Tag Archives: infrastructure

DIF Capital Partners to divest its stake in the Thames Tideway Tunnel project

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) have agreed to the sale of their 10.66% shareholding in Thames Tideway Tunnel (“Tideway”) to DIF’s existing co-shareholders in the project: an affiliate of Allianz Capital Partners, two Amber Infrastructure-related entities (International Public Partnerships and Swiss Life Asset Managers) and Dalmore Capital. The transaction has arisen due to DIF III coming to the end of its fund life.

Tideway is a unique UK infrastructure project and is the largest single asset in the UK water sector. The 25km long tunnel is being constructed to help prevent the release of 37 million cubic metres of untreated sewage that is currently discharged into the River Thames in a typical year. The ‘super sewer’ will significantly increase the capacity of London’s sewer network and help to transform the River Thames into a healthier and cleaner river.

DIF, along with Allianz, Amber Infrastructure and Dalmore Capital, was awarded the project licence for Tideway from Ofwat in 2015, and has managed the project successfully through its most challenging construction phase. At the end of April 2022, Tideway reached a significant milestone with the completion of tunnelling.

Andrew Freeman, Head of Exits at DIF, said: “During our joint ownership, the co-shareholders have championed our collective vision of providing long-term benefits to London by upgrading its essential infrastructure. We are delighted to leave Tideway under their stewardship.”

DIF was advised by RBC Capital Markets (financial) and Norton Rose Fulbright (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 190 professionals, based in eleven offices 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: Thijs Verburg, t.verburg@dif.eu.

 

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DIF Capital Partners to sell French fibre company ADTIM

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core Infrastructure Fund I (“CIF I”) signed an agreement to sell its 55% ownership stake in ADTIM SAS (“ADTIM”), a French fibre company, to HICL Infrastructure PLC (“HICL”), the listed core infrastructure fund managed by InfraRed Capital Partners. This will be the first exit for CIF I.

ADTIM operates an independent wholesale broadband network that focuses on low-density areas in the Ardèche and Drôme departments. ADTIM was awarded two complementary concession contracts by the public local authority Syndicat mixte ADN, under the French PIN (Public Initiative Networks) scheme. The company operates two infrastructure networks providing broadband access to telecom operators serving both residential and business retail markets.

During DIF’s ownership, ADTIM has realised over 100,000 new rolled-out connections in the low density household areas of the Drôme and Ardèche departments, and established a very robust BtB platform with over 2,000 enterprises served by the ADTIM network. It has maintained its network to a high standard with an overall availability of its network reaching over 99%. DIF has exercised its oversight authority effectively as majority shareholder of ADTIM to ensure that ADTIM complies responsibly with its concession agreements with ADN as well as to its clients and end users.

Andrew Freeman, Head of Exits, said “This is the first exit for CIF I, an important milestone for our CIF strategy. Benefitting from the strong momentum in the European fibre market, this exit is expected to yield attractive returns to our CIF I investors. We believe InfraRed is an excellent counterparty and is very well placed to manage the company going forward.”

DIF was advised on the transaction by DC Advisory (financial), Orrick (legal), Analysys Mason (commercial), KPMG and Denjean & Associés (tax & accounting), Currie & Brown (technical), as well as Marsh (insurance).

Closing of the transaction is subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 190 professionals, based in eleven offices 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: Thijs Verburg, t.verburg@dif.eu.

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BDC exits HKA

Bridgepoint

Bridgepoint Development Capital (‘BDC’) today announced the sale of HKA, a leading global consultancy in risk mitigation and dispute resolution, to PAI Partners.

Headquartered in the United Kingdom, HKA provides a comprehensive set of specialist offerings, including Expert, Claims and Advisory services for the capital projects and infrastructure sector. The Company has over 130 partners and more than 1,000 experts, consultants and advisors across 40+ offices in 18 countries.

HKA works with law firms, contractors, owners, operators, and other professional service providers across the breadth of the risk mitigation and dispute resolution market. The Company’s global portfolio includes some of the world’s largest and most prestigious commissions across a wide range of industries including industrial & manufacturing, power & utilities, resources and energy transition, transportation infrastructure, buildings, technology, financial services and government contracts.

Under Bridgepoint’s ownership, HKA has seen significant growth in its Claims, Dispute Resolution and Litigation Support business and successfully developed new service lines, including its offerings in Forensic Technical Services and Forensic Accounting and Commercial Damages. The Company significantly expanded its US operations through the transformational acquisition of The Kenrich Group in 2019, creating the region’s largest construction claims consultancy as well as significantly strengthening HKA’s global capabilities in forensics, commercial damages and government contract services. In 2020, the Company bolstered its Forensic Technical Services offering by acquiring Probyn Miers, the UK’s leading firm of Expert Architects in the field of Construction Dispute Avoidance and Resolution.

PAI will support HKA’s management team in delivering their future growth plans, including accelerating HKA’s growth through development into adjacent services and through selective and targeted M&A opportunities.

“HKA has been a successful investment for Bridgepoint. Working closely with management, together we built significant value by establishing a strong partnership culture, focusing on strategic geographic markets and undertaking selective M&A as well as a comprehensive operational improvement programme. These initiatives mean that the business is now well positioned for further growth under new ownership,” said Jeannele M’Bembath, Director at Bridgepoint Development Capital.

Renny Borhan, CEO of HKA, commented: “I am extremely proud of the successes the team at HKA has achieved to date, and I am very thankful for Bridgepoint’s support and expertise over the last five years. We are very excited to be partnering with PAI Partners in the next phase of our growth.”

Neil McIlroy, Partner at PAI Partners, added: “HKA is uniquely positioned in the large and fragmented risk mitigation and dispute resolution market, with attractive long term growth prospects. We look forward to supporting Renny and his talented team as they pursue organic and inorganic initiatives to deliver their ambitious business strategy.”

PAI Partners was advised by Rothschild & Co. and DC Advisory (M&A); Weil, Gotshal & Manges LLP (Legal); Alvarez & Marsal (Financial); and Bain & Company (Commercial).

Bridgepoint was advised by J.P. Morgan (M&A); Travers Smith (Legal); BDO (Financial); and OC&C (Commercial).

The transaction is subject to customary closing conditions.

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DIF Capital Partners to divest its stakes in three Irish roads

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its stakes in three Irish roads to Semperian PPP Investment Partners (“Semperian”).

The Irish roads portfolio consists of shareholdings in three projects that DIF invested into between 2013 and 2016: M3 Motorway, M4 Motorway and M50 Motorway. The M3 and M4 Motorway projects are demand-based toll roads and the M50 Motorway is an availability-based public private partnership. DIF has optimised these projects throughout its ownership and worked closely with the local management teams to successfully steer the roads through the Covid-19 pandemic. Traffic on the M3 and M4 Motorway projects has materially recovered in the last few months as lockdown restrictions have been lifted in Ireland. The sale of these assets means DIF III is almost fully divested as the end of the fund life approaches.

Andrew Freeman, Head of Exits at DIF: “We are very pleased with the sale of this high quality roads portfolio which delivers a strong exit outcome for our DIF III investors. We are confident that Semperian will be an excellent counterparty to the projects going forward given their extensive experience in managing these type of assets.”

DIF was advised on the transaction by Cantor Fitzgerald (financial), HSF (legal), Arthur Cox (Irish counsel), Jacobs (technical) and KPMG (tax & accounting).

Closing of the transaction is expected to take place in Q3 2022 subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 190 professionals, based in eleven offices 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: Thijs Verburg, t.verburg@dif.eu.

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DIF Capital Partners signs a JV agreement with Boluda Corporación Marítima to invest in Boluda Maritime Terminals

DIF

DIF Capital Partners (“DIF”), through its DIF CIF II fund, has signed an agreement to acquire an undisclosed stake from Spanish main shipping and port services company, Boluda Corporación Marítima (“Boluda CM”), in its container terminal division, Boluda Maritime Terminals. Boluda CM will remain the majority shareholder in the joint venture (“JV”).

The transaction involves 8 container terminals located in continental Spain and the Canary Islands with a total capacity of over 1.5 million TEUs. All terminals are operated under a concession granted by the port authorities. Focused on gateway cargo, these maritime terminals provide loading, unloading, warehousing, handling of containers, and general cargo services. The JV employs ca. 150 employees. Each terminal has its own financing in place with no new debt being arranged in the context of the transaction.

The terminal portfolio is key to serve essential goods from / to the Canary Islands, a region which represents a population of ca. 2 million inhabitants. The JV agreement includes specific arrangements to further invest in container terminal opportunities.

The terminals will continue to benefit from the support of Boluda Lines, the maritime transport division of Boluda CM, which has developed a successful container cargo service between the Iberian Peninsula, the Canary Islands and other regions in Europe and Africa. The JV has signed a long-term contract with Boluda Lines.

Willem Jansonius, head of DIF CIF Investments, says: “We are pleased to announce the agreement reached with Boluda CM to invest in their container terminal business. The Boluda terminals are essential infrastructure assets delivering cargo services 24/7 to the Iberian Peninsula and the Canary Islands. We are looking forward to continuing to grow the business together with Boluda CM, management and employees and aim to work closely with its customers, the port authorities and other stakeholders”.

The completion of the acquisition is subject to antitrust approval.

DIF was advised by Deloitte (financial), Uria (legal) and Drewry (commercial and technical). Boluda CM was advised by Ocean Capital Partners (financial) and CMS (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 180 professionals, based in eleven offices 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: Jorda Zuurendonk, j.zuurendonk@dif.eu.

About Boluda Corporación Marítima

Boluda Corporación Marítima is the holding company of the main shipping and maritime services group in Spain. The company is organized in 2 strategic divisions:

  • Boluda Towage, which mainly provides tugboat services, being an undisputed leader on both a national and international level, with a fleet of over 300 tugs operating in the main ports of Europe, Africa, America and the Indian Ocean. The division also provides coastal, ocean, and offshore towage and maritime salvage services.
  • Boluda Shipping division, which, in addition to holding the container terminal division of the group, provides shipping services (Boluda Lines) through a wide offer of commercial lines linking the Iberian Peninsula, the Canary Islands, the Balearic Islands, Italy, northern Europe, the west coast of Africa and Cape Verde. The division also offers general cargo, international freight forwarding and other port logistics services.

For more information, please visit www.boluda.com.es

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Partners Group invests in Climeworks, a leading Swiss designer, developer, and operator of Direct Air Capture plants

Partners Group

Baar-Zug, Switzerland; 5 April 2022

  • Partners Group co-led a CHF 600 million fundraising round for Climeworks
  • The funding will enable Climeworks to scale its Direct Air Capture capacity
  • Direct Air Capture technology is critical to reaching global net-zero goals

Partners Group, a leading global private markets firm, has agreed, on behalf of its clients, to invest in Climeworks (or “the Company”), a designer, developer, and operator of carbon dioxide Direct Air Capture (“DAC”) plants. Partners Group co-led a CHF 600 million fundraising round for the Company, together with GIC. Other new investors in the round included Baillie Gifford, Carbon Removal Partners, Global Founders Capital, M&G, and Swiss Re.

Founded in 2009 as a spin-off from ETH Zurich, Climeworks generates revenues through selling carbon dioxide removal services to businesses and individuals. Today, the Company has built 15 DAC plants, including the world’s largest DAC and storage plant, which started operations last September in Iceland. The capital from this equity round is anticipated to be used for capacity scale-up and geographical expansion – pilot projects have started in the US, the Nordics, and the Middle East – as well as investment into technology development and scaling the organization. The Company aims to become a dominant platform in the growing DAC market.

Partners Group will work with the management team and other investors to help scale Climeworks, as well as support its commercialization strategy and international expansion.

Alfred Gantner, Co-Founder and Executive Member of the Board of Directors, Partners Group, says: “Climeworks’ DAC plants are part of a portfolio of carbon removal technologies that are essential to achieving the Paris Agreement goals. The scalability of Climeworks’ technology makes it ideally suited to our transformational investing strategy and positions the Company to make a significant contribution to global carbon removal efforts. We are also attracted to Climeworks due to its close fit with our commitment to achieving lasting, positive stakeholder impact.”

Dr. Christoph Gebald, Co-Founder and Co-Chief Executive Officer, Climeworks, comments: “Climeworks is a pioneer in the DAC market. We have been working on our DAC technology for over a decade and are now in a position to scale-up. Partners Group’s extensive experience in building next-generation infrastructure platforms and working with fast-growing businesses makes them an ideal long-term partner. We look forward to working with the team alongside our other investors.”

Esther Peiner, Managing Director, Co-Head Private Infrastructure Europe, Partners Group, adds: “Investing in DAC technology has never been more important as the atmospheric concentration of CO2 globally continues to climb. Our research shows DAC technology benefits from several advantages over other emissions reduction technologies, such as location-agnosticism and limited land area requirements. Together with our co-lead investor GIC, we believe Climeworks has the potential to become a category leader in the DAC market due to its premium product and strong brand presence.”

Decarbonization is one of the giga themes guiding Partners Group’s thematic investing across asset classes and the firm has identified carbon management as a key focus within that theme. In a recent research paper, The next generation of decarbonization infrastructure, Partners Group estimated that approximately USD 250 billion will be spent on carbon management this decade, expanding to over USD 1.6 trillion by 2040.

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PGGM Infrastructure Fund and DIF Capital Partners reach agreement for intended acquisition of Enexis-subsidiary Fudura

DIF

Proposed new owners announce substantial investments in company with key role in Dutch energy transition

A consortium of DIF Capital Partners, through its DIF Infrastructure VI fund (“DIF”), and PGGM Infrastructure Fund (“PGGM”) has entered into an agreement for the acquisition of Fudura B.V., a subsidiary of Enexis Groep. PGGM and DIF will both acquire 50 percent of the shares. PGGM invests pension capital from, among others, Pensioenfonds Zorg en Welzijn for its three million participants, while DIF’s investment fund is supported by a large number of Dutch and international pension funds and insurance companies.

Fudura is the market leading B2B provider of medium-voltage electricity infrastructure (mainly transformers), metering devices and related data services in the Netherlands. With the intended acquisition, the new investors add a company to their investment portfolios that plays an important role in the Dutch energy transition. Fudura is active in offering services to companies seeking solutions for energy efficiency, security of energy supply and CO2 neutrality. Fudura currently has 22,000 business customers, being a combination of larger companies, public institutions such as hospitals, and SMEs. Within all these client segments there is a great urgency for a more sustainable energy consumption.

Fudura’s strategy to broaden its services within the energy transition is fully endorsed by the new intended shareholders. Various solutions will be offered, such as the delivery of solar panels, batteries, EV chargers and electric heating solutions. With this, Fudura wants to meet the increased demand from business customers to reduce their CO2 footprint, reduce dependence on natural gas and guarantee energy security.

René Pruijssers, director of Fudura: ,,As director of Fudura I am very pleased with selecting DIF and PGGM. With these partners Fudura can further develop as the energy transition platform for business customers. Fudura’s customers, employees and partners will benefit from the knowledge and ambition of DIF and PGGM to make the Netherlands more sustainable.’’

Erik van de Brake, head of Infrastructure at PGGM: ,,Fudura fits perfectly into PGGM’s strategy to make long-term investments for our clients, including Pensioenfonds Zorg en Welzijn, which are not only financially attractive, but also have a positive impact on our society. We are faced with the enormous task of making the Netherlands CO2 neutral within a few decades, and companies such as Fudura play a very important role in this. Fudura will become part of our investment portfolio, which, in addition to Fudura, also contains a number of other investments that play a key role in realizing the energy transition and will help to accelerate it.’’

Gijs Voskuyl, head of Core Infrastructure at DIF: ,,We are delighted with the acquisition of a 50% stake in Fudura. The company’s leading role in the energy transition in the Netherlands fits seamlessly with DIF’s own ambitions including having a CO2-neutral investment portfolio by 2050 the latest. In addition, we expect that DIF’s expertise in previous energy transition investments will contribute to a fruitful collaboration with both Fudura and co-shareholder PGGM.’’

Enexis and the consortium of DIF and PGGM have also made agreements about employment, sustainability and continuity of Fudura. The consortium of DIF and PGGM sees Fudura as a platform for the energy transition and commits itself to Fudura for a long period of time. The employment and working conditions of Fudura’s employees are guaranteed and there is support for Fudura’s strategy and its role in the energy transition. These agreements are laid down in the signed document and are an integral part of this intended transaction.

About Fudura

Fudura B.V. is a wholly owned subsidiary of Enexis Groep and is active in the non-regulated part of the energy market. Fudura focuses on business services to optimize and make the energy supply of more than 22,000 business customers in the Netherlands more sustainable. Fudura provides advice, measures, designs and realizes infrastructures and manages and maintains meters, charging stations, transformers and switchgear. Fudura is the market leader in its segment.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 180 professionals, based in eleven offices 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 PGGM

PGGM is a not-for-profit cooperative pension fund service provider. As a pensions administrator, asset manager and advisor to pension fund boards, it executes its social mandate: to provide for good old-age incomes for 4.4 million participants in the Netherlands. On December 31, 2021 PGGM managed long-term pension capital of EUR 291 billion worldwide. Rooted firmly in the Dutch healthcare sector, PGGM develops innovative provisions for labour market issues in this sector, alone or with strategic partners. Our member organisation PGGM&CO supports 764,000 workers and pensioners with a background in healthcare. www.pggm.nl.

For more information:

DIF Capital Partners

Allard Ruijs, a.ruijs@dif.eu, +31 (0)20 655 47 05

PGGM Corporate Communications

Maurice Wilbrink, maurice.wilbrink@pggm.nl, +31 (0)30 277 97 35

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InfraVia closes its new infrastructure fund at €5bn hard cap

InfraVia

InfraVia Capital Partners announced today that it has successfully closed its 5th infrastructure fund, InfraVia European Fund V, at its €5bn hard cap.

  • With the closing of InfraVia European Fund V, InfraVia reaches a total of €10bn in capital commitments
  • InfraVia European Fund V saw strong demand from investors globally and was oversubscribed reaching a €5bn hard cap
  • InfraVia is well placed to continue to deploy its strategy of investing for resilience and value creation
  • InfraVia supports European infrastructure businesses in their growth plans and creates more sustainable companies in the process
  • InfraVia focuses on 4 main areas: digital infrastructure, energy transition, social infrastructure and mobility

With the closing of InfraVia European Fund V, InfraVia has now raised a total of €10bn in commitments across a diversified LP base of over 150 investors from across the globe – Europe, North America, South America, Asia and the Middle East.

Demonstrating support for the asset class and recognition of the firm’s investment strategy and track record in value creation, InfraVia European Fund V saw strong demand from a wide variety of investors globally including insurance companies, pension funds as well as Family Offices and private banks. Despite the challenging Covid environment, the fund was significantly oversubscribed and exceeded its original €3bn target to reach a €5bn hard cap.

Vincent Levita, Founder and CEO of InfraVia declares: “We are extremely proud of this fundraising testament not only to the resilience of the asset class and the excellent track record of the team but also to the depth and strength of our relationships. Over half of commitments came from our existing client base, representing a 100% re-up rate, and we are also very proud to have been able to onboard so many new investors in such a challenging period. We are truly humbled by the continued support for our platform.”

InfraVia has delivered a solid track record in European infrastructure over the last 14 years focusing on digital infrastructure, energy transition, social infrastructure and mobility. Fund V will aim to continue to implement the same successful platform strategy as that of prior funds, focusing on European mid-market infrastructure assets that display resilient characteristics and present significant value creation potential. The fund will also continue to build on the team’s successful active asset management approach looking specifically at ESG, talent
management and digitalization to further drive value creation. InfraVia European Fund V is categorized as Article 8 under SFDR reflecting InfraVia’s longstanding approach of integrating sustainability throughout its investment process.

The fund has already been able to seize a number of investment opportunities closing its first investment – Grandir, a leading childcare and early education operator in September 2021. The fund has subsequently made two further investments in communications infrastructure, first announcing a JV with Liberty Global to develop FTTH in rural Germany in December and recently announcing a third investment in Ireland, Fibre Networks Ireland, that is expected to close in
Q2 2022.

Bruno Candès, Partner at InfraVia concludes: “Infrastructure has proven its resilience as an asset class and we expect it will play an increasingly important role in the post-covid economy. We continue to see significant opportunity to invest and with this new fund, we will continue to partner with infrastructure businesses to help them develop and grow, delivering long-term value for our investors as well as the economies in which they operate.”

InfraVia has been advised for this fundraising by First Avenue Partners (placement agent) and by Simmons & Simmons (legal).

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PRESS CONTACTS

INFRAVIA
Vincent LEVITA Founder and CEO
vlevita@infraviacapital.com
+33 (0)1 40 68 17 38

TADDEO
Antoine Denry
antoine.denry@taddeo.fr
+33 (0) 6 18 07 83 27

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EQT launches EQT Active Core Infrastructure

  • EQT launches EQT Active Core Infrastructure, a longer-hold fund with a focus on downside protection, applying EQT’s active ownership playbook to core infrastructure companies
  • EQT Active Core Infrastructure will target companies that provide essential services to society and offer a distinct and attractive risk-return proposition based on stable cash yield generation, inflation protection, low volatility, and pursuit of longer-term value creation opportunities, while actively contributing to the Fund’s sustainability objectives
  • The Fund has a target size of EUR 5bn and will leverage the expertise and deal sourcing capabilities of the EQT Infrastructure platform’s sector teams, local market access and proven value creation toolbox

The launch of EQT Active Core Infrastructure (the “Fund”) builds on 15 years of continuous refinement of an active ownership playbook and future-proofing of strong infrastructure companies. Primarily focused on Europe and North America, the Fund will target core infrastructure companies that provide essential services to society and offer a distinct and attractive risk-return proposition based on stable cash yield generation, inflation protection, low volatility, and pursuit of longer-term value creation opportunities.

The Fund’s longer-hold ownership horizon of 15 to 25 years and focus on core infrastructure companies at the lower end of the risk-return spectrum aim to unlock investment opportunities that historically have fallen outside of the investment scope of EQT’s existing infrastructure strategy. Deeply embedded in EQT’s Real Assets platform, the Fund will apply EQT’s active ownership approach and value creation playbook, leveraging on the infrastructure platform sector teams’ sourcing capabilities, industry insights, and local market access.

EQT Active Core Infrastructure’s deal selection will consider a sustainability framework designed to deliver positive impact and mitigate the long-term risk of business model disruption in its portfolio. Investment opportunities will be sourced across three sustainability themes; (i) climate & environment; (ii) people & society; and (iii) sustainable growth & equality. Within these themes, the Fund will seek to invest in companies that actively support at least one of its six sustainability objectives; (i) energy transition & decarbonization; (ii) circular economy & resource efficiency; (iii) equitable digital opportunities; (iv) basic utility & social services for all; (v) sustainable global trade; and (vi) accessible mobility solutions.

The launch of EQT Active Core reinforces EQT’s commitment to sustainability, as the first private markets firm globally to formalize its science based targets (“SBTs”) through the Science Based Targets initiative. The Fund will develop tailored decarbonization plans for each investment and set ambitious greenhouse gas emission (GHG) reduction targets for its portfolio companies’ operations using the SBTs. EQT Active Core Infrastructure’s longer-term scope and active ownership approach mean that the implementation and fulfillment of portfolio companies’ SBTs are expected to be completed during the Fund’s tenure.

The EQT Active Core Infrastructure fund will be advised by a dedicated team of approximately 15 Investment Advisory Professionals led by a Partner group, including Daniel Pérez, based in Stockholm, Fabian Gröne, based in Munich, and Alex Greenbaum, who joined EQT in New York on 1 March 2022 from GIC, where he was ​​Head of Infrastructure, North America.

Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner, said, “In recent years, we have seen a growing portion of attractive investment opportunities in core infrastructure companies that we have not been able to pursue with EQT’s existing infrastructure strategy. Building on our global platform and expertise, we believe EQT Active Core Infrastructure offers a unique value proposition that will further increase the relevance and importance of EQT as a partner for the fund investors, portfolio companies and the societies we operate in.”

A distinguished Investment Advisory Committee, comprised of Francesco Starace (CEO and General Manager, Enel S.p.A), Joe Kaeser (former President and CEO, Siemens AG), Carol Browner (former Director at the White House Office of Energy and Climate Change Policy), will support the EQT Active Core Infrastructure Advisory Team in its investment recommendations.

The EQT Active Core Infrastructure will have a target fund size of EUR 5 billion. No hard cap has been set to date and the actual fund size is dependent on the outcome of the fundraising process and may ultimately be higher or lower than the target fund size.

DISCLAIMER
No assurances can be given that EQT Active Core Infrastructure’s investment objectives will be achieved or as to the extent of returns that investors will receive in respect of any investment they make in EQT Active Core Infrastructure.

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

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has EUR 73.4 billion in assets under management across 28 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and approximately 1,200 employees.

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

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Norlys to create partnership with PGGM and EDF Invest consortium selling a 35% stake in its Norlys Tele fiber division

EDF Invest

Energy-telco group Norlys has signed a conditional agreement to sell a 35% stake in its wholesale fibernet business to a consortium led by PGGM, the Dutch pension investor, and including EDF Invest, the real assets fund of the French energy group EDF. The purchase price will not be made public, but it will be among the largest recent fiber deals in Europe when finalized.
”We are both glad and proud. When we started digging fiber some 15 years ago, not everyone could see the rationale. Now time has shown that it was a wise decision, but we are not resting on our laurels, and the new partnership aims to ensure that we can continue the positive development,” says Jens Erik Platz, Norlys chairman of the board.

PGGM Infrastructure Fund and EDF Invest both have solid experience with fiber investments in countries such as Germany, France, the Netherlands and Belgium.
”With PGGM and EDF Invest as co-owners, we will free up capital for other strategically important projects, not least a possible mobile acquisition. But we also gain a partner with unique insights that can be leveraged when further developing our fiber activities”, says Norlys CEO Niels Duedahl.
The deal comes after a structured process involving a large number of potential buyers.
”We have had intense and constructive dialogues with Norlys management, and we are convinced that there is perfect match between Norlys’ values and aspirations and PGGM Infrastructure Fund’s strategy, investing for the long-term in sustainable infrastructure companies with a positive impact on modern society. At the same time it is important to stress that Norlys will still be running the company, albeit now with us as a “co-driver”,” says Dennis van Alphen, head of PGGM’s Digital Infrastructure investments.

The Norlys Tele fibernet covers approx. 700,000 households, primarily in Jutland, making it the largest network in Denmark and one of the most advanced roll-outs in Europe. The goal is to pass 1 million households by the end of 2023, and Norlys is now also digging on both Funen and Zealand. The fibernet is open to external service providers, and end users may freely choose between service providers such as Yousee, Hiper, Telenor, Telia and Stofa.
”Norlys’ fibernet is one of the best run and most attractive networks which we have seen in all of Europe. At the same time there is ample opportunity for further developing the business together with the Norlys management, who have already created outstanding results,” says Pierre Benoist d’Anthenay, head of EDF Invest.
The deal is subject to final approval by Norlys’ board of representatives, which will decide on the matter at an extraordinary meeting to be held on 22 March 2022. The deal is also conditional upon obtaining foreign direct investment approval from the Danish Business Authority.

Further information:
Norlys: Ulf Lund +45 41329500 / ulflun@norlys.dk
PGGM: Maurice Wilbrink +31 (0)30 277 97 35 / maurice.wilbrink@pggm.nl
EDF Invest: Alexandre Pieyre +33 6 69 24 68 92 / Alexandre.pieyre@edf.fr

About Norlys
Norlys is a Danish cooperative with a mission to contribute to a green and digitized Den-mark by leveraging the strengths of responsible communities. Annual revenue (2020) to-tals DKK 9bn with annual investments of more than DKK 2bn into Norlys’ power grid and fiber infrastructure as well as renewable energy sources such as solar and wind. With some 735,000 coop-members, 1.7 million customers and 2,900 employees Norlys is the largest integrated energy and telco group in Denmark.
www.norlys.dk

About PGGM
PGGM is a not-for-profit cooperative pension fund service provider. As a pensions administrator, asset manager and advisor to pension fund boards, it executes its social mandate: to provide for good old-age incomes for 4.4 million participants in the Netherlands. On December 31, 2021 PGGM managed long-term pension capital of EUR 291 billion worldwide. Rooted firmly in the Dutch healthcare sector, PGGM develops innovative solutions for labour market issues in this sector, alone or with strategic partners. Our member organisation PGGM&CO supports 764,000 workers and pensioners with a background in healthcare.
www.pggm.nl

About EDF Invest
EDF Invest is the investment arm of EDF for non-listed Dedicated Assets. Dedicated Assets will fund the decommissioning of EDF’s power plants in France. EDF Invest currently manages around €9bn of equity and is targeting around €12 billion in the next few years. Our mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting 3 non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds.
Follow EDF Invest on: http://www.edfinvest.com/ andhttps://www.linkedin.com/company/edf-invest.

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