Tag Archives: infrastructure

A2A and Ardian sign two binding agreements for wind and photovoltaic portfolios

Ardian

21 JANUARY 2022 INFRASTRUCTURE ITALY, MILAN

The parties sign two agreements for an investment of 452 million euros for a total capacity of 352 MW.

A2A and Ardian, a world-leading private investment house, today signed a binding agreement under which A2A will acquire from Ardian funds participations in 3New&Partners, Daunia Calvello and Daunia Serracapriola, companies comprising a portfolio of wind farms in Italy with a total capacity of 335 MW (195 MW pro-rata with respect to Ardian’s stakes), for an Equity Value of 265 million euros.

The two parties have also signed a second binding agreement for a further portfolio, 4new, owned by a fund managed by Ardian and consisting of wind farms and photovoltaic plants for a total of 157 MW, of which 117 MW are located in Italy and the remaining 40 MW in Spain: the acquisition by A2A provides for a total Equity Value of 187 million euro.

“With these plants A2A consolidates its position as the second largest operator in renewables and its presence in Italy, increasing its activities in Sardinia, Puglia, Lazio and Campania. The operation enables the Group to record significant growth in wind power and boost photovoltaics. Today’s agreement and the transactions concluded in the last 12 months allow us to anticipate by two years the objectives of increasing the generation of green energy as set out in our Business Plan. In order to achieve independence from foreign markets in the supply of gas we need to accelerate the development of renewables, a key factor in the ecological transition. Our objective is to continue to invest in this sector and contribute to the sustainable development of the country.” RENATO MAZZONCINI, CHIEF EXECUTIVE OFFICER OF A2A

“We are very proud of what we achieved, during the last 15 years, with the development of our Italian platforms having today half a gigawatt of assets. Ardian has been a pioneering investor in the renewable field in Italy, supporting growth and energy transition. We are happy that these transaction fit in the A2A transition plan towards renewables. We remain firmly committed to sustainable investments in green energy and we are continuously looking to renew, diversify and develop our renewable energy portfolio worldwide.” MATHIAS BURGHARDT, MEMBER OF THE EXECUTIVE COMMITTEE AND HEAD OF ARDIAN INFRASTRUCTURE

The wind farms covered by the agreements between A2A and Ardian are located in Sardinia, Puglia, Campania and the Spanish region of Catalonia, while the photovoltaic plants are located in Puglia, Lazio and the Spanish region of Andalusia.

The completion of both transactions is subject to the fulfilment of customary conditions precedent and is expected indicatively by the end of June 2022.

Ardian Infrastructure was assisted by L&B Partners (M&A), L&B Avvocati Associati (Legal) and EOS (Technical Advisor).
A2A was assisted by Citi (M&A), Cleary Gottlieb (Legal), Studio Rinnovabili (Technical Advisor) and KPMG (Accounting and Tax Advisor).

 

ABOUT A2A

A2A is the Life Company that deals with energy, water and the environment, elements fundamental to life, thanks to the circular use of natural resources. It provides the areas and communities in which it operates with expertise and advanced technologies to improve people’s quality of life and contribute to the sustainable growth of the country. Listed on the Italian Stock Exchange, with over 12,000 employees, A2A is a leader in Italy in the environmental sector, from sorted waste collection to integrated waste management and material and energy recovery. The second largest energy producer in Italy by its installed capacity, A2A also manages the sale and distribution of electricity and gas, the integrated water cycle, district heating, electric mobility, public lighting, energy efficiency interventions and solutions for the development of Smart Cities. The results for the 2020 financial year report a Gross Operating Margin (EBITDA) of € 1.2 billion and Net Profit of € 364 million and investments totalling € 738 million, up 18% on 2019.

www.a2a.eu

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with $120 billion assets under management across Europe, the Americas and Asia. The company, which is majority-owned by its employees, is driven by an entrepreneurial spirit and focused on generating for its investors superior performance globally. 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 800 employees in 15 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). The company manages funds on behalf of approximately 1,200 clients across five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

PRESS CONTACTS

A2A

GIUSEPPE MARIANO

ufficiostampa@a2a.eu+39-02 7720.4583

INVESTOR RELATIONS

ir@a2a.eu+39-02 7720.3974

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Blackstone Infrastructure Partners Acquires Stake in Phoenix Tower International

Blackstone
  • Blackstone Infrastructure’s capital will enable Phoenix Tower International to accelerate growth
  • Digital Infrastructure – which enables mobile connectivity and cloud-based computing for the businesses driving today’s economy – has long been a high conviction investment theme for Blackstone, with COVID-19 accelerating the sector’s growth and required investment  
  • PTI’s expansion is focused throughout the Americas and Europe

NEW YORK, NY – January 18, 2022 – Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners (“Blackstone” or “the company”) have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management.

Founded in 2013, Phoenix Tower International operates over 14,000 cell towers across 18 countries. PTI owns and operates high quality wireless infrastructure sites in markets experiencing strong wireless usage growth around the world. PTI’s expansion is focused throughout the Americas and Europe.

Commenting on the announcement, Greg Blank, Senior Managing Director in Blackstone’s infrastructure business said, “We are thrilled to partner with Dagan Kasavana and the entire PTI team. Cell towers represent one of the highest-quality and most durable infrastructure asset classes given their mission critical nature and long-term growth tailwinds. We look forward to supporting PTI’s continued growth and expansion by leveraging Blackstone’s scale and resources.”

Commenting on the announcement, CEO of Phoenix Tower International, Dagan Kasavana said, “There is a massive growth opportunity in the wireless infrastructure sector across the world, and I am pleased to have world-class partners from Blackstone on my team to continue to expand the business. We are excited to continue the growth journey for PTI with Blackstone Infrastructure.”

Commenting on the transaction, Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management said: “The Manulife Investment Management team is pleased to have had the opportunity to partner with Dagan and the entire Phoenix Tower International team over the years.  Our investment in PTI supported our goal to expand digital connectivity globally, and, together with the PTI team, we achieved a great outcome.  We look forward to watching that growth continue through a new partnership.”

Today’s investment in Phoenix Tower International is the most recent example of digital infrastructure platform investments for Blackstone. Digital Infrastructure – which enables mobile connectivity and cloud-based computing for the businesses driving today’s economy – has long been an area of focus for Blackstone, with COVID-19 accelerating the sector’s growth and required investment. Most recently, Blackstone invested in QTS, a leading data center company and Hotwire, a leading provider of fiber-to-the-home in the United States.

Rothschild & Co acted as financial advisor to Blackstone Infrastructure Partners, while Simpson Thacher & Bartlett served as legal advisor.

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

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

Phoenix Tower International
PTI owns and operates over 14,000 towers and other wireless infrastructure and related sites across 18 countries in the Americas and Europe.  PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across high-growth international markets.  PTI’s investors include funds managed by Blackstone and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com.

About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.

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

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Audax Private Equity Announces Investment in Centerline Communications

Audax Private Equity Announces Investment in Centerline Communications

JAN 11, 2022

Audax Private Equity (“Audax”) announced today that it has acquired a controlling interest in Centerline Communications LLC (“Centerline”), a leading professional services organization focused on the design, build, and maintenance of wireless and wireline network infrastructure from Wincove Private Holdings, LP (“Wincove”) and Stone-Goff Partners (“Stone-Goff”). This transaction took place in August 2021 and terms of the transaction were not disclosed.

Josh Delman, Founder and CEO of Centerline, will continue to lead the company alongside the existing management team. Josh and Wincove will maintain minority ownership positions in the company alongside Audax.

The investment will support Centerline’s continued organic and acquisition growth as it pursues its mission to grow its national footprint and further expand its scope of services focused on the development and maintenance of critical network infrastructure.

Since Audax’ initial investment, Centerline has completed three acquisitions that have helped expand the company’s geographic coverage and range of service offerings: Maicom LLC (“Maicom”), which closed in August 2021; P. Marshall & Associates (“PM&A”), which closed in December 2021; and J5 Infrastructure Partners (“J5”), which closed in December 2021.

Maicom is a critical infrastructure focused services organization based in North Andover, MA, that provides critical infrastructure installation and maintenance for major multiple-system operators (“MSO’s”) throughout the United States and Canada in support of their networks. Centerline acquired Maicom from the Boston-based investment firm, Heritage Holding.

PM&A is an engineering, real estate, and construction management organization based in Atlanta, GA that provides professional services to national wireless operators and major infrastructure owners throughout the southeast and gulf coast of the United States.

J5, based out of Irvine, CA, is a real-estate, construction management, and engineering firm supporting national wireless operators and several national and regional broadband providers throughout the western United States. Centerline acquired J5 from Raleigh-based investment firm, Ridgemont Equity Partners. The founders of each business (Paul Maiuri from Maicom, Patrick Marshall from PM&A, and John Barker from J5) and their respective management teams are planning to remain with the combined platform. With these strategic acquisitions, the Centerline platform now has over 1,200 professionals helping to support the deployment of critical infrastructure throughout the United States and Canada.

Josh Delman, Founder and CEO of Centerline, said, “We are thrilled to be partnering with Audax and look forward to benefitting from their deep industry expertise. We believe this partnership will help us to meet the growing demand within our customers to work with larger, self-performing service organizations that can provide turn-key solutions to critical infrastructure within their national networks. We are excited to have expanded our coverage through our recent acquisitions and to be diversifying our services within the platform to better support our customers.”

“We believe Centerline is well-positioned to grow organically and through acquisitions as it continues its mission to build out a broad range of critical infrastructure services nationally,” said David Wong, Managing Director of Audax. “We are thrilled to be partnering with the company’s highly-experienced management team to help take the business to the next level.”

Keybanc Capital Markets acted as an advisor to Centerline in the transaction with Audax and Husch Blackwell served as legal counsel. Ropes & Gray LLP and Fredrikson & Byron served as legal counsel to Audax.

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Invenergy Announces Approximately $3 Billion Investment from Blackstone Infrastructure Partners to Accelerate Renewable Development Activities

Blackstone
  • Blackstone’s commitment is one of the largest renewable investments in North American history
  • Investment will provide significant capital to drive an accelerated build-out of Invenergy’s clean energy platform
  • Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition
  • CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member

NEW YORK, NY, CHICAGO, IL, AND MONTRÉAL, QC – JANUARY 7, 2022 – Today, Blackstone Inc. (NYSE: BX) announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de dépôt et placement du Québec (CDPQ) and Invenergy for an approximately $3 billion equity investment in Invenergy Renewables Holdings LLC (“Invenergy Renewables” or “the company”), the largest private renewable energy company in North America. Blackstone’s investment will provide capital to accelerate Invenergy’s renewables development activities. CDPQ and Invenergy management remain majority owners of the company and Invenergy will continue as managing member.

Invenergy Renewables is one of the largest and most well-respected renewable energy developers, with over 175 projects totaling nearly 25,000 megawatts developed across four continents, focused on long-lasting partnerships with utilities, financial institutions and commercial and industrial customers. The generation projects developed by the company power the equivalent of 8.5 million homes. Invenergy has received numerous industry recognitions, notably a #4 global rank for “Top Power Generators” based on renewables capacity by Energy Intelligence New Energy in 2020. The company’s developed projects have offset approximately 167 million tons of carbon dioxide, or approximately the annual emissions of the state of New York. Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is solving power delivery challenges by advancing some of the world’s most innovative transmission infrastructure projects. The company is building both the largest wind and solar projects in the United States, that combined will deliver nearly 3 gigawatts (GW) of clean energy by 2023.

Commenting on the transaction, Sean Klimczak, Global Head of Infrastructure at Blackstone, said: “Blackstone is committed to investing behind the energy transition and Invenergy is the clear independent leader in the renewable energy sector. We look forward to a long-term partnership with the Invenergy and CDPQ teams and are excited to invest alongside them to support the accelerated build-out of Invenergy’s clean energy portfolio.”

Matthew Runkle, Senior Managing Director in the Infrastructure Group at Blackstone, added: “We are proud to have the opportunity to work with Michael Polsky and the world-class team at Invenergy. Invenergy has built an outstanding platform for delivering clean energy – which is essential to our future – and we are honored to be a part of their mission.”

Jim Murphy, President & Corporate Business Leader at Invenergy, said: “The Invenergy team is pleased to welcome Blackstone, a leader in the renewable investment space, as our partner. We greatly value our long-term relationship with CDPQ and are thrilled to continue to accelerate the clean energy transition with Blackstone’s additional investment and capabilities.”

Emmanuel Jaclot, Executive Vice President and Head of Infrastructure at CDPQ, added: “For nearly a decade, we have worked alongside Invenergy to build a key global player in the energy transition, in the United States and around the world. Michael Polsky, Jim Murphy and their team raise the bar when it comes to developing and operating sustainable energy solutions, making their company a true innovator and leader in its field. We are delighted to welcome our long-term partner Blackstone as a new investor, combining our global reach and resources to help position Invenergy for continued growth.”

The investment in Invenergy Renewables is the most recent example of a number of clean energy companies Blackstone is proud to support. Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition. Additionally in 2020, Blackstone announced a plan to reduce carbon emissions by 15% in aggregate within the first three years of ownership across all new investments where Blackstone has control over energy usage.

Lazard and CIBC served as M&A advisors to Blackstone and Kirkland & Ellis as legal advisor to Blackstone. Mayer Brown was legal advisor to CDPQ, and Sidley & Austin and White & Case represented the company and Invenergy.

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

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

About CDPQ
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021 CDPQ’s net assets total CAD 390 billion. For more information, visit cdpq.com, follow us on Twitter or consult our Facebook or LinkedIn pages.

About Invenergy Renewables
We are innovators building a sustainable world. Invenergy Renewables and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland and Scotland. Invenergy has successfully developed more than 25,000 megawatts of projects that are in operation, construction or contracted, including wind, solar power generation facilities as well as transmission and advanced energy storage projects. For more information, please visit www.invenergy.com.

Contact
For Invenergy
Beth Conley
bconley@invenergy.com
312-429-2529

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

For CDPQ
Conrad Harrington
Senior Director – International Media Relations
514-847-5493
charrington@cdpq.com

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DIF Capital Partners reaches financial close on Goldsmiths, UK student accommodation PPP

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has closed the acquisition of a 90% stake in the Goldsmiths, University of London, student accommodation PPP. This project was acquired from a fund advised by Arlington Advisors, a UK based investment manager and student housing specialist. The investment will be made by DIF Infrastructure V. The remaining 10% stake is owned by Campus Living Villages, one of the world’s leading on-campus student accommodation owner operators which will continue operating and maintaining the asset.

The project is an operational availability-based PPP that has been operational in its current form since 2017. It comprises 469 beds across three buildings, communal spaces and an orangery. The project is operated under a 50 year concession signed in 2015. The buildings are all located within ca. 1 mile of the Goldsmiths’ campus in south-east London.

Gijs Voskuyl, Partner and Head of Investments for the DIF V and VI strategy, says: “Further to the recent financial close on LSE student accommodation PPP, DIF is excited to add another student accommodation asset to its portfolio. We look forward to partnering with a high profile higher education institution and working alongside a global leader in on-campus student accommodation”.

DIF was advised by Addleshaw Goddard (legal), AECOM (technical) and JLL (commercial), Grant Thornton (tax & accounting) and EY (financial).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.0 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 Australasia through two complementary strategies:

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

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

 

More information:

Jorda Zuurendonk, Marketing & Communication Manager

j.zuurendonk@dif.eu

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KKR, Ontario Teachers’ and PSP Investments complete acquisition of Spark Infrastructure

KKR

SYDNEY–(BUSINESS WIRE)– KKR, Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) and Public Sector Pension Investment Board (“PSP Investments” and together, “the Consortium”) today announced the completion of the acquisition of all issued securities of Spark Infrastructure (ASX: SKI) in an all-cash transaction for approximately A$5.2 billion. All regulatory approvals have been obtained.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211221005823/en/

Spark Infrastructure invests in essential energy infrastructure businesses within Australia, which serve over 5 million homes and businesses, and are deeply involved in supporting the transition of Australia’s electricity grid to one that is increasingly reliant on renewable energy. Spark Infrastructure’s portfolio comprises:

– 49% of SA Power Networks, the sole operator of South Australia’s electricity distribution network, supplying approximately 896,000 residential and commercial customers across the state;
– 49% in Citipower and Powercor (together known as “Victoria Power Networks”), the operator of distribution networks that supply electricity to over 1.1 million customers in Melbourne and central and western Victoria;
– 15.01% of TransGrid, the largest high-voltage electricity transmission network by volume in the National Electricity Market, connecting generators, distributors and major users in New South Wales and the Australian Capital Territory; and
– 100% of the 120MWDC /100MWAC Bomen Solar Farm located north of Wagga Wagga in New South Wales.

Andrew Jennings, a Director on KKR’s Infrastructure team in Australia, said, “We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities. Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country.”

“Spark Infrastructure aligns perfectly with our strategy to invest in high-quality regulated infrastructure assets globally that will both benefit from and support the transition to a low-carbon economy,” said Bruce Crane, Managing Director and Head of Asia Pacific Infrastructure & Natural Resources at Ontario Teachers’. “We look forward to working with our partners and management to continue to optimize network performance and reliability while also supporting future growth of the portfolio.”

“We are excited to add Spark Infrastructure to our Infrastructure portfolio and to continue nurturing our established relationships with KKR and Ontario Teachers’,” said Sandiren Curthan, Senior Director, Infrastructure Investments, PSP Investments. “As Australia transitions away from coal, Spark Infrastructure’s electricity transmission and distribution networks are well-positioned to enable the clean energy transition toward a low-carbon economy.”

KKR is making the investment through its core infrastructure strategy which focuses on investing in high-quality regulated assets in developed OECD markets.

About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Ontario Teachers’ Pension Plan Board
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers. For more information, visit otpp.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with C$204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.

Citadel-MAGNUS
James Strong
+61 448 881 174
JStrong@citadelmagnus.com

Source: KKR

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Cinven to invest in Ufinet International

Cinven

Transaction underscores Cinven’s commitment to Ufinet, Ufinet’s continued growth prospects and the strength of Cinven’s strategic partnership with its co-shareholder Enel

International private equity firm Cinven today announces that the Seventh Cinven Fund has agreed to make a majority investment in Ufinet International (‘Ufinet’ or ‘the Group’), a leading fibre network operator headquartered in Spain and operating in Latin America, for an enterprise value of approximately €2.5 billion.

The transaction underscores Cinven’s commitment to Ufinet and builds on its successful track record of investing in the business through prior Cinven Funds. Enel, that has been a minority co-shareholder in Ufinet since 2018, will re-invest a minority stake in the Group.

Ufinet leases optical fibre infrastructure (‘dark fibre’ services) and provides transmission services (‘lit fibre’) which together comprise c. 90% of revenues. The business also provides other telecom infrastructure like Fibre to the Home (‘FTTH’) or small cells and associated value-added services.

Ufinet operates across 17 countries and more than 2,000 cities in Latin America including in Colombia, Panama, Guatemala and Costa Rica, providing fibre infrastructure and transmission services to telecom operators. Ufinet was established as an independent business in June 2014, following its demerger from Gas Natural Fenosa, the Spanish utility provider, and today employs c.1,400 people across Spain and Latin America.

During Cinven’s ownership, Ufinet has demonstrated significant growth including:

  • Strong revenue and EBITDA growth increasing by c.500% and c.700% respectively;
  • Successful buy and build with the completion and integration of 9 value-accretive acquisitions including Nedetel in Ecuador, NB Telecom and Netell in Brazil, among others;
  • Consistent investment in network improvement and expansion, growing its fibre network by three times and maintaining network performance levels well above industry requirements; and
  • Job creation with the number of Ufinet employees growing by more than 1,400% from less than 100 employees to c. 1,400.

Cinven’s Iberia and TMT teams believe Ufinet is a compelling investment opportunity given its:

  • Strong structural growth drivers, given the significant increase in businesses transitioning to using high speed connectivity, driving further demand for fibre;
  • Operations in nascent markets with strong growth trajectories, underpinned by increased usage and penetration of fixed / mobile broadband and data centres;
  • Significant international expansion and buy and build opportunities, building on its strong track record of successful geographic and acquisitive growth;
  • Strong financial performance, with profits growing at nearly 30% per annum since 2018, including robust performance throughout COVID-19, demonstrating the resilience of the business model;
  • Significant ‘first mover’ advantage, given its well-invested and extensive fibre network; and
  • Industry-leading management team led by CEO, Iñigo Garcia del Cerro Prieto, who has successfully executed the growth strategy of the business since its independence from Gas Natural Fenosa.

Commenting on the transaction, Jorge Quemada, Partner at Cinven, said:

“Ufinet has significant long term strategic ambitions to expand and further internationalise its business, given the strong market dynamics driving the increased use of fibre. Cinven has successfully invested in Ufinet before – as well as in telecom providers in other markets, including Ziggo, Numéricable and MasMovil in the Netherlands, France and Spain, respectively. The Cinven team understands the telecom industry extremely well and, combined with the regional expertise of the Cinven Iberia team, continues to see compelling growth opportunities for Ufinet through a combination of market expansion, organic growth and further buy and build.

Cinven is delighted to continue its strategic partnership with Enel in support of Ufinet’s next phase of growth. In addition, the Cinven team is excited to back the first-class management team, led by Iñigo Garcia del Cerro Prieto, who has already executed a highly successful growth strategy for Ufinet over the past seven years.”

Iñigo Garcia del Cerro Prieto, CEO of Ufinet, added:

“We have had the privilege of working alongside Cinven and Enel since 2014 and 2018 respectively. With the renewal of their partnership, Ufinet strengthens its commitment to grow and expand the business, capitalising on the experience and scale of its shareholders to consolidate and increase its presence in the markets where it operates.

The transaction reinforces Ufinet’s long-term vision, enabling the Company to expand its footprint and become the largest neutral operator of telecommunications infrastructure in Latin America.”

Cinven’s previous successful investments in telecoms have included Ziggo, the leading cable operator in the Netherlands; Numéricable, the French cable operator, both successfully realised following significant buy and build strategies; and MasMovil, one of the largest telecoms operators in Spain which successfully acquired Euskaltel in 2021.

The transaction will be subject to certain regulatory approvals.

Advisers to Cinven on the transaction included Natixis (M&A), Deloitte (tax), Altman Solon (commercial due diligence), KPMG (financial due diligence) and Freshfields (legal).

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DIF Capital Partners reaches financial close on UK student accommodation PPP

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has reached financial close on the London School of Economics & Political Science student accommodation PPP located in London. The deal will be transacted through DIF Infrastructure V. DIF has a 80.1% stake in the project, with the university retaining the remaining 19.9% stake.

The project is a greenfield PPP that includes the design, build, financing, operations and maintenance of new student accommodation facilities that comprise 676 beds, communal spaces, a gym, three roof terraces, a cinema room and two courtyard gardens.

Design, build, operations and maintenance will be completed by Engie Regeneration, which is a subsidiary of Equans, a global contractor in the utility, industry and infrastructure sectors. Long-dated funding has been provided by Pension Insurance Corporation, which is a UK-based specialist insurer of defined benefit pension funds.

Gijs Voskuyl, Partner and Head of Investments for the DIF V and VI strategy, says: “DIF is excited to be growing its portfolio in the student accommodation sector. We look forward to partnering with a world-class university and to support it with its student accommodation delivery”.

Ian Spencer, LSE Director of Residential Services: “One of the priorities in LSE’s 2030 strategy is to Develop the LSE for Everyone. For Residential Services this means guaranteeing an offer of accommodation to all first-year students. The Glengall Rd development takes us a significant step towards that goal by providing 676 affordable rooms for our graduate students”.

QMPF provided the School with financial and commercial advice throughout the process, the School’s legal advisers, Pinsent Masons, provided legal advice and Student First Group advised on the design, build and operation of the new halls.

DIF was advised by DWPF (financial), Centrus (debt arranger), Mills & Reeve (legal), Grant Thornton (tax & accounting), Gleeds (technical) and JLL (commercial).

About DIF Capital Partners
DIF Capital Partners is a leading global independent investment manager, with more than €9.0 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 Australasia through two complementary strategies:

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

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

 

More information

Thijs Verburg, IR & BD

t.verburg@dif.eu

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Red Eléctrica Group welcomes KKR as a long-term strategic partner in Reintel and strengthens its position in the telecommunications sector

KKR

Reintel is the leading dark fibre infrastructure operator in Spain with a network of over 52,000 km

  • KKR will acquire a significant minority stake in Reintel for EUR 971 million, implying an enterprise value of EUR 2.3 billion for the entire business (22.1x EV/2021E EBITDA).
  • Both shareholders are fully committed to long-term value creation for Reintel

 

Madrid, 16 December 2021 – The Board of Directors of Red Eléctrica Group has approved an agreement reached via its subsidiary Red Eléctrica Corporación with KKR, on the terms of an investment by KKR in Reintel, the leading dark fibre infrastructure operator in Spain. The transaction comes after a four-month sale process which attracted the interest of several infrastructure funds.

As part of the transaction, KKR will acquire a 49% stake in Reintel for a total of EUR 971 million. Red Eléctrica Group will continue to be the controlling shareholder and will retain accounting consolidation of Reintel.

The agreed transaction value represents an enterprise value of EUR 2.3 billion for 100% of the business, implying an EV/2021E EBITDA of 22.1 times, unlocking hidden value in Red Eléctrica Group and demonstrating Reintel’s leadership position in the Spanish dark fibre market.

Both shareholders are fully committed to creating long-term value for Reintel, underpinned by the company’s existing strong position in the dark fibre market and the deployment of resources by KKR to support its ongoing business and harness future growth opportunities.

  • KKR is making the investment in Reintel through its core infrastructure strategy which focuses on investing in high quality assets in developed OECD markets. This will afford long-term strategic support for Reintel.
  • KKR’s extensive experience investing in critical infrastructures in Spain and across the world will allow Reintel to accelerate growth by harnessing multiple business opportunities in the years ahead, such as the roll-out of 5G.

This transaction represents a key milestone in Red Eléctrica Group’s 2021-2025 Strategic Plan, which provides for the integration of partners into certain strategic assets to allow the Group to harness growth opportunities and optimise the capacity of its telecommunications businesses to generate value.

The transaction will enhance Red Eléctrica Group’s financial capacity with a view, among other objectives, to rolling out its 2021-2025 Strategic Plan, which is geared primarily towards driving the energy transition by developing the transmission grid infrastructure required in line with the 20212026 Plan.

Roberto García Merino, CEO of Red Eléctrica Group, said: “Following an extremely thorough research process, we are delighted to have reached an agreement with KKR, which will be a highly prestigious, long-term strategic partner to the Group going forward. This agreement clearly underscores the value of the Group’s telecommunications activity and will support its future development, reinforcing the essential services we provide to society.”

Oleg Shamovsky, Managing Director and Head of Core Infrastructure in Europe at KKR, commented:

“This is a very important strategic partnership for KKR alongside a highly respected blue chip

Spanish corporate. We have been following Reintel’s development for many years and are delighted to have the opportunity to invest in this critical telecommunications infrastructure company, and bring to bear KKR’s capabilities and experience in the sector as we strategically partner with Red Eléctrica”.

The transaction is subject to customary conditions including the applicable regulatory approvals and is expected to close in Q2 2022.

UBS and Barclays acted as financial advisors to Red Eléctrica Group and Garrigues as legal advisor.

About Reintel

Reintel is the leading dark fibre infrastructure operator in Spain. The company has been operating in the telecoms infrastructure business since 1997 and was incorporated by GRE as a separate entity in 2015. The company commercialises a >52,000km network and sites along Red Eléctrica de España’s electricity transmission network as well as Adif AV’s fibre optic network. Reintel offers a full suite of wholesale dark fibre services to its customers, which include the main telecommunication operators and utilities in the Spanish market, among others.

About Red Eléctrica Group

Red Eléctrica Group is a holding company whose main business is the operation and management of electricity transmission lines. The group’s parent company is Red Eléctrica Corporación, a listed company owning several subsidiaries, Red Eléctrica de España being the Group’s main company. Red Eléctrica de España is the sole distributor and operator of the Spanish electricity grid and is responsible for the distribution of electricity and operation of the electricity grid in Spain. The company manages and operates over 49,000 km of high voltage lines with very high quality service levels. The Group also manages and leases telecommunications infrastructure through its subsidiaries Hispasat and Reintel.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

 

Media Contacts

 

Red Eléctrica Group

Eva Santiago

eva.santiago@ree.es

M: +34 681 226 052

 

KKR

Javier Curtichs, Tinkle

jcurtichs@tinkle.es

T: +34 91 702 10 10 / M: +34 629 22 40 63

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Atlantic Power Transmission LLC, a Blackstone Infrastructure Partners Portfolio Company, Announces Bid for New Jersey Offshore Wind Transmission Project

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Blackstone

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

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

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

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

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

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

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

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

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

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

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

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

About Blackstone

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

Blackstone Infrastructure Partners

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

Atlantic Power Transmission LLC (“APT”)

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

Contact

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

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