01 December 2021

• Project supported by New Jersey Union coalition including Eastern Atlantic States Regional Council of Carpenters, Operating Engineers Locals 825 and 25 and Iron Workers Local 399
• Project expected to provide over 1,000 jobs and $1.3 billion to the New Jersey economy
• Project designed to strengthen New Jersey’s clean energy targets and to minimize impact to local communities and environment
• Project backed by Blackstone, a proven long-term investor and operator in infrastructure, transmission and renewable energy

Princeton, New Jersey – December 1, 2021 – Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities, in collaboration with PJM Interconnection. APT’s project offers a total offshore wind transmission solution of up to 3,600 MW and is expected to provide over $1.3 billion in economic value to the New Jersey economy. The project is expected to deliver clean offshore wind power to over 1.5 million New Jersey families, enabled by an underground clean energy corridor connecting to an existing substation in Central New Jersey.

APT has prioritized union labor and has partnered with the New Jersey union coalition, including Eastern Atlantic States Regional Council of Carpenters, International Union of Operating Engineers Locals 825 and 25 and Iron Workers Local 399, which will bring the region’s best-skilled and trained tradespersons to this state-of-the-art project and ensure that trades unions are a bedrock of New Jersey’s clean energy program.

Commenting on the announcement, Global Head of Infrastructure at Blackstone, Sean Klimczak said, “We are excited to support New Jersey’s offshore wind efforts and are proud to partner with the New Jersey union coalition. Blackstone Infrastructure has a proven track record and commitment to long-term partnerships, and we look forward to continuing with this transformative and innovative clean energy development project.”

William C. Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters said, “New Jersey is uniquely positioned as a hub for offshore wind, and we are pleased that our skilled tradespersons are at the forefront of this exciting movement to bring greater energy sustainability to our State.”

“We applaud Atlantic Power Transmission’s commitment to the Operating Engineers as they embark on the monumental task of bringing homegrown renewable energy to our electrical grid,” commented Greg Lalevee, Business Manager of IUOE 825.  “Our union is proud to be part of building a clean energy future in the state of New Jersey.”

Richard Sweeney, President and Business Manager of the Iron Workers Local 399, also stated, “We are proud to partner with Blackstone Infrastructure and Atlantic Power Transmission on ensuring good paying union jobs for years to come in this important and growing sector of our economy.”

The entire route of the project will utilize underground electric transmission lines to minimize its social and environmental impacts. The project enters onshore at an existing industrial site and aims to avoid disrupting New Jersey’s beachfront communities.

Andy Geissbuehler, APT’s CEO, stated, “We highly value our union partnership and our collaboration with the communities along the clean energy corridor. We are committed and able to manage the risks to safely and reliably construct and operate a compelling transmission solution to support New Jersey’s clean energy leadership.”

Blackstone is committed to supporting renewable energy and working closely with its union partners.  Since 2019, Blackstone has committed nearly $10 billion in investments that it believes are consistent with the broader energy transition.

In September 2021, Blackstone announced that the Champlain Hudson Power Express (“CHPE”), an underground electric transmission line spanning 339 miles between Canada and New York City, was selected by the New York State Energy Research and Development Authority as part of an extensive RFP process to deliver 1,250 MW of clean, renewable power to New York City. CHPE is expected to create 1,400 jobs, with a commitment to use union labor, and includes a $40 million new Green Economy Fund that will provide job training for clean energy jobs.

In November 2021, Blackstone portfolio companies, Altus Power, a leading clean electrification company, and Link Logistics, operator of the largest portfolio of strategic last mile locations in the US, were awarded approximately 35 MW of community solar projects in New Jersey. Together, Altus and Link will build and operate a portfolio of rooftop community solar projects to serve approximately 10,000 residential customers throughout New Jersey with renewable energy.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Blackstone Infrastructure Partners

Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Atlantic Power Transmission LLC (“APT”)

APT is a Blackstone Infrastructure Partners Portfolio Company, headquartered in Princeton, New Jersey and is dedicated to developing, constructing and operating planned transmission systems along the US East Coast to enable efficient interconnection of commercial scale offshore wind facilities.

Contact

Paula Chirhart
Paula.Chirhart@Blackstone.com
347-463-5453

• EQT Infrastructure, through Veleta BidCo, completes the voluntary tender offer for Solarpack, a geographically diversified renewable energy developer and owner of solar photovoltaic plants
• The total acceptance of the tender offer for Solarpack reaches 96.04 percent, which will allow Veleta BidCo to exercise the squeeze-out right for the Company’s remaining shares
• The delisting of Solarpack is expected to take place in the end of December 2021

EQT is pleased to announce that the EQT Infrastructure V fund (“EQT Infrastructure”), through the investment vehicle Veleta BidCo S.à r.l. (“Veleta BidCo”) has successfully completed its voluntary tender offer (“the Offer”) for Solarpack Corporación Tecnológica, S.A. (“Solarpack” or the “Company”), a vertically integrated developer and IPP focused on utility scale solar PV projects with a strong international pipeline, listed on the Spanish Stock Exchange.

On 16 June 2021, Veleta BidCo announced the Offer for 100 percent of Solarpack’s shares at EUR 26.50 per share in cash. Prior to the announcement, Beraunberri, S.L., Landa LLC and Burgest 2007, S.L. (the “Vendor Shareholders”), which jointly held approximately 51 percent stake in the Company, signed irrevocable agreements with Veleta BidCo and Veleta TopCo under which they undertook to sell their full stakes in the context of the Offer. The Vendor Shareholders have committed to reinvest in Veleta BidCo alongside EQT Infrastructure and will hold around 8 percent of the share capital after settlement of the squeeze-out.

The National Securities Market Commission (the “CNMV”) authorized the Offer on 27 October 2021 and the acceptance period ended on 19 November 2021. The settlement of the shares tendered in the Offer during the acceptance period is expected to occur on 30 November 2021.

The total acceptance of the Offer has today reached 96.04 percent and, hence, pursuant to the provisions of Article 136 of the Securities Market Act, Article 47 of Royal Decree 1066/2007 and section 3.2 of the Offer Prospectus, the requirements to exercise the squeeze-out right have been met. Veleta BidCo will publicly and generally disseminate the characteristics of the squeeze-out via the same media used for the dissemination of the Offer. The execution of the squeeze-out will allow Veleta Bidco to acquire 100 percent of Solarpack shares and trigger the right to the delist the Company. The delisting will take effect as of the settlement of the squeeze-out transaction, which is expected at the end of December 2021.

Asís Echániz, Head of EQT Spain and Partner within EQT Infrastructure’s Investment Advisory Team, said, “There is tremendous potential for solar energy as the global need for sustainable and environmentally friendly energy solutions will accelerate over the coming years. Solarpack, a strong platform with high growth potential, marks an important milestone for us as it is EQT Infrastructure’s first investment in the European solar PV energy sector. Looking ahead, we see great opportunities for organic and acquisitive growth in both existing and new geographies, and EQT Infrastructure looks forward to scaling-up Solarpack with the ambition to deliver a positive – and green – impact to the societies the company operates in.”

Contact
Spanish media inquiries: malonso@grupoalbion.net, +34 659 007 048
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Solarpack
Solarpack is a geographically diversified solar PV developer and independent power producer. Since its inception in 2005, Solarpack has developed/built approximately 1.3 GWs across eight countries, mainly in Spain, Chile and India, out of which 450 MWs are owned and operated by the Company. Headquartered in Getxo, Spain, Solarpack employs more than 260 people and has been listed on the Spanish Stock Exchange since 2018.

More info: www.solarpack.es

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, today announced an agreement to acquire Bernhard, LLC (“Bernhard”) the largest privately-owned Energy-as-a-Service (“EaaS”) solutions company in the United States, from an affiliate of Bernhard Capital Partners.

Bernhard has provided solutions to its customers’ energy and infrastructure needs for more than 100 years and shifted its focus in 2014 to becoming a leading Energy-as-a-Service provider. As part of this business model, Bernhard enters into long-term turnkey EaaS concession contracts to upgrade, retrofit and service large existing building energy facilities in order to achieve substantial energy savings. Clients are currently predominantly higher education and healthcare institutions. To date, Bernhard has closed 15 EaaS transactions, including the largest EaaS concession in U.S. history. Senior management will retain a meaningful ownership position and continue its groundbreaking work leading Bernhard.

“Bernhard delivers distributed energy through its unique EaaS model which provides clients access to fully integrated and efficient energy solutions, thereby significantly reducing the carbon footprint of their buildings and utility systems. Bernhard’s approach fits perfectly with DIF’s Public-Private Partnership expertise and ambition to invest in clean energy infrastructure solutions around the globe.” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to partner with Bernhard’s outstanding management team and support the company in their rapid growth at the forefront of the energy transition.”

“As Bernhard continues pushing to new heights in the EaaS market, we are excited to join forces with DIF Capital Partners given its extensive experience with Public-Private Partnerships, district energy, Energy-as-a-Service projects, and a shared commitment to efficiency, ESG and sustainability” said Ed Tinsley, Bernhard CEO. “The support and strategic counsel from DIF will help to guide Bernhard through the next chapter of our story.”

With DIF’s acquisition of Bernhard, the company will continue the acceleration of its market leading core EaaS business to healthcare and higher education facilities while expanding those services to other markets and geographies.

“The future of Bernhard has never been brighter,” said Tinsley. “Our track record proves we have the expertise and capabilities to push the industry to places it has never been before. With this announcement, we are truly at the forefront of a new era for energy solutions that will shape the world for generations to come.”

About Bernhard

Bernhard, a portfolio company of Bernhard Capital Partners, is a leading Energy-as-a-Service company delivering turnkey projects and custom solutions in the United States with 100+ years of energy and infrastructure project experience servicing higher education, healthcare, commercial and specialty markets. Bernhard combines development, financing, design, construction and operations to deliver turnkey Energy-as-a-Service solutions that reduce energy use, risk and cost so that our clients can focus on their everyday work. Headquartered in Metairie, Louisiana, Bernhard has more than 2,000 employees in more than 20 office locations across the country. For more information, visit bernhard.com.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF has invested in more than 100 Public-Private Partnership projects over the past 16 years in sectors such as healthcare, government, and education, where the provision of energy, management of energy systems and efficiency of outputs are often a key feature of projects. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

• Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
• DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu