Tag Archives: Energy

The Renewables Infrastructure Group Limited – Acquisition of interest in East Anglia One offshore wind farm in the UK

InfraRed Capital Partners

The Renewables Infrastructure Group Limited

(“TRIG” or “the Company”, a London-listed investment company advised by InfraRed Capital Partners (“InfraRed”) as Investment Manager and RES (“Renewable Energy Systems”) as Operations Manager).

The Board of TRIG is pleased to announce that the Company has exchanged contracts to acquire a 14.3% indirect equity interest in East Anglia One, a 714MW newly constructed operational offshore wind farm located off the coast of Suffolk in the North Sea (“the Project”), from Green Investment Group (“GIG”). The investment has been made in a 50% interest in the holding company through which GIG’s initial investment was made (the “Holding Company”). The investment is subject to a consent from The Crown Estate and is expected to complete by Q1 2021. Following completion of the transaction, offshore wind investments are expected to represent approximately 29% of TRIG’s portfolio.

TRIG has partnered with InfraRed European Infrastructure Income Fund 4 (“IREIIF4”) for the transaction, a fund managed by InfraRed, which will acquire a 5.7% indirect equity interest in the project alongside TRIG. This is consistent with TRIG’s strategy of partnering with aligned co-investors on larger transactions. TRIG’s investment will be financed from a combination of its existing cash balance and a drawdown from the Group’s revolving acquisition facility.

The Project was developed by ScottishPower Renewables, a subsidiary of Iberdrola, a global energy leader with 34GW of installed renewables capacity.  The turbines utilise Siemens’ direct drive technology, with Siemens providing maintenance services in relation to the turbines under an initial contract with the Project. The Project benefits from an attractive Contract-for-Difference (“CfD”) subsidy for the next 15 years with inflation indexation. Debt financing at the Holding Company level (the consortium level for GIG, TRIG and IREIIF4) is fixed rate and fully amortising within the subsidy period.

The investment fits well into the Company’s investment strategy, providing subsidised revenues for the next 15 years, lowering overall power price sensitivity of the portfolio and strengthening the Company’s position in the attractive offshore wind market. Offshore wind projects will be crucial to the UK’s ambition to meet net-zero carbon emissions by 2050, and East Anglia One provides enough clean energy to power the equivalent of more than 630,000 homes.

Helen Mahy, CBE, Chairman of TRIG, said:

“We are delighted to be investing in this high quality asset which marks our continued commitment to supporting the global transition to a more sustainable future, and to be joining with such well-established and respected partners in Green Investment Group and ScottishPower Renewables. East Anglia One is TRIG’s fourth investment in the offshore wind sector and its second offshore wind investment in the UK. Offshore wind is essential to the UK meeting its 2050 net-zero targets.”

More Information

The Renewables Infrastructure Group Limited (TRIG)

The Renewables Infrastructure Group (“TRIG” or the “Company”) is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.76 pence per Ordinary Share for the year to 31 December 2020.

TRIG is invested in a portfolio of over 70 wind, solar and battery storage projects with aggregate net generating capacity of over 1.5GW. TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.

Further details can be found on TRIG’s website at www.trig-ltd.com.

 

InfraRed Capital Partners Limited (InfraRed)

TRIG’s Investment Manager is InfraRed Capital Partners Limited (“InfraRed”) which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With over 170 professionals it manages in excess of USD 12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 85 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed’s website at www.ircp.com.

 

Operations Manager

TRIG’s Operations Manager is RES (“Renewable Energy Systems”), the world’s largest independent renewable energy company.

RES has been at the forefront of wind energy development for over 38 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 17GW in capacity. RES supports over 6.3GW of operational assets worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 2,000 employees engaged in renewables globally.

RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.

 

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Blackstone to Acquire Therma Holdings LLC, a Leading Provider of Mechanical, Electrical and Energy Efficiency Services

Blackstone

NEW YORK & SAN JOSE, November 9, 2020 – Today, Blackstone (NYSE: BX) announced that private equity funds managed by Blackstone Energy Partners have entered into a definitive agreement to acquire Therma Holdings LLC (“Therma”), a portfolio company of Gemspring Capital. The acquisition of Therma continues Blackstone’s support for the transition to cleaner, affordable energy.

Therma is a leading specialty mechanical, electrical and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities. Therma’s 2,200 professionals and engineers deliver services that are core to improving and maintaining energy efficiency for leading companies across the technology, life sciences, healthcare and data center sectors.

Private equity funds managed by Blackstone Energy Partners are also acquiring RE Tech Advisors, Inc. (“RE Tech”), a leading energy and sustainability consulting firm. RE Tech will be integrated into Therma and the combined company will offer customers a comprehensive suite of sustainability, carbon reduction, and energy management services. RE Tech designs, administers, and tracks award-winning energy efficiency and environmental, social and governance (ESG) programs for clients – which include leading real estate investors, owners, and governments. In total, their 45+ professionals have delivered more than $200 million of utility cost reductions by implementing approximately 10,000 energy efficiency measures across 3,000+ assets. RE Tech has been working with Blackstone on portfolio company projects since 2014.

We believe an increased focus on and demand for energy efficiency and improved indoor air quality in the coming years should lead to new growth opportunities for Therma. Therma will also have the potential to help Blackstone portfolio companies meet their emissions reduction targets. Blackstone recently expanded its existing environmental sustainability efforts by setting a goal of 15% carbon emissions reduction across all new investments where it controls energy usage.

Commenting on the transaction, Bilal Khan, Senior Managing Director at Blackstone said: “We are strong believers in the continued growth of technology, healthcare and data center end-markets and look forward to partnering with the Therma and RE Tech teams on growing the business and solving the complex energy efficiency needs at mission-critical facilities across the US.”

Jeff Sprau, CEO of Therma, said “Our entire leadership team is thrilled to have the opportunity to partner with Blackstone to continue growing the Therma platform. In collaboration with Blackstone and RE Tech, we will continue providing superior service, design, and installation solutions while growing our geographic presence and expanding our offerings.”

Deb Cloutier, Founder & President of RE Tech, said: “We look forward to deepening our partnership with Blackstone as we drive progress toward its energy emissions reduction targets. Together with Therma, we’ll be in a strong position to expand our services and deliver innovative, cost-effective, and impactful energy efficiency programs to new and existing clients.”

David Foley, Global Head of Blackstone Energy Partners said: “Blackstone Energy Partners has been supporting the transition to cleaner, affordable energy through investments in critical energy infrastructure, renewable power generation, battery storage and the electric transmission grid. We also see opportunities to help companies become more efficient – consuming less energy and generating less carbon dioxide while not compromising productivity, safety and comfort. Therma and RE Tech are doing just that and can help Blackstone achieve its own recently announced goal of reducing emissions.”

Completion of the transaction, which is expected to occur in the fourth quarter of 2020, is subject to regulatory approvals and customary closing conditions.

Guggenheim Securities acted as financial advisor to Blackstone Energy Partners, while Kirkland & Ellis acted as legal advisor. Jefferies Financial Group and Lincoln International are serving as financial advisors and McDermott Will & Emery LLP is serving as legal counsel to Therma.

About Blackstone Energy Partners

Blackstone Energy Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $17 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Therma Holdings LLC

Therma Holdings LLC is a leading mechanical, electrical and plumbing services company focused on designing, building, and servicing custom and complex mechanical systems. Therma provides engineering, estimation, design, building information modeling, energy modeling, design-build, specialty HVAC and pipe fabrication, modular skid and process controls, pre-fabrication and installation work for owners, general contractors, and construction managers in the technology, biopharmaceutical, data center, semiconductor and other industries with complex mechanical requirements. For more information, please visit www.thermaholdings.com.

About RE Tech Advisors, Inc.

RE Tech Advisors provides advisory services to global real estate owners and investors to help them improve performance in a rapidly changing world. Operating at the intersection of sustainability, technology, and buildings, RE Tech’s seasoned professionals have decades of experience improving the operational and financial performance of real asset portfolios with over $1 trillion of assets under management. RE Tech services include program design and implementation, energy auditing, data analytics, climate change and carbon solutions, regulatory compliance, and marketing and communications. RE Tech also authored and helps run some of the world’s largest public-private partnerships, including ENERGY STAR and the Better Buildings Initiative.

Contacts

Kate Holderness
Kate.holderness@blackstone.com
917-318-6818

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Ardian acquires Finland based utility Nevel, a leading district heating and industrial energy solutions company

Ardian

02 November 2020 Infrastructure Finland

• Vapo and Ardian reached an agreement for the acquisition of 100% of Nevel, a leading Nordic District Heating and Industrial Energy Solution Company
• Nevel complements Ardian’s global portfolio of diversified and essential infrastructure investments in energy, transportation and telecommunication
• Ardian will support Nevel’s energy transition towards CO2 free energy production in its networks by 2023, while providing customers with future-proof and cost-efficient heating in Finland, Sweden and Estonia.

Paris, November 2nd, 2020 – Ardian, a world-leading private investment house, announces the acquisition of 100% of the shares of Nevel Oy (“Nevel”), a leading district heating and industrial energy solutions company, from Vapo Group (“Vapo”). Nevel complements Ardian’s global portfolio in terms of geographic and sector diversification. Nevel represents Ardian Infrastructure’s fifth investment in the region bringing the Nordic asset base to a size of 1.8GW of installed heat and power capacity. The asset management of Nevel will be supported by Ardian’s local sustainable energy investment platform, eNordic.

Nevel owns and operates more than 150 heat and power plants and over 40 district heating networks across Finland, Sweden and Estonia together with one of the most sophisticated digital operating platforms on the market. Nevel is generating 1.6 TWh of energy annually and committed to the energy transition and further fossil fuel reduction. “We intend to grow the company by investing significant additional capital, thereby targeting to enhance the environmental friendliness and efficiency of Nevel’s heating plants and district heating networks. We are proud to be working with Nevel’s management team and supporting them in our future partnership”, says Eero Auranne, CEO of eNordic.

Through the investment, Ardian sees significant opportunity to develop and expand Nevel’s operations in Finland, Sweden and Estonia. “Nevel is a perfect fit with our strategy for sustainable energy and our asset portfolio in the Nordics. Nevel’s and our goals are aligned and we will aim to make it the go-to platform for municipalities and industrial companies seeking to outsource energy services through sustainable solutions”, explains Simo Santavirta, Senior Managing Director and Head of Asset Management of Ardian Infrastructure.

”Our investment in Nevel forms a significant milestone of Ardian’s overall strategy to significantly reduce CO2 emissions worldwide. Digital and artificial intelligence will play a key role in the energy transition of the asset”, says Amir Sharifi, Energy Transition lead for Ardian Infrastructure. Earlier this year, Ardian made its first investment in Finland – the acquisition of the Lakiakangas 1 wind farm. Ardian’s sustainable energy asset base in the Nordics is now at nearly 500 MW wind and 1350 MW heat capacity, operating across Finland, Norway, Sweden and Estonia.

“The Nordics are a core region for Ardian Infrastructure with attractive fundamentals and significant potential to invest in essential infrastructure in energy, transportation and telecommunication. We are proud to add Nevel to our portfolio in the region and are looking forward to supporting the company’s strategy”, according to Daniel von der Schulenburg, Ardian Infrastructure Head of Northern Europe, Germany and Benelux.

This transaction is yet to receive clearance from the local competition authorities. Ardian does not own any competing or overlapping businesses with Nevel in Finland or in the Nordic and Baltic countries.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

 

ABOUT ENORDIC

eNordic is the Nordic’s first sustainable energy platform, formed by a partnership between Ardian, a world-leading private investment house, and leading domestic industry executives.
Through a local, responsible and agile investment approach, eNordic enables the transformation of the energy sector through long-term partnerships with those that develop or operate sustainable energy projects in the Nordics.
eNordic focuses in opportunities in wind, biomass, hydro and district heating in addition to traditional energy assets that have the potential to be transformed or managed in a sustainable way.
eNordic is based in Sweden and Finland, with local teams operating throughout the Nordics region.

visit the website

Press contact

ARDIAN / ENORDIC – HEADLAND CONSULTANCY

CARL LEIJONHUFVUD

cleijonhufvud@headlandconsultancy.com +44(0)20 3805 4827

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Renewables leader Statkraft boosts solar capability with the acquisition of Solarcentury

Zouk Capital

London / Oslo – November 2020

Statkraft, Europe’s largest producer of renewable energy, has signed an agreement to acquire the solar pioneer Solarcentury. Together the companies are well positioned for accelerated growth in solar and to become one of the world’s leading renewable energy companies.

Statkraft will gain access to a 6 GW pipeline (gross) in Europe and South America that combined with Statkraft’s current project portfolio immediately positions the company as a leading developer in the European solar market. Solarcentury’s project pipeline spans many high-growth markets including Spain, the Netherlands, the UK, France, Greece, Italy and Chile.

The transaction is an acquisition of 100 per cent of the shares in Solarcentury Holdings and its subsidiaries. The main shareholders were previously Scottish Equity Partners, VantagePoint Capital Partners, Zouk Capital, and Grupo Ecos. The purchase price is 117.7 MGBP and includes net cash.

Solarcentury’s geographical footprint is well aligned with Statkraft’s existing development portfolio and market operations. As a global leader in energy market operations Statkraft is uniquely positioned to add value to the acquired project pipeline through its market integration capabilities and has a target to develop at least 8 GW of wind and solar by 2025.

Solar capacity has grown 27 times over the last decade and solar energy is expected to outshine other renewables as the world’s largest source of electricity from 2035, according to Statkraft’s Low Emission Scenario. In 2050, solar power is expected to account for 38 per cent of global power generation.

Christian Rynning-Tønnesen, CEO of Statkraft comments: “This acquisition is in line with our strategy to ramp up as a wind and solar developer and become one of the leading renewable energy companies globally. Just like hydropower and solar power complement each other, Statkraft and Solarcentury are an excellent fit in terms of purpose and people. Joining forces will accelerate our growth and continue to drive the energy transition forward.”

Frans van den Heuvel, CEO of Solarcentury commented: ‘Solarcentury has grown entirely organically since 2007 into a highly profitable business. To continue to grow at the pace that is possible given the market we’re operating in, we will benefit from a larger balance sheet and this has resulted in us seeking new ownership. Statkraft is the perfect match for us given their ambition to invest in and grow their solar portfolio.’

Solarcentury is a global solar developer headquartered in London, UK with around 180 people across 12 countries. Since the company changed their strategic approach in 2013 it has developed 40 utility-scale projects totaling ca 1,200 MWp across 7 countries.

The transaction is conditional upon customary regulatory and local competition approvals and is expected to be completed by the end of 2020.

 

About Statkraft
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4,000 employees in 17 countries. www.statkraft.com

 

About Solarcentury:

Established in 1998, Solarcentury is a leading global solar power company that develops, constructs, owns and operates utility-scale solar and smart technology. Solarcentury is known internationally for developing and building some of the largest utility-scale solar projects in the UK, the Netherlands, Spain, Kenya and Mexico, including pioneering projects such as the world’s first solar bridge at Blackfriars Station in Central London. Solarcentury’s mission is to make a meaningful difference in the global fight against climate chaos by making solar power the dominant energy source worldwide. During Solarcentury’s 22-year history the business has helped solar power become mainstream, and our projects have generated 6 billion kWh of clean electricity, saving over 1.7 million tonnes of CO2 emissions.

 

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AddEnergie secures $53M financing to accelerate the expansion of its North American EV charging network

Cdpq

AddEnergie Technologies Inc. (AddEnergie) is pleased to announce the first closing of its Series C financing round. The total commitments from this $53 million financing plan will enable the company to pursue its ambitious growth strategy and accelerate the expansion of FLO®, its North American electric vehicle (EV) charging network.

“Today’s announcement is a major milestone for AddEnergie and an important endorsement of our business strategy by new and existing investors” said Louis Tremblay, President and CEO of AddEnergie. “With this financing and following our successful launch in the United States we are now in a position to accelerate our growth across North America as the transition to EVs is gaining momentum and becomes increasingly recognized as playing a pivotal role in the global efforts to combat climate change.”

The new investor syndicate is led by Mackinnon, Bennett & Company Inc. (MKB), and includes Business Development Bank of Canada, Fonds de solidarité FTQ and Export Development Canada (EDC). In addition, the company is pleased to once again count on the long-time support of its existing investors Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec. The Company also recently entered into a new credit facility from National Bank of Canada’s Technology and Innovation Banking group.

“MKB is thrilled to have led this new investment round in AddEnergie and to support its exceptional management team. AddEnergie’s mission and strategy is at the nexus of the decarbonization, electrification and digitization of transportation. The company has a proven track record in key markets, a competitive value proposition and is well positioned for the next phase of its expansion. As a growth equity investor in next generation energy and transportation, we expect this investment to bring long term value to our portfolio and help accelerate the energy transition” said Antonio Occhionero, Partner, MKB.

“CDPQ has played a part in AddEnergie’s development since 2016, driven by the desire to support the company’s growth and expansion. We were there as they penetrated the Canadian and U.S. markets, and we are proud to reaffirm our commitment to AddEnergie as it pursues its expansion plan,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ. “This investment aligns with our strategic priorities – not only does it support a Québec company’s international expansion, it allows us to increase our holdings in low-carbon assets, which is a benefit to everyone.”

“Québec is today considered a leader in the electrification of transportation, thanks to its numerous innovative companies like AddEnergie. We can be very proud of our cutting edge organizations that export our knowhow and activity contribute to the worldwide electric shift. The investment we are announcing today will accelerate AddEnergie’s growth and stimulate its international development” said Pierre Fitzgibbon, Minister of Economy and Innovation.

A plan to grow the company’s footprint and leadership in EV charging

Despite the current pandemic, AddEnergie was able continue its progression in 2020, deploying over 11,000 charging stations in the past 12 months and expanding the FLO network to cities like Los Angeles, Cincinnati and Toronto. The company is now in a position to bring its comprehensive approach to EV charging – which includes residential, workplace, fleets, commercial, public, fast charging and more – to a growing number of markets in North America. AddEnergie will also continue its sustained investments in R&D and market development in order to maintain its leadership as a dependable, market-leading network operator, while making sure it meets the evolving needs of EV drivers in the years to come.

About AddEnergie

AddEnergie is a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. Every month, AddEnergie charging stations and its FLO network enable approximately half a million charging events and the transfer of 5.5 GWh in electricity, thanks to 30,000 high-quality stations deployed on public networks, commercial and residential installations. AddEnergie’s headquarters and network operations centre are based in Quebec City, and its assembly plant is located in Shawinigan (Quebec). The company also has regional offices in Montreal (Quebec), Mississauga (Ontario), Vancouver (British Columbia) and Rochester (New York). For more information, visit addenergie.com/en.

About MKB

MKB is a Montreal-based private investment firm that specializes in providing growth equity to the next generation energy and transportation sectors. MKB takes significant minority positions in its portfolio companies and proactively assists management teams in reaching their full potential. To learn more about MKB, visit www.mkbandco.com.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

About Investissement Québec

Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists businesses with export activities.

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KKR Launches Renewable Energy Platform Virescent Infrastructure in India

KKR

October 29, 2020

New platform to own and operate a diversified portfolio of renewable assets in India

MUMBAI, India–(BUSINESS WIRE)– Global investment firm KKR today announced the launch of Virescent Infrastructure (“Virescent” or the “Company”), a newly created platform to acquire renewable energy assets in India.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201029006392/en/

Headquartered in Mumbai, Virescent aims to expand its diversified portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR’s infrastructure fund. Virescent looks to identify investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India.

Virescent currently owns 317MWp of solar assets located in Maharashtra and Tamil Nadu. KKR has also entered into definitive agreements to acquire other operating solar projects across three different states. Once closed, these projects will also become part of the Virescent platform.

Virescent’s launch comes as renewables are expected to become an increasingly important energy source for citizens across India. Renewable energy is estimated to comprise approximately 60% of India’s installed power capacity by 2030, from around 24% at present, according to India’s Ministry of Power and New & Renewable Energy.

Hardik Shah, a Managing Director on KKR’s Infrastructure team, said, “The launch of Virescent is a meaningful milestone for KKR’s Asia Pacific infrastructure strategy amid India’s ambitions to install 175GW of renewable energy capacity by 2022 and 450GW by 2030. We look forward to playing a part in meeting these goals and supporting the Government’s Green Energy Corridor initiative through our investment in Virescent.”

Virescent is led by CEO Sanjay Grewal, who brings to the Company more than 30 years of experience in the Indian and global infrastructure sector. He will be responsible for identifying, planning, and executing investment opportunities for Virescent.

Mr. Grewal said, “Positive government initiatives have created a number of long-term investment opportunities in India’s rapidly transforming renewable energy sector. We are thrilled that Virescent will seek to invest in many of these great opportunities, in addition to achieving stable returns by acquiring high-quality, low-risk, and income-yielding assets with stable and long-term cashflows. I am truly excited to be part of this dynamic industry and for the chance to enhance KKR’s infrastructure strategy by building Virescent’s renewables portfolio.”

KKR takes a flexible approach to infrastructure investment in Asia Pacific, and combines the capabilities of its local teams in Asia Pacific with the Firm’s global industry and operational expertise to add value to companies. Today, KKR’s global infrastructure portfolio spans sectors such as energy, transportation, telecom, oil and gas, and water. Renewable energy represents a key vertical within KKR’s infrastructure strategy, having invested in renewable energy businesses with more than 10,000 MW of total operational capacity.

Virescent additionally deepens KKR’s presence in the Indian market. KKR has been investing in India since 2006, and has since honed its strategy to combine KKR’s global network with the local team’s market knowledge and investment expertise. Today, KKR aims to be a patient capital provider able to help bring flexible financial solutions to meet the needs of India’s private and public sectors. The Firm is extensively engaged in the operations and strategies of its portfolio companies across asset classes, including infrastructure, private equity and credit, to corporations and real estate businesses. KKR’s recently announced investments across asset classes includes, but is not limited to, Reliance Jio, Reliance Retail, IndiGrid, JB Chemicals, Max Healthcare and Ramky Envirotech.

About Virescent Infrastructure

Virescent Infrastructure (Virescent) is a renewable energy company in India. Headquartered in Mumbai, Virescent will expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media:

Prose Integrated (For Virescent Infrastructure)
Shirley C Dsilva
+91 9870060007
shirley@proseintegrated.com
media@virescent.co.in

For KKR:
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Source: KKR & Co. Inc.

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Kleinfelder Acquires Gas Transmission Systems

Wind Point Partners

Acquisition strengthens Kleinfelder’s gas utilities and pipeline services

Chicago, IL, October 20, 2020 – Wind Point Partners (“Wind Point”) and portfolio company The Kleinfelder Group, Inc. (“Kleinfelder”), a leading engineering, construction management, design, and environmental professional services firm, are pleased to announce that Kleinfelder has acquired Gas Transmission Systems, Inc. (“GTS” or the “Company”). The acquisition bolsters Kleinfelder’s U.S. market position as an industry-leading gas utilities and pipeline services expert.

Founded in 1998 and headquartered in Walnut Creek, California, GTS provides pipeline engineering, consulting and program management services to gas utilities and pipeline operators with a focus on infrastructure integrity management and rehabilitation. The combination will further expand Kleinfelder’s energy infrastructure services and capabilities. GTS operates out of five offices throughout California, Arizona and Georgia.

 

“We are excited to partner with GTS and its talented team, and we look forward to supporting them in GTS’s next phase of growth.”

Nathan Brown, Managing Director

Louis Armstrong, President and CEO of Kleinfelder, noted, “As a well-established gas utilities and pipeline services firm, GTS is a strong addition to Kleinfelder. This transaction aligns with our strategic direction and strengthens Kleinfelder’s service capabilities for utilities across the U.S. The specialized expertise of GTS will accelerate Kleinfelder’s growth in the power and utilities market and position the firm for further expansion.”

 

Nathan Brown, Managing Director at Wind Point Partners, commented, “GTS exemplifies our acquisition strategy of acquiring complementary businesses that expand and strengthen Kleinfelder’s service offerings, geographic reach, and customer base. We are excited to partner with GTS and its talented team, and we look forward to supporting them in GTS’s next phase of growth.”

GTS’s organizational structure will remain under the direction of Ben Campbell, who has been GTS President since early 2020. “GTS is very excited to be partnering with Kleinfelder,” said Mr. Campbell.  “Similar to GTS, Kleinfelder has a great reputation for delivering high quality technical services to its clients.  Together, we will be able to provide even more vertically integrated services and solutions to benefit our clients.  I look forward to an extraordinary future working together.”

GTS represents the fourth acquisition for Kleinfelder since partnering with Wind Point in November 2018. Kleinfelder’s acquisition strategy will continue to focus on acquiring leading engineering, environmental and professional services firms with complementary employee-focused cultures and a trusted commitment to clients.

Winston & Strawn LLP served as legal counsel and KPMG provided transaction advisory and tax services to Kleinfelder. Senex Advisory served as sell-side financial advisors.

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Vow ASA and Tinfos AS has entered into a cooperation agreement

Reiten

16th October, 2020

Vow ASA and Tinfos AS has entered into a cooperation agreement to distribute Vow’s onshore ‘Plastic to Electricity’ solution in selected countries and markets, starting with Indonesia.

Vow offers a wide range of technologies and solutions which converts different waste materials into valuable raw materials and clean energy. These days, handling of plastic waste is a particularly relevant topic in the company’s dialogue with customers.

The solution which will be offered in Indonesia is mobile and container based. It basically converts plastic waste to electricity through pyrolysis. The solution will replace diesel in local power production. Similar container based units are already in use as part of a pilot project at the municipal waste company Lindum’s facilities outside Drammen, Norway, and at Vow’s own facility at Vernon, France.

“We are looking forward to working with Tinfos AS and deliver such ground-breaking technology and solutions to a significant problem in many communities. The main objective is to solve local plastic waste problems to prevent this entering our oceans, at the same time to generate energy. This means that we give plastic waste an economic value for the local communities and an incentive to solve the problem. We expect that the cooperation agreement will result in delivery of several such units in the course of the coming years,” says Henrik Badin, CEO of Vow ASA.

Tinfos AS is one of Norway’s oldest companies and among the first in the world to generate renewable energy in form of electricity from hydro power. Today, the company is involved in development and operation of run-of-river hydro power stations in Norway and abroad. Outside Norway, Tinfos AS is particularly engaged in Indonesia where the company has operated since 2009, and in Western Balkan.

“For a long period of time, Tinfos AS has witnessed with grave concern how lack of solutions for collection and handling of plastic has led to significant damage to the environment, both on shore and in the sea around Indonesia,” says Øyvind Frydenberg, CEO in Tinfos AS.

Frydenberg further adds; “By using Vow’s solutions for ‘Plastic to Electricity’, Tinfos AS wishes to contribute to solving this challenge, and at the same time provide meaningful jobs for local waste collectors in Indonesia.”

Tinfos AS sees strong synergies between the company’s ongoing activities related to development and operation of run-of-river powerplants in Indonesia and Vow’s solutions. Indonesia comprises around 17 000 islands with a complex logistics, which makes Vow’s ‘plug-and-play’ solutions particularly relevant.

For further information, please see company press release

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Blackstone Energy Partners closes sale of 42% stake in Cheniere Energy Partners, L.P.

Blackstone

NEW YORK, September 24, 2020 — Today, Blackstone (NYSE: BX) announced that private equity funds managed by Blackstone Energy Partners have closed the sale of their approximately 42% stake in Cheniere Energy Partners, L.P. to Brookfield Infrastructure and funds managed by Blackstone Infrastructure Partners. The transaction values the approximately 42% stake at $7 billion.

The sale represents the culmination of Blackstone Energy Partners’ 8+ years of involvement with Cheniere. In 2012 Blackstone Energy Partners and its affiliates invested $1.5 billion in Cheniere Energy Partners to build the first two liquefaction trains at the Sabine Pass LNG facility in Louisiana. Sabine Pass was the first LNG export facility in the lower 48 states, providing a critical link between North American gas producers and growing international LNG demand centers. The construction of Sabine Pass created 5,000 US jobs and continues to support American energy independence, generate export revenues, and provide cleaner, more affordable energy to millions of people worldwide.

Commenting on the transaction, David Foley, Global Head of Blackstone Energy Partners said: “Blackstone’s early equity commitment to Cheniere enabled the timely construction of Sabine Pass, the first LNG export facility in the lower 48 states and one of the largest construction projects in the U.S. I’m proud of the success of the project, the support we were able to provide to Cheniere’s outstanding executive management team as they ably dealt with various challenges over the years and the tremendous return we delivered for our investors.”

Jack Fusco, Chief Executive Officer, Cheniere said: “Cheniere is grateful for the collaborative and mutually beneficial partnership we have had with Blackstone Energy Partners over the past eight years. Today, Sabine Pass is a world-scale LNG complex, providing flexible, reliable, and cost competitive U.S. LNG to markets worldwide, and I would like to thank David Foley and the Blackstone team for their contributions to Cheniere’s many successes. We still have much to accomplish at Cheniere, and I look forward to working alongside Blackstone Infrastructure Partners and Brookfield Infrastructure Management to achieve our shared goals.”

Sean Klimczak, Global Head of Blackstone Infrastructure Partners added: “Under the leadership of Jack Fusco and his team, Sabine Pass has successfully transitioned from a construction project to a global leader in the LNG sector. Cheniere benefits from long-term contracted revenues across a diverse set of investment-grade counterparties, generating the stable and growing cash flows we seek to add to our infrastructure investment portfolio. Our team is excited to partner with Brookfield to invest in this large-scale, high quality infrastructure company.”

Jefferies LLC and Morgan Stanley acted as financial advisors to Blackstone Energy Partners, while Latham & Watkins acted as legal advisor. Rothschild & Co acted as financial advisor to Blackstone Infrastructure Partners, while Simpson Thacher & Bartlett served as legal advisor.

About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $17 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Blackstone Infrastructure Partners
Infrastructure is one of Blackstone’s most active investment areas. Over the last 15 years, we have invested in more than $46 billion of infrastructure-related projects globally. Blackstone’s approach to infrastructure investing is one that puts a focus on responsible stewardship and community engagement. In areas such as clean power, energy transmission, communications technology, and many others, we have helped move forward sustainable projects that drive local economic growth and job creation, and enhance quality of life. In doing so, we work closely with civic stakeholders to help make sure that critical infrastructure is developed in a responsible manner that is responsive to community needs.

Contacts
Blackstone
Paula Chirhart
347-463-5453
paula.chirhart@blackstone.com

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KKR to Invest ₹ 5,550 Crore in Reliance Retail Ventures

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KKR

KKR’s Second Investment With Reliance Industries Fuels Growth of India’s Fastest Growing Retail Business and Its Transformational New Commerce Model

MUMBAI, India–(BUSINESS WIRE)–

Reliance Industries Limited (“Reliance Industries”) and Reliance Retail Ventures Limited (“RRVL”) announced today that global investment firm KKR will invest ₹ 5,550 crore into RRVL, a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of ₹ 4.21 lakh crore. KKR’s investment will translate into a 1.28% equity stake in RRVL on a fully diluted basis.

This marks the second investment by KKR in a subsidiary of Reliance Industries, following a ₹ 11,367 crore investment in Jio Platforms announced earlier this year.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing and most profitable retail business serving close to 640 million footfalls across its ~12,000 stores nationwide. Reliance Retail’s vision is to galvanize the Indian retail sector through an inclusive strategy serving millions of customers by empowering millions of farmers and micro, small and medium enterprises (MSMEs) and working closely with global and domestic companies as a preferred partner, to deliver immense benefits to Indian society, while protecting and generating employment for millions of Indians. Reliance Retail, through its New Commerce strategy, has started a transformational digitalization of small and unorganised merchants and is committed to expanding the network to over 20 million of these merchants. This will enable the merchants to use technology tools and an efficient supply chain infrastructure to deliver a superior value proposition to their own customers.

Founded in 1976, KKR has $222 billion in assets under management as of June 30, 2020 and a long history of building leading global enterprises, including many companies at the forefront of technology and digital transformation including in areas of consumer retail and eCommerce, such as investments in Epic Games, OutSystems, Internet Brands, Go-jek and Voyager Innovations. KKR established its first of eight Asia offices in 2005 and the firm currently has approximately $5.1 billion in private equity investments across more than 15 Indian companies, including Jio Platforms, JB Chemicals, Max Healthcare, Eurokids International and Ramky Enviro Engineers.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am pleased to welcome KKR as an investor in Reliance Retail Ventures as we continue our onward march to growing and transforming the Indian Retail ecosystem for the benefit of all Indians. KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We look forward to working with KKR’s global platform, industry knowledge and operational expertise across our digital services and retail businesses.”

Henry Kravis, Co-Founder and Co-CEO of KKR, said, “We are pleased to deepen our relationship with Reliance Industries through this investment in Reliance Retail Ventures, which is empowering merchants of all sizes and fundamentally changing the retail experience for Indian consumers. Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain. We are thrilled to support Reliance Retail in its mission to become India’s leading omnichannel retailer and ultimately to build a more inclusive Indian retail economy.”

KKR is making its investment from its Asia private equity funds. The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Retail and Cyril Amarchand Mangaldas and Davis Polk & Wardwell acted as legal counsels. Deloitte Touche Tohmatsu India LLP acted as financial advisor to KKR. Shardul Amarchand Mangaldas & Co. and Simpson Thacher & Bartlett LLP acted as legal counsel to KKR.

About Reliance Industries Limited (RIL)

RIL is India’s largest private sector company, with a consolidated turnover of INR 659,205 crore ($87.1 billion), cash profit of INR 71,446 crore ($9.4 billion), and net profit of INR 39,880 crore ($5.3 billion) for the year ended March 31, 2020.

RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. RIL is the top-most ranked company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Companies’ – currently ranking 96th. The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 – top-most among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In India’ (2019).

About Reliance Retail Ventures Limited

Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited, and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of ₹ 162,936 crore ($ 21.7 billion) and net profit of ₹ 5,448 crore ($ 726.4 million) for the year ended March 31, 2020.

Reliance Retail topped the list of ‘50 fastest-growing retailers globally between FY2013-2018’ in the Deloitte’s Global Powers of Retailing 2020 index. Reliance Retail secured the 56th spot this year against the 94th rank the previous year and is the only Indian company to be featured in this list.

KKR Asia Pacific
Zita Setiawan
+65 8940-5835
Zita.Setiawan@secondee.kkr.com

David Katz
+65 6922-5872
David.Katz@kkr.com

KKR Americas
Kristi Huller, Cara Major or Miles Radcliffe-Trenner
+1 212.750.8300
Media@KKR.com

Source: KKR

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