV Private Equity. The funds will be used to accelerate the Company’s North American growth and expand product development related to its market leading EVO ONE measurement while drilling (“MWD”) platform and related directional drilling technologies.
“Evolution now has additional resources to pursue its aggressive growth strategy and build on its industry leading directional drilling technologies,” said Paul Crilly, Evolution’s CEO. “The growth capital also positions us to ensure that our customers will continue to benefit from the highest level of product innovation, service and support. In parallel, we will be accelerating our marketing efforts, serving the needs of clients throughout North America and around the world.”
“We are delighted to support the on-going business and vision of Evolution Engineering’s team, whose EVO ONE MWD systems are already enabling the drilling of the industry’s most extreme horizontal wellbores,” said Matthew Anstead, EV Private Equity partner. “We believe that Evolution is well positioned for further growth, particularly in the horizontal shale plays of the US and Canada.”
About Evolution Engineering
Building upon its patented and proven Unified Telemetry platform, Evolution delivers purpose-built MWD products that exceed today’s drilling requirements for performance and reliability. The company’s flagship MWD system, EVO ONE, was built to provide a single, highly reliable MWD tool suitable for every drilling requirement. By designing and manufacturing these systems in-house, Evolution engineered out the most common MWD tool failure modes while combining EM and Mud Pulse technology into a single Unified Telemetry with a one-size-fits-all probe design. By designing extremely reliable, high data rate, large bandwidth communication technology, Evolution is at the forefront of developing the Subsurface Internet TM. Evolution Engineering Inc. is headquartered in Calgary, Alberta and Conroe, Texas.
For more information visit Evolutioneng.com.
Aquila Capital has acquired a wind energy project in Denmark near Kappel on Lolland with an installed capacity of over 25 MW. With the acquisition, Aquila Capital’s transaction volume in the wind sector has now surpassed 1,000 MW.
The project consists of seven wind turbines, all of which are 3.6 MW, by Danish manufacturer Vestas. Six of these are V117 turbines and one is a V126 turbine. The project has entered into a long-term full maintenance contract with Vestas. Due to the project being already operational and takeover having occurred subsequent to final technical examination and certification Aquila Capital is not exposed to any construction risk. Seller of the windpark is European Energy AS.
Denmark offers excellent conditions for wind energy investments, as evidenced by average wind speeds of 8.5 m/s at turbine hub height of this project. Operators of wind energy projects in Denmark receive a feed-in premium for a defined number of full-load hours in addition to the market price realised at the Nordpool electricity exchange. In the case of onshore wind turbines, the premium amounts are up to DKK 250/MWh (approximately EUR 34/MWh). In addition, wind farm operators receive compensation for grid stabilisation charges during the first 20 years of operation after grid connection.
Susanne Wermter, Head of Energy & Infrastructure EMEA at Aquila Capital, said: “Due to the conditions of the region, Northern Europe is very attractive for wind energy investments. For the project on Lolland, we were also able to secure one of the last projects to receive a high feed-in premium.”
Roman Rosslenbroich, CEO and Co-Founder of Aquila Capital, said: “The combination of excellent wind ressources with a very transparent support scheme means Denmark offers an attractive diversification to the wind energy projects we manage. Due to the highly professional sector environment and the well-developed market for commercial power purchase agreements, we believe Denmark will continue to offer an appealing environment for professional investments.”
Established in 2001, Aquila Capital is committed to provide institutional investors worldwide with alternative investment solutions in real assets, financial and private markets. Applying a multi-disciplinary investment approach, Aquila Capital’s range of alternative investments is managed by dedicated specialists in their respective asset classes and underpinned by an infrastructure that combines strong operations, stringent corporate governance and a successful track record. Aquila Capital has been dedicated to develop alternative investment solutions since its establishment. Over 200 professionals across eight offices globally are working across the whole value chain of alternative investments to generate stable, positive returns for investors.
Allianz Capital Partners and Canada Pension Plan Investment Board (“CPPIB”), through its wholly owned subsidiary, CPP Investment Board Europe S.a.r.l., signed an agreement today with Gas Natural Fenosa (“GNF”) to acquire a 20% minority equity interest in its gas distribution business in Spain (“GNDB”).
Allianz Capital Partners, on behalf of the Allianz Group, and CPPIB will invest EUR 1,500 m for the 20% equity interest. The equity investments for Allianz Capital Partners and CPPIB are EUR 600 million and EUR 900 million, respectively. Allianz Capital Partners and CPPIB are long-term infrastructure investors with significant experience investing in regulated utilities, including the gas sector, and with a strong track-record of partnering with strategic investors in infrastructure businesses.
“GNDB represents an attractive opportunity for our customers and is fully aligned with our investment strategy of investing in core infrastructure assets. We are very pleased to be entering into a new partnership with GNF as a leading international energy group and look forward to further strengthening our relationship with GNF and CPPIB and to support the continued success of this high quality business,” said Christian Fingerle, Chief Investment Officer at Allianz Capital Partners.
“GNDB is a core infrastructure asset that fits well with CPPIB’s infrastructure portfolio, providing long-term stable cash flows for the CPP Fund. We look forward to establishing an enduring partnership with GNF and Allianz in this world-class business, and in adding to our investments in Spain,” said Cressida Hogg, Managing Director, Global Head of Infrastructure, CPPIB.
GNDB is the largest gas distribution network in Spain with more than 5.3 million connection points and serving some 1,100 municipalities. It serves a geographically diversified residential and industrial customer base across Spain, providing its customers with access to a cost-efficient, reliable and environmentally friendly source of energy. Post transaction, GNF will continue to own an 80% equity shareholding in GNDB, which will remain a core part of GNF’s portfolio.
Commenting on this agreement, Rafael Villaseca Marco, Chief Executive of GNF, said, “GNDB is a premium asset in the gas sector in Spain and essential part of our investment strategy. We welcome the opportunity to partner with these two well renowned long-term infrastructure investors and continue to invest in further expanding the gas network in Spain and maintaining high efficiency of operations and quality of customer service.”
Completion of the transaction, which is subject to certain regulatory approvals, is expected by January 2018.
APG and Vasa Vind announced today the launch into construction of the 288MW Åskalen onshore wind power project. Located in the central Sweden region of Jämtland, the project will comprise 80 Vestas V136 3.6MW turbines, making it the largest onshore wind power project in Sweden. The total construction investment will amount to approximately EUR 300m, and commissioning will be completed in 2020 delivering a total power production close to 1TWh/year, equivalent to 50.000 Swedish households.
The cost to build Scandinavian wind power generation is among the lowest in Europe. The peninsula has strong and steady winds, and its scarce population density allows construction at a larger scale and with higher towers than in most European countries. Thanks to its industrial scale and excellent wind resource, the Åskalen project will be one of the most efficient wind farms in Europe.
In April 2017 Sweden announced the extension of its green certificate system for renewable power until 2030, adding 18TWh to the target to be reached by this date; Åskalen is one of the first projects to be launched in construction after this extension.
Pension funds ABP and PPF APG, the assets of which are managed by APG, will be the owners of the wind farm. This investment will contribute to ABP’s goal of increasing its investments in renewable energy fivefold (to € 5 bln) by 2020. Vasa Vind, a portfolio company of HgCapital’s Renewable Power Partners 2 fund, will be responsible for the construction and operations project management. Vestas will be responsible for the operations and maintenance of the wind farm through a 20-year contract.
Swedbank, Roschier and Sweco advised APG on the transaction. DNB Markets, White & Case, Advokatfirman Oebergs and DNV-GL advised Vasa Vind and HgCapital. DNB Markets also provided long-term hedging for power and Elcertificates.
“We are delighted to partner with APG for the construction of this flagship project. After many years spent developing and optimizing this project to make it as competitive as possible, it is very exciting to now move into construction with such a strong financial partner“, said Annette Eriksson, CEO of Vasa Vind.
Dirk Hovers, Sr. Portfolio Manager Infrastructure at APG said: “Our clients’ aim is to increase strongly their investments in renewable energy while contributing to their risk-adjusted financial returns, therefore APG will take a leading role in initiating new projects. Scandinavian power is a strategic area for our infrastructure investments in renewables. We are looking forward to working with Vasa Vind and Vestas to bring into operations this project and add it to our infrastructure portfolio.”
Allister Sykes, of HgCapital’s Renewable Power Team added: “Launching Åskalen into construction is a major milestone for our Swedish wind platform. We see ever more opportunities opening up for Vasa Vind to focus on developing more large scale, efficient projects, and further potential for market consolidation“.
Financial services provider APG Group provides services such as executive consultancy, asset management, pension administration, pension communication and employers services. APG performs these activities on behalf of (pension) funds and employers in the sectors of education, government, construction, cleaning and glass cleaning, housing associations, energy and utility companies, sheltered employment and medical specialists.
APG manages € 452 billion (April 2017) in pension assets for its clients in these sectors. It also offers supplementary income products for individuals as well as the administration of defined contribution schemes for Premium Pension Institutions (PPIs), (company) pension funds, insurance companies and asset managers. APG works for over 40,000 employers, providing the pension for one in five families in the Netherlands (approximately 4.5 million participants).
HgCapital is a long-established sector-focused private equity investor. Since 2006 HgCapital has been a leading European investor in renewable power projects, managing over €845 million on behalf of 30 global institutional clients across two dedicated funds: RPP1 and RPP2. In May 2016 HgCapital announced a plan to gradually transfer its renewable power business to Asper Investment Management, a new real asset investment platform set up and owned by the RPP management team.
Vasa Vind is a Swedish onshore wind developer and operator acquired by RPP2 in 2013. It manages 200MW of operating projects and has a development pipeline of over 700MW. The team are headquartered in Stockholm and have a regional office in Umea, central Sweden.
Milan, 29th June 2017:
Ardian, the independent private equity investment company, today announces its investment in Tolve Windfarms Holding, through a dedicated capital increase. The deal will see Ardian holding 80% of Tolve Windfarms Holding which owns three vehicles for the construction of three wind farms in the Tolve Municipality, Potenza Province, Italy.
Acquired from PLC System Srl, an Italian firm which specializes in developing renewable energy, the portfolio of three wind farms will have a total installed power of 37.2MW and are eligible, following the GSE (the Italian public energy manager) auction of December last year, for a Feed-in-Tariff which will guarantee a minimum price of €66/MWh for the electricity sold to the national transmission grid for 20 years from the date of start of operation.
PLC System Srl, together with a private investor, will hold the remaining 20% stake in the company until completion of the construction. PLC System, controlled by PLC Group SpA, is an Italian leader in the construction of alternative energy power stations and electrical systems, with over 20 years of experience.
Tolve owns three separate authorizations in the southern Basilicata region for the construction and operation of the portfolio, comprised of Forleto Nuovo 2 (12MW), C&C Acquafredda (14.7MW) and Serra Energia (10.5MW).
Construction will start in July and shall be completed during the second half of 2018.
Ardian Infrastructure has invested within the renewable energy industry in Italy since 2007. Outside of Italy, Ardian has numerous green energy assets in Norway, Sweden, Chile and Perù, making it a major international player with 1GW of installed capacity in the wind, solar, biogas and biomass sectors.
Mathias Burghardt, Head of Ardian Infrastructure, said: “Ardian infrastructure is committed to develop renewable energy plants, among its various technologies, at world scale. Tolve project illustrates our unique sourcing capability thanks to our local partnerships.”
Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority- owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.
Ardian maintains a truly global network, with more than 450 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.
Sydney, 30 May 2017 – DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 125 MW Clare Solar PV project from Fotowatio Renewable Ventures (FRV), via a 50 – 50 joint venture with Lighthouse Infrastructure.
Developed by FRV, the Clare Solar Farm is located around 35 km south-west of Ayr in Northern Queensland. The 125MW (DC) photovoltaic solar farm is currently under construction and is scheduled to commence operations in late 2017. The project will create up to 200 jobs during construction and when completed will generate enough electricity to power approximately 42,000 Queensland homes, abating nearly 200,000 tonnes of CO2e emissions annually.
Origin Energy, a major Australian energy company, has entered into a long-term contract to purchase 100% of the electricity output and large-scale renewable energy certificates (LGCs) generated by the project.
Project finance has been provided to the project by NAB and SMBC.
RBC Capital Markets and Société Générale were financial advisers to Lighthouse and DIF in relation to the acquisition and King Wood Mallesons acted as legal adviser.
Marko Kremer, DIF’s Head of Australasia added: “This acquisition represents DIF’s third large scale solar PV project in Australia, and we are delighted to further extend our relationship with FRV following the acquisition of the Royalla Solar Farm in 2016”.
DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.
For more information, please contact:
Christopher Mansfield, Partner, Head of Renewable Energy
Allard Ruijs, Partner, Head of Investor Relations & Business Development
Copenhagen Infrastructure Partners (CIP) through the funds Copenhagen Infrastructure II K/S (CI II) and Copenhagen Infrastructure III K/S (CI III) has acquired 3 offshore wind sites under development in Taiwan.
The three sites are all located off the Changhua coast in the Taiwan Strait and have a total capacity of up to 1,500MW. The three projects have been developed up to now by Fuhai Wind Farm Corporation.
The Government in Taiwan has set a target of 3,000 MW of offshore wind to be constructed by 2025 and decided that nuclear power will be phased out by 2025.
As part of the acquisition of the projects, CIP has entered into a MOU with the local company CSBC Corporation Taiwan regarding supply and installation services.
Further development of the sites will be undertaken by CIP in collaboration with local partner Taiwan Generations Corporation (TGC). The three projects are in the process of applying for the required environmental permits and are still subject to a final investment decision.
For any further information, please contact:
Kristina Negendahl Jessen, Copenhagen Infrastructure Partners, by phone: +45 70 70 51 51 or by e-mail:
email@example.com. Webpage: www.cip.dk
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners K/S (CIP) is a fund management company founded in 2012 by senior executives from the energy industry and PensionDanmark. CIP is owned and managed by the five partners, Jakob Baruël Poulsen, Rune Bro Róin, Torsten Lodberg Smed, Christian T. Skakkebæk and Christina Grumstrup Sørensen. All five partners have extensive experience within infrastructure investments and mergers & acquisitions. CIP currently manages the funds Copenhagen Infrastructure I K/S, CI Artemis K/S, Copenhagen Infrastructure II K/S and Copenhagen Infrastructure III K/S. Copenhagen Infrastructure II K/S has 19 Danish and international institutional investors: PensionDanmark, Lægernes Pension, PBU, JØP, DIP, Nordea, PFA, Nykredit, AP Pension, SEB Pension DK, SEB Pension SE, Lærernes Pension, Oslo Pensjonsforsikring, Villum Fonden, KLP, Townsend on behalf of a UK pension fund, Widex, LB Forsikring, and EIB (with the backing of the EU through EFSI).
CIP initiated the fundraising process for Copenhagen Infrastructure III K/S on March 16 and the fund has already been backed by a strong group of Anchor Investors, PensionDanmark (DK), KLP (Kommunal Landspensjonskasse, NO), Lægernes Pension (DK), JØP (Juristernes og Økonomernes Pernsionskasse, DK) and DIP (Danske civil- og akademiIngeniørers Pensionskasse, DK).
As of 22 April 2017, the Snetterton Renewable Energy Plant has been handed over to the owners after a construction period of 29 months, which is one month ahead of schedule and within the agreed investment budget of GBP 175m. The biomass plant has a capacity of 44MW and will generate enough green electricity to supply 82,000 homes and save over 300,000 tonnes of CO2 every year.
In 2013, Burmeister & Wain Scandinavian Contractor A/S (BWSC) and Copenhagen Infrastructure Partners (CIP), together with PensionDanmark, formed a joint venture, BWSC PLC Ltd. (BPCL), to build, own and operate biomass power plants. The company closed its first contract for the Brigg project in 2013, and the project entered commercial operation in January 2016. The second project is the Snetterton project where the investment decision was taken in November 2014.
Snetterton, which is located in Norfolk in East Anglia, England, is based on Danish biomass energy technology supplied by BWSC under a turnkey EPC contract. Furthermore, BWSC is responsible for operation and maintenance of the plant under a 15-year O&M agreement, which commenced on the date of completion of the plant. The local staff consists of around 30 employees.
Snetterton is owned by Copenhagen Infrastructure I K/S, which has PensionDanmark as the founding and sole investor, together with BWSC.
“We are very pleased with the good cooperation with CIP and BWSC. The completion of our second project together, is a strong evidence of the success of our joint venture model. It provides PensionDanmark with an attractive return, and at the same time, we are helping to increase Danish energy technology exports and are supporting the transition to a climate-friendly energy production. We look forward to more projects together,” says Torben Möger Pedersen, CEO, PensionDanmark.
“The completion of the Snetterton power plant is an important milestone in achieving BWSC’s strategic objective of growth by financing of and investing in power plants. The collaboration with CIP and PensionDanmark has strengthened BWSC’s position as market leader within building, operating and owning decentralised biomass power plants, and we look forward to continuing this fruitful partnership”, says Anders Heine Jensen, CEO in BWSC.
“The completion of Snetterton is a continuation of the successful cooperation between PensionDanmark, BWSC and CIP, which started with the Brigg power plant. The completion ahead of schedule also demonstrates the value of forming partnerships between financial investors and strong industrial companies”, says Christina G. Sørensen, Senior Partner in CIP.
For further information, please contact:
Ulrikke Ekelund, PensionDanmark +45 2019 9238 or email: firstname.lastname@example.org, web: www.pension.dk
Mette Mulipola, BWSC +45 48102302 or email: email@example.com, web: www.bwsc.com
Kristina Negendahl Jessen, CIP +45 70705151 or email: firstname.lastname@example.org, web: www.cip.dk
Peter Sills, BWSC East Anglia Ltd. +44 7976 437 467 email@example.com web: www.snettertonbiomass.com
Notes to Editors
Facts about the project:
Snetterton Renewable Energy Plant (Snetterton), which is located in Norfolk in East Anglia, England, is based on Danish biomass energy technology supplied by BWSC under a turnkey EPC contract. Furthermore, BWSC is responsible for operation and maintenance of the plant under a 15-year O&M agreement. Snetterton is a primarily straw fueled plant and has a capacity of 44MW, corresponding to the total consumption of 82,000 households, and will reduce annual CO2 emissions by an estimated 300,000 tonnes. The plant consumes in the region of 250,000 tonnes of straw per year which is sourced from farmers throughout the local region. The boiler of the plant was supplied by the former Danish high-tech company BWE which was acquired by BWSC in February 2017 through an asset deal.
Facts about the parties:
PensionDanmark is a labor market pension fund and among the 50 largest pension funds in Europe. PensionDanmark manages pension and insurance schemes, health care and educational funds on behalf of 695,000 members employed at 26,000 businesses within the Danish private and public sector. PensionDanmark is a not-for-profit and owned by our members. As a result, all profits go to our members. Premium income totaled EUR 1.7bn in 2016. By the end of 2016 PensionDanmark had EUR 29,6bn under management. PensionDanmark currently has EUR 2.4bn invested in infrastructure and expects to invest a further EUR 1.1bn in infrastructure over the coming years.
About Burmeister & Wain Scandinavian Contractor A/S (BWSC)
Burmeister & Wain Scandinavian Contractor A/S (BWSC) is a Danish engineering and contracting company which develops, builds, operates and owns high-performance biomass, biogas and diesel power plants. The majority of the projects are supplied as turnkey plants, and BWSC has delivered more than 180 power plants to 53 countries worldwide with a total capacity of more than 3,500 MW. Currently, BWSC has ongoing activities in England, Northern Ireland, Lebanon, Mauritius, Faroe Islands, Sri Lanka and Kenya. In 2016, BWSC generated revenue of DKK 2.9bn, and the order backlog amounted to DKK 6.7bn at end-2016, which is an all-time high. In February 2017, BWSC acquired the assets of the Danish boiler manufacturer Burmeister & Wain Energy (BWE) and thus secured its position as a leading energy company on the global market for small and medium-sized biomass power plants. BWSC originates from the stationary engine division of Burmeister & Wain (B&W), which has built and installed diesel engines for power plants since 1904. BWSC was established as a separate specialist company in 1980 and was acquired by Mitsui Engineering and Shipbuilding Co. Ltd. in 1990. In February 2017, BWSC acquired key assets from Burmeister & Wain Energy.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners K/S (CIP) is a fund management company founded in 2012 by senior executives from the energy industry and PensionDanmark. CIP is owned and managed by the five partners, Jakob Baruël Poulsen, Rune Bro Róin, Torsten Lodberg Smed, Christian T. Skakkebæk and Christina Grumstrup Sørensen. All five partners have extensive experience within infrastructure investments and mergers & acquisitions. CIP currently manages the funds Copenhagen Infrastructure I K/S, CI Artemis K/S, Copenhagen Infrastructure II K/S, and Copenhagen Infrastructure III K/S. Copenhagen Infrastructure I K/S and CI Artemis K/S both have PensionDanmark as sole investor, while Copenhagen Infrastructure II and III K/S have multiple Danish and international institutional investors.
Investinor and lead investor Proventure invests MNOK 25 in oiltech startup Xsens.
Xsens is based in Bergen, Norway and offers patented technology for measuring flow rates in oil and gas pipelines.
Measurement of flow rates in the oil and gas industry represents a billion dollar market globally. The measuring instruments available on the market today, must either be inserted into the liquid and gas flow, or penetrate the pipe walls to work properly. They are easily disturbed by e.g. scaling (deposits inside the pipes), and their accuracy will deteriorate over time.
Xsens has developed a proprietary technology for measuring flow rates accurately from the outside of the pipes, enabling significant cost reduction, improved technical integrity and long term stability.
The Xsens technology can monitor flow rates in pipelines on the seabed, in process facilities onboard platforms and vessels (where oil, gas and sludge are separated), as well as in onshore processing plants.
─ This investment enables us to grow the company internationally, and to realize an ambitious product launch, says Chairman of Xsens Christopher Giertsen.
─ The main advantage of the Xsens technology is cost savings. Xsens offers solutions with the same accuracy as its competitors, but at a substantially lower price. They are set to grab a significant market share, says Investment Director of Investinor Jan Morten Ertsaas.
─ This is a very exciting company spun out from Christian Michelsen Research (CMR) in Bergen, which has a long tradition of developing world-leading measurement technology for the oil industry. They have once again managed to develop a product that could provide significant savings for the industry, says Managing Partner of Proventure Terje Eidesmo.