Tag Archives: infrastructure

Joint Investment in Hardt Hyperloop: Shaping the Future of Transportation

FIrst Dutch

We are pleased to announce our joint investment, together with the founders of Platform Zero, in Hardt Hyperloop, a pioneering company at the forefront of transforming transportation. This collaborative effort brings together our organization and esteemed partners to support the remarkable advancements being made by Hardt Hyperloop.

Hardt Hyperloop achieved a significant milestone by securing €12M in funding, attracting notable public and private investors. We are proud to be a part of this momentous investment, as it propels Hardt Hyperloop’s mission to revolutionize how we travel.

This substantial investment will facilitate the completion of the European Hyperloop Center (EHC) and the development of Hardt’s cutting-edge Hyperloop test vehicle. The EHC, equipped with a 420-meter-long test facility and a lane switch, will be a crucial platform for testing and advancing essential hyperloop technologies.

Our involvement with Hardt Hyperloop reflects our unwavering commitment to driving innovation and embracing disruptive technologies in transportation. By supporting Hardt’s development efforts, we are actively contributing to realizing a more sustainable and efficient future of transport. Together with our partners, we are excited to witness the transformation of travel and the pioneering solutions that Hardt Hyperloop will bring to the industry. As we strive towards a net-zero carbon reality, the hyperloop emerges as a critical player in achieving our environmental goals.

Based in Rotterdam, we are privileged to be part of this groundbreaking endeavor. Our joint investment in Hardt Hyperloop represents our shared vision for a future where transportation is faster, more sustainable and accessible.

Click here to read the full press release. 

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GIC Affiliate and Genus Power & Infrastructures Limited (“Genus”) to set up a Platform to fund Smart Metering projects – USD 2 billion initial pipeline

GIC

From https://genuspower.com/wp-content/uploads/2023/07/84.-Press-Release-04.07.2023_GIC-JV.pdf

Jaipur, India, 4 July 2023 – Genus Power & Infrastructures Ltd (“Genus”) is excited to announce the signing of definitive agreements with Gem View Investment Pte Ltd, an affiliate of GIC, Singapore (“GIC”) for:

  • Setting up of a Platform (“Platform”) for undertaking Advanced Metering Infrastructure Service Provider (“AMISP”) concessions. GIC will hold 74% (seventy four percent) stake while Genus will hold 26% (twenty six percent) stake in the Platform. The partners have committed to an initial pipeline with a capital outlay of (approx.) USD 2,000,000,000 (USD Two billion). Genus would be the exclusive supplier to the Platform for smart meters and associated services; and
  • Investment by Chiswick Investment Pte Ltd, an affiliate of GIC, of up to INR 519,00,00,000 (INR Five Hundred and nineteen crores) by way of a preferential allotment of warrants which shall constitute (if and when GIC elects to exercise such warrants) 15% (fifteen percent) of the issued and paid-up share capital of Genus on a fully diluted/as converted basis.

The transactions are subject to the approval of Genus shareholders and fulfilment of customary closing conditions to the satisfaction of the GIC affiliates.

This represents the largest transaction in the smart metering space in the country and positions Genus at the forefront of the smart metering revolution underway in the country. With these transactions, Genus would supplement its manufacturing and execution prowess with access to capital. Genus will scale up the deployment of energy “smart meters” across India, supporting energy security and transition through grid optimization and efficiency.

Government of India (“GoI”) is implementing the National Smart Metering Project, under the Revamped Distribution Sector Scheme (RDSS), with a plan to install 250,000,000 (Two hundred and fifty million) meters by 2025 with an estimated investment of USD 30,000,000,000 (USD Thirty billion). With technical and commercial losses exceeding 15% (fifteen percent) for all major Indian utilities leading to high financial losses, smart metering projects under the RDSS scheme are conceptualised to reduce such losses, improve operational efficiency of DISCOMs and improve their financial sustainability by providing results linked financial assistance. Smart meters are also at the core of operationalizing the recently announced Time of the Day Metering (ToD) announced by GoI. AMISP concessions are awarded by various state utilities under RDSS with a concession life of upto 10 (ten) years and concessionaires receive a monthly service charge during this period for installing and maintaining meters and the associated infrastructure.

Speaking on the development, Mr Jitendra Kumar Agarwal, Jt MD, Genus, said, “We are delighted to have a long-term investor like GIC choosing Genus as its exclusive partner in the sector. GIC’s investment attests to the strong prospects of smart metering space, our manufacturing prowess and execution track record. We look forward to contribute to India’s sustainability goals by facilitating efficient use of energy envisioned under the Time of Day metering recently announced by Government of India”.

Mr Raj Agarwal, CEO & MD, Genus, added, “Genus has achieved market leadership through its strong focus on R&D and innovation. Our capacity to deliver next generation Smart meter technology and related Solutions for the evolving needs of Indian energy sector will be an asset to the Platform”.

Mr Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “We are pleased to partner with Genus, one of the leading metering businesses in India, to create a new platform that supports the targeted roll out of smart meters in India. We believe smart meters will play a crucial role in India’s ongoing journey towards improving power sector efficiency. India remains a key long-term market for GIC given its strong economic fundamentals and favourable demographics, which are spurring opportunities in many sectors including infrastructure development.”

 

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Ardian and Adamo strengthen the company’s financing to consolidate growth in rural areas of Spain

Ardian

The 350 million euro increase in financing is in addition to the 600 million euros that Adamo secured in September 2021
• This financing will support the continuing extension of the operator’s fibre optic network to reach more than 3.4 million homes in rural areas of Spain
• Bank interest in the deal was 1.8 times oversubscribed
• Ardian became a leading shareholder in Adamo in 2022 to support the company’s growth in rural areas with poor broadband internet coverage

Ardian, a world-leading private investment house, and fiber optic operator Adamo are strengthening the company’s financing. Adamo, which has been majority owned by Ardian, has recently signed a €350 million extension to its financing. This is in addition to the existing €600 million financing secured by the company in September 2021, and includes an option to extend by a further €50 million, to reach a total of €1 billion through an uncommitted facility.

This agreement will enable Adamo to continue to grow its network organically, as well as by acquiring other networks, to reach 3.4 million homes in rural Spain in the next few years. This activity will consolidate its position as the leading and fastest-growing fibre optic operator in rural Spain.

The financing will also be used to continue the roll out a new fibre network across rural areas, which was initially supported in 2021 – 2022 by the Ministry of Economic Affairs and Digital Transformation’s Universalization of Digital Infrastructure for Cohesion (UNICO) programme. Adamo will also continue to contribute to bridging the digital gap through its high-speed internet services.

Since its initial investment, Ardian has worked closely with Adamo’s management team to achieve the company’s ambitious objectives and take advantage of growth opportunities in the telecommunications market.

Both this new financing plan and the initial financing secured in 2021, include a “sustainable financing” component, linked to the company’s contribution to reducing the digital divide, improving equality in employment and reducing greenhouse gas emissions.

The transaction was carried out by ING and Société Générale as financial advisors and is supported by a consortium of 11 banks with extensive experience in the financing of fibre optic and telecommunications projects: ING and Société Générale as Bookrunners and Mandated Lead Arrangers; ABN AMRO, HCOB, ICO, Infranity, KFW, Kommunalkredit and SMBC as Mandated Lead Arrangers; EDRAM as Lead Arrangers; and SCOR Investment Partners as Arranger.

Instituto de Crédito Oficial (ICO) and the German banks HCOB and KFW became the new lenders to Adamo. ING and Société Générale acted as financial advisors and Allen & Overy as legal advisor to the company. Clifford Chance acted as legal advisor to the banks. Apex acted as agent.

Evolution of Adamo

In recent years, Adamo has experienced exceptional growth, providing fibre to 2.5 million homes by the end of 2022, and being the first Spanish company to offer 1,000 Mbps fibre-optic services.

The company’s strategy is to roll out its network in rural areas where there is poor high-speed internet access and where other operators often cannot reach. As such, Adamo’s network is open to other operators and currently provides connectivity services via its FTTH network to four of the country’s leading operators and more than 200 local operators.

This unique deployment model, using agreements with local partners, enables it to minimise implementation costs and expand its network at a rapid pace, connecting 30,000 new homes in rural areas every month. Adamo currently has coverage in Catalonia, Cantabria, Castilla-La Mancha, Andalusia, Valencia, Navarre, La Rioja, Galicia, Madrid, Castilla-León, Extremadura, Asturias, Murcia and the Basque Country.

“The market’s enthusiasm and the high level of oversubscription to this financing underline the strength and relevance of Adamo’s business model. This new support will enable us to keep on growing and implementing our strategy to strengthen internet coverage in rural areas of Spain.” Martin Czermin, CEO, Adamo

“We are determined to keep working shoulder to shoulder with a strong management team that fully understands the current fibre needs of rural Spain. We are proud to enter into this new funding agreement which will enable Adamo to continue its strong commitment across the country and help bridge the digital divide where others are failing.” Juan Angoitia, Co-head of Infrastructure Europe, Ardian

ABOUT ADAMO

Based in Barcelona, Adamo is a fibre optic operator present in regional and local areas. Operating in Spain since 2007, the company focuses on rural areas. Adamo was the first operator in Spain to offer 1,000 Mbps fibre-optic services. Using its own infrastructure, Adamo offers internet, fixed and mobile telephony services to residential customers, as well as services to businesses and wholesalers.

adamo.es

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks and family offices worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Ardian partners with Keflavík Airport in milestone project to track Scope 3 emissions via Ardian Air Carbon

Ardian

08 June 2023 Infrastructure France, PARIS

With Keflavík airport, Ardian Air Carbon now spans a network of 5 airports representing a total of 50 million passengers*.

Ardian, a world-leading private investment house, has partnered with Keflavík International Airport in Reykjavik, to help the airport measure its Scope 3 emissions, using the proprietary platform Ardian Air Carbon.

Ardian Air Carbon has been developed by the data science team at Ardian to measure indirect emissions, such as those generated by aircraft landings, take-offs, taxiing and ground vehicles. The tool uses real time, granular operational data to monitor and project emissions. Ardian Air Carbon is complying with the methodology published by the Airport Carbon Accreditation, the global carbon management certification programme for airports.

Ardian Air Carbon has already been rolled out across 4 airports:  Turin, Milan Malpensa, Milan Linate and Naples. Keflavík is Iceland’s primary international airport and welcomed 6.1 million passengers in 2022. In time, this open platform aims to become an ecosystem wide tool supporting airports and aviation industry stakeholders in their common fight to reach net zero.

The project with Keflavík Airport will focus on estimating scope 3 items emissions at the airport, including emissions related to landings, take-offs, taxi, and auxiliary power units (APU).

Today, air travel accounts for up to 3% of global CO2 emissions. However, in a scenario where aviation is the only industry that does not take necessary action to limit global warming to less than 2% of pre-industrial levels in line with the Paris Agreement, air travel has the potential to contribute to 22% of global carbon emissions by 2050, according to Ardian’s latest Augmented Infrastructure report, The Fight for Net Zero Aviation**.

Airports are critical infrastructure at the centre of the aviation industry. As a result, they can have a structural impact on decarbonisation efforts. Currently, 96% of an average airport’s carbon footprint consists of Scope 3 emissions (excluding cruise emissions), making accurate measurement and projection modelisation essential.

Last year, after using Ardian Air Carbon to improve the measurement of its Scope 3 emissions, Turin Airport achieved its Level 3 ‘Optimisation’ accreditation from the Airport Carbon Accreditation programme. This environmental sustainability programme is promoted by ACI Europe, the association of European airports, and is a respected protocol for actively managing airports’ carbon emissions through concrete, measurable results.

Isavia emphasizes that social responsibility is integral to the company’s strategy and operations. In its Sustainability Policy, the company is guided by sustainability in everything it does. Isavia focuses on climate issues and resource efficiency in relation to the environment, quality of life with regards to society and value creation when it comes to economy. Clear objectives, criteria and a five-year action plan have been set with clear responsibility for the sustainability policy.

“As a long-term investor and shareholder in airports, we believe we have a duty to support the transition to a more sustainable industry and, by doing so, to help future proof aviation for future generations. Airports can have a significant positive impact on the sector by acting to reduce their Scope 3 emissions, but to do so they need accurate data to underpin a realistic and sustainable decarbonisation programme. We created Ardian Air Carbon to break down silos between different stakeholder groups across the industry’s value chain and enable effective collective action to reduce carbon emissions. We look forward to working together with Isavia’s team to onboard them on Ardian Air Carbon platform which will support Keflavík International Airport’s sustainability targets.” Pauline Thomson, Director Infrastructure & Head of Digital Innovation, Ardian

“Keflavik International Airport has set itself the goal of achieving carbon-free operations by 2030 at the latest. This and the airport aiming for the third stage of Airport Carbon Accreditation calls for a reliable tool to measure emissions. Isavia and Keflavik Airport are very happy to enter this important cooperation with Ardian and look forward to a productive and beneficial partnership. We are heading into the future with regards to our operations and this tool will help us to get where we want to be as soon as possible.” Hrönn Ingólfsdóttir, Director of Corporate Strategy & Sustainability, Isavia

 

*based on the number of passengers of each airport in 2022

**https://www.ardian.com/sites/default/files/2022-11/The-Fight-for-a-Net-Zero-Aviation-Ardian.pdf, p.15

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EQT Infrastructure to acquire a majority stake in Italy’s largest mobile network from Wind Tre

eqt

EQT Infrastructure to acquire a majority stake in Italy’s largest mobile network from Wind Tre

  • EQT Infrastructure to acquire a 60 percent stake in newly created company which will own and operate the Italian telecom provider Wind Tre’s mobile and fixed network. The transaction gives the new company an enterprise value of EUR 3.4 billion
  • The Company will provide wholesale connectivity services to Wind Tre and other Italian mobile operators, becoming the country’s largest provider of mobile network coverage and capacity, and an essential part of its nation-wide digital infrastructure
  • EQT Infrastructure will invest in the Company’s network and pursue innovative growth opportunities to better serve the Italian digital ecosystem, while executing on its sustainability agenda

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has signed an agreement to acquire a 60 percent stake in a newly created entity (the “Company”), which will own and operate Wind Tre’s mobile and fixed network infrastructure. Wind Tre’s current owner, CK Hutchison, will remain invested alongside EQT Infrastructure and own a 40 percent stake in the Company. The transaction gives the new company an enterprise value of EUR 3.4 billion.

There is a growing need for robust and reliable digital infrastructure all over Europe, accelerated by a surge in mobile data traffic, 5G densification of cell towers, IoT (Internet of Things), and new technologies. The Italian mobile network is in need for investments and expansion over the coming years to meet this increasing demand.

Following the carve-out from the Italian telecommunications provider Wind Tre, the Company will own and operate the country’s largest mobile network and a portfolio of assets, including radio antennas, base stations, transport network and associated contracts. The Company will be the first independent access network in Europe primarily focused on mobile and dedicated to the provision wholesale services to mobile operators through its state-of-the-art network, which at the end of 2022 covered approximately 67 percent of Italy with 5G reception.

EQT Infrastructure will leverage its long track record of developing digital infrastructure companies to support the Company’s strategy. This will primarily consist of developing the Company’s network and service offering, while pursuing additional growth opportunities in areas such as fixed wireless access, IoT and private networks.

Matthias Fackler, Partner and Head of Europe for EQT Infrastructure’s advisory team, said, “EQT Infrastructure is excited to partner with CK Hutchison and the Company’s management team in this bespoke transaction. We are committed to investing in the continued development of Italy’s digital backbone and leveraging the know-how we have developed in this unique transaction to explore similar partnership opportunities globally”.

Benoit Hanssen, incoming CEO of the Company, said “We are excited to partner with EQT Infrastructure to drive the development of one of the first independent multi-tenant radio access network owners and operators globally. We are proud to be one of the first operators in Europe to have designed such an innovative transaction in partnership with an experienced and reputed investment firm.”

The transaction is subject to customary regulatory approvals and is expected to close in six to nine months.

With this transaction, EQT Infrastructure VI is expected to be 15-20 percent invested based on target fund size (including closed and/or signed investments, announced public offers, if applicable and less any expected syndication).

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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DIF Capital Partners acquires leading Canadian geothermal company Diverso

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to acquire a majority interest in Diverso Energy Inc. (“Diverso”), a leading developer, owner, and operator of geothermal energy systems in Canada. DIF’s investment will be executed through its DIF Infrastructure VII fund. DIF will acquire a 75% interest directly from the founders who will retain the remaining ownership and continue to lead the company.

Founded in 2015, Diverso offers a geothermal heating and cooling solutions for multi-unit residential and commercial projects under an Energy-as-a-Service (“EaaS”) model with long-term contracts. The acquisition will enable Diverso to continue its growth and execute on its growing pipeline of geothermal projects in Canada.

Diverso’s ground source energy systems typically reduce the carbon intensity of a building by 80% by removing traditional gas boilers. The company estimates its developed and pipeline projects will eliminate over 30,000 tons of CO2 annually. Geothermal systems are expected to contribute to Canada’s target to reduce carbon emissions by 40% by 2030 and net-zero by 2050. Supportive regulatory policies such as the clean technology investment tax credit for geothermal, regulations requiring stringent reductions of carbon intensity and improvements to energy efficiency in building design and increasing federal carbon taxes position Diverso strongly to achieve its targets.

This investment will provide immediate and long-term benefits to Diverso Energy and our clients” said Tim Weber, CEO of Diverso. “We are extremely proud of what our team has accomplished since our inception in 2015. With our new partnership and the immediate demand for low carbon building solutions, we are well positioned to enhance our operations and grow our position as market leaders as the industry accelerates the adoption of geothermal solutions.”

“Diverso provides a technical solution that is sustainable and significantly improves energy efficiency of buildings. We believe geothermal heating and cooling for residential and commercial properties will play an important role in the overall decarbonization of the Canadian economy” said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners. “This investment continues to build upon DIF’s long standing build to core strategy and commitment to reducing greenhouse gases globally. We look forward to the partnership with the Diverso management team in expanding its presence as a leading Canadian geothermal company in an industry supported by strong regulatory tail winds.”

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

About Diverso

Diverso offers a unique geothermal EaaS model for multi-family, office and institutional buildings. Diverso designs, builds, owns and operates the geothermal system allowing clients to leverage the benefits of geothermal without the financial or operating risks associated with the technology. The Diverso ownership team has worked with hundreds of clients many in high density urban environments. Their combination of financial and technical solutions are expediting the transition from fossil fuels to electric buildings.

For more information, please visit www.diversoenergy.com

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

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DIF Capital Partners invests in a portfolio of 8 UK student accommodation assets

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed the acquisition of a 100% stake in Ottoway Portfolio Holdings (“Company”), a company that owns and operates a portfolio of eight purpose-built student accommodation (“PBSA”) assets in key UK cities. The company was acquired from a fund advised by Arlington Advisors (“Arlington”), a UK-based investment manager, and Campus Living Villages (“CLV”), one of the world’s leading on-campus student accommodation owner-operators. The investment will be made by DIF Infrastructure VI and CLV will continue operating the portfolio.

The Company comprises a sizable portfolio of PBSA assets, consisting of over 4,500 rooms across seven key cities in England and Wales (London, Birmingham, Leeds, Manchester, Liverpool, Nottingham and Newport). The majority are freehold assets and the portfolio benefits from a number of fixed leases and long-term agreements with universities. The properties have a considerable operational track record with historically high levels of occupancy driven by strong locations, well-priced rooms and close relationships with universities. The UK PBSA sector is expected to continue to experience growth, driven by its favourable demand and supply fundamentals and secure income generation capabilities. The portfolio also benefits from existing institutional financing in the form of a long-dated listed bond.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF, said: “DIF is excited to add a sizable student accommodation portfolio to DIF VI. This operational portfolio benefits from long-term relationships with universities in key UK cities and has demonstrated a strong historical track record. We recognise the important role that PBSA plays for both local and foreign students thus we look forward to working alongside high calibre educational institutions to provide accommodation for their students”.

DIF was advised by CMS, Vercity, Student First Group, Deloitte and Evolution Infrastructure.

Arlington and CLV were advised by Squire Patton Boggs, KPMG, Memery Crystal and Osborne Clark.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

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CapMan Infra invests in Dutch IT infrastructure provider Serverius with an ambition to build a northern European data centre platform

CapMan Infra press release
9 May 2023 at 9:00 am EEST

CapMan Infra invests in Dutch IT infrastructure provider Serverius with an ambition to build a northern European data centre platform

Serverius represents the first investment of CapMan Infra in a planned data centre platform providing European-wide connectivity. The platform seeks to expand into the Nordic countries by utilising CapMan Infra’s local market knowledge.

Serverius has three operating data centres in the Netherlands with a total of ~8 MW available power, and advanced inhouse technical IT infrastructure expertise. The company also offers additional IT infrastructure services such as one of the largest Dutch IP networks and interconnectivity from the third largest Dutch internet exchange “SpeedIX”. Serverius was founded in 2008 by its current CEO and owner, Gijs van Gemert, and today employs approximately 30 people.

This investment is the first in a data centre platform that CapMan Infra is looking to build throughout Northern Europe, providing European wide connectivity. With CapMan’s local market presence, the company seeks to expand into the Nordic countries. The company will focus on optimising energy usage, increasing the use of renewable energy and establishing high operating standards for its operations and value chain.

“We are looking forward to start working with the Serverius team on ways to position the company for further growth in this exciting market. This is an important first step of building a larger international platform”, says Harri Halonen, Partner at CapMan Infra. “Together with Serverius we are set to develop the governance, administration and client focus of the business in order to accelerate growth,” Halonen continues.

“We are thrilled to have CapMan on board and welcome their institutional and professional approach to support in the next phase of growth for Serverius. Over the past few years, Serverius has undergone an amazing transformation. This new partnership with CapMan is a logical next step to further optimize our business processes and build a strong northern European platform together. To serve our European customer base in the years to come, our team looks forward to expanding our unique range of data center services. Given the strong collaboration with CapMan, I will continue to invest in our new European platform of the future. I will remain closely involved in the daily business as I have been doing up to now,” says Gijs van Gemert, CEO of Serverius.

The investment is CapMan Nordic Infrastructure II fund’s third investment, following investments in Skarta Energy and Napier.

For more information, please contact:

Harri Halonen, Partner, CapMan Infra, p. +46 768 710 062

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com. 

About Serverius

Serverius is an IT infrastructure supplier in the Netherlands with its own carrier, data center colocation, DDoS protection, and S3 Object Storage services. Our users are large internet platforms, European data centers, internet providers, cloud providers, and many more. All kinds of companies use Serverius as their base to deliver high-quality and protected internet infrastructure services to their users.

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DIF Capital Partners invests in leading UK district heating company Pinnacle Power

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to invest in Pinnacle Power Limited, a leading UK district heating platform, to accelerate its growth and fund the development and ownership of city-scale district heating networks across the UK. The transaction will see DIF owning a significant majority in the company, with the management team retaining a minority stake. This is following an agreement with Pinnacle Power’s previous shareholder, Pinnacle Group Limited. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Pinnacle Power is a leading developer and turn-key contractor in the UK district heating market. Founded in 2012 and headquartered in London, the company has a successful track record, having delivered over 100 projects since its inception. Notably, it has developed and is the operator of the £87m Greenwich Peninsula network. With 87MW of heat capacity and servicing 15,700 residential units, this is one of the largest city scale networks in the country.

District heating networks are widely expected to play a crucial role in the UK’s journey to net zero. Today, heat-related activities are the biggest contributor to greenhouse gas emissions in the country, representing 37% of total emissions. District heating networks are a cost effective, low-carbon solution to traditional gas boilers in urban locations. As a result, the country’s district heating market is widely expected to undergo a sustained period of high growth, with substantial capital investment required to meet these net zero ambitions.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We share Pinnacle Power’s view that district heating networks will play a pivotal role in the energy transition story of the UK. We are impressed with what the Pinnacle Power management team has achieved to date and firmly believe in their ability to grow the business, backed by strong regulatory tailwinds. Pinnacle Power represents a compelling investment proposition for DIF, with an opportunity to invest in a build-to-core sustainable energy platform operating in a rapidly growing market.”

Commenting on the transaction, Toby Heysham, CEO of Pinnacle Power, said: “As recognised in the Government’s Energy Security Plan, heat networks will play a critical role in delivering affordable, low-carbon heating, and help hit the UK Government’s legally binding carbon targets. We are excited to be working with DIF to deploy the scale of investment this market needs. We know that the industry needs to deploy at least £60-80bn into low-carbon heat networks to unlock the vast amount of local, wasted heat and deliver that heat into homes and businesses. Many towns and cities have declared climate emergencies but very few have credible solutions to the ‘heat challenge’. This investment offers a clear pathway to achieving decarbonisation, through local investment in locally generated, low-carbon heat.”

Peregrine Lloyd, Group CEO of Pinnacle Group, said: “This agreement is the culmination of a ten-year journey since founding Pinnacle Power. I am incredibly proud of the work our management team has done to grow and nurture Pinnacle Power to see it become one of the country’s leading heat network platforms. The time is now right to hand over the reins to DIF, who will take Pinnacle Power to the next level and enable the scale of investment needed in the energy market. I look forward to following this exciting next phase in Pinnacle Power’s development.”

DIF was advised by AFRY, Deloitte, Evolution Infrastructure and Travers Smith. Pinnacle Power and Pinnacle Group were advised by Eversheds Sutherland and Opus Corporate Finance.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 210 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

About Pinnacle Power

Pinnacle Power is a heat network provider in the UK. We provide, build, own and operate services for a large number of heat networks around the country. Pinnacle Power was started in 2012 by Pinnacle Group and management. Since then, it has grown to be one of the leading heat network providers in the country. Pinnacle Power is currently designing and building a number of schemes for local authorities across the UK as well as operating networks and running a heat utility. Pinnacle Power have offices in London, Carlisle, Sheffield and Copenhagen.

For more information, please visit www.pinnaclepower.co.uk

About Pinnacle Group

Pinnacle Group is a community-facing, people-first business that delivers, manages, and maintains communities and places where people live, work, learn and play including a portfolio of 75,000+ mixed tenure homes and, 200+ schools as well as open spaces, public and private buildings, retail, distribution centres and manufacturing.

Formed in 1994, Pinnacle is a trusted service provider to both public and private sectors; employing 3,700+ people and operates across the UK from over 200 delivery locations.

For more information, please visit www.pinnaclegroup.co.uk

 

Contacts:

DIF Capital Partners:

Diederik Heinink, d.heinink@dif.eu

Pinnacle Power:

enquires@pinnaclepower.co.uk

Pinnacle Group:

Aisling Jamieson-Ewers, +44 (0)75 5281 0514 / Mia Dexter, M: +44 (0)73 1137 0065

PinnaclePress@headlandconsultancy.com

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DIF Capital Partners agrees to acquire majority interest in US-based solar platform Green Street Power Partners

DIF

DIF Capital Partners is pleased to announce that it has agreed to acquire a majority equity interest in US-based Green Street Power Partners (“Green Street”), a leading developer, financier, owner, and operator of distributed generation solar projects for various private and public clients across the US. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Since its inception in 2014, Green Street has experienced rapid year-over-year growth driven by its experienced executive management team and extensive network of industry relationships. Headquartered in Stamford, Connecticut, Green Street has developed a 300+ MW portfolio of operational and under-construction projects throughout the country.

Green Street has over 2 GW of solar projects in its pipeline in both existing and new markets, which it will look to execute over the near-to medium-term. Green Street is well positioned to accomplish its development goals, utilizing its vertically integrated capabilities across development, legal, project financing, engineering, and project and asset management functions.

In addition to existing and upcoming renewable energy goals, execution of the growing development pipeline is further supported by the recently passed Inflation Reduction Act, providing a long-term runway of supportive renewable energy legislation long awaited by developers, sponsors, and market participants alike.

In 2023, Green Street’s projects nationwide will produce over 275 million kWh of energy, displacing over 200 thousand tons of CO2.

The transaction is subject to customary conditions and approvals and is expected to close in early Q2 2023.

“Green Street is very excited to be partnering with DIF. As a leader in distributed generation in the US, the partnership will enable Green Street to continue its growth efforts and execute on its 2 gigawatts and growing of pipeline,” said Jason Kuflik, President of Green Street. “We are excited about what we will be able to accomplish together. As a leading global infrastructure fund, we could not have picked a better partner.”

Green Street was advised by Scotiabank and its legal counsel Orrick, Herrington & Sutcliffe LLP in connection with this transaction.

“The partnership with Green Street will further grow DIF’s North American renewable portfolio and marks our first distributed solar generation platform in the North American market”, said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners . “DIF is excited to work with the Green Street team to continue developing and operating distributed solar projects across the US to further advance the global clean energy transition, one of DIF’s responsibilities as a leading infrastructure investor. Supported by strong thematic tailwinds in the US, we see this as an excellent opportunity to support a strong team in their goals to become a leading distributed generation developer and asset owner.”

DIF was advised by Macquarie Capital and its legal counsel Stoel Rives LLP in connection with this transaction.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sectors.

With a team of over 210 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu.

About Green Street Power Partners

Founded in 2014, Green Street is a national developer, financier, owner, and operator of solar energy systems benefiting businesses and communities across the country. Green Street specializes in structured finance for solar assets, securing sponsor and tax equity alongside project-level debt financing to realize the highest value for its clients.

Green Street’s proven dependability, experience within the industry, and established portfolio of 300+ MW of operational and under-construction projects, underpin its success as one of the leading solar developers and owners in the country.

Green Street strives to continue this growth while staying committed to corporate social and environmental responsibility, as we sustain our environment for future generations through solar power. We view this responsibility as a fundamental part of our business, and we consistently work to inspire these values in our employees, partners, and customers. Green Street currently has 58 employees and is headquartered in Stamford, CT with a legal office in Tallahassee, FL.

For more information, please visit www.gspp.com.

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