Tag Archives: infrastructure

EQT Infrastructure successfully completes the voluntary tender offer for Solarpack

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

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

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

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

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

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

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

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

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

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

More info: www.solarpack.es

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CyrusOne to be Acquired by KKR and Global Infrastructure Partners in $15 Billion Transaction

KKR

CyrusOne Common Stockholders to Receive $90.50 Per Share in Cash, Representing a Premium of 25% to CyrusOne’s Closing Stock Price of $72.57 on September 27, 2021

DALLAS–(BUSINESS WIRE)–CyrusOne Inc. (NASDAQ: CONE) (the “Company” or “CyrusOne”), a premier global data center REIT, KKR, a leading global investment firm, and Global Infrastructure Partners (“GIP”), one of the world’s leading infrastructure investors, today announced a definitive agreement pursuant to which KKR and GIP will acquire all outstanding shares of common stock of CyrusOne for $90.50 per share in an all-cash transaction valued at approximately $15 billion, including the assumption of debt.

The $90.50 per share purchase price reflects a premium of approximately 25% to CyrusOne’s unaffected closing stock price on September 27, 2021, the last full trading day prior to published market speculation regarding a potential sale of the Company.

“This transaction is a testament to the tremendous work by the entire CyrusOne team. We have built one of the world’s leading data center companies with a presence across key U.S. and international markets supporting our customers’ mission-critical digital infrastructure requirements while creating significant value for our stockholders,” said Dave Ferdman, Co-Founder and interim President and Chief Executive Officer of CyrusOne. “KKR and GIP will provide substantial additional resources and expertise to accelerate our global expansion and help us deliver the timely and reliable solutions at scale that our customers value.”

“Today’s announcement is the culmination of a robust strategic review process conducted by the CyrusOne Board of Directors to determine the best path forward for the Company and maximize stockholder value,” said Lynn Wentworth, Chair of the CyrusOne Board of Directors. “This transaction provides CyrusOne stockholders with significant value and simultaneously positions the Company to even better serve its customers to meet their needs in key markets around the world.”

“CyrusOne has built one of the strongest data center companies in the world and has a strong track record of development and operational expertise in addition to delivering best-in-class service to its customers. We are excited to work together with the Company’s proven team to build on CyrusOne’s market leadership and support their customers’ growing data center infrastructure requirements,” said Waldemar Szlezak, Managing Director at KKR, and Will Brilliant, Partner at GIP. “We see numerous opportunities ahead to continue expanding CyrusOne’s footprint across key global digital gateway markets and look forward to leveraging our global resources, access to long term capital and deep expertise to support the Company’s growth.”

Transaction Approvals and Timing

The transaction, which was unanimously approved by the CyrusOne Board of Directors, is not subject to a financing condition and is expected to close in the second quarter of 2022, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by CyrusOne stockholders.

Upon completion of the transaction, CyrusOne will be a privately held company wholly owned by KKR and GIP and CyrusOne’s common stock will no longer be listed on any public market. KKR’s investment is being made primarily from its global infrastructure and real estate equity strategies, and GIP’s investment is being made from its global infrastructure funds.

Advisors

Morgan Stanley & Co. LLC and DH Capital, LLC are acting as financial advisors to CyrusOne and Cravath, Swaine & Moore LLP, Venable LLP and Eversheds Sutherland (International) LLP are acting as its legal counsel.

Goldman Sachs & Co., Barclays, Wells Fargo Securities, LLC, Citigroup and J.P. Morgan are acting as financial advisors to KKR and GIP, with KKR Capital Markets leading the structuring on the financing. Kirkland & Ellis LLP and Dentons (UK & Europe) are acting as legal counsel to the acquiring consortium and KKR, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel to GIP.

About CyrusOne

CyrusOne (NASDAQ: CONE) is a premier global REIT specializing in design, construction and operation of more than 50 high-performance data centers worldwide. The Company provides mission-critical facilities that ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies.

A leader in hybrid-cloud and multi-cloud deployments, CyrusOne offers colocation, hyperscale, and build-to-suit environments that help customers enhance the strategic connection of their essential data infrastructure and support achievement of sustainability goals. CyrusOne data centers offer world-class flexibility, enabling clients to modernize, simplify, and rapidly respond to changing demand. Combining exceptional financial strength with a broad global footprint, CyrusOne provides customers with long-term stability and strategic advantage at scale.

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 Global Infrastructure Partners

Established in 2006, GIP is one of the world’s leading infrastructure investors. The funds and investment platforms managed by GIP make equity and debt investments in infrastructure assets and businesses in both OECD and selected emerging market countries, targeting investments in the energy, transport, digital, water / waste and infrastructure sectors where GIP possesses deep experience and relationships. GIP has 10 offices around the world with major hubs in New York, Stamford, London, Sydney, Hong Kong and Mumbai. GIP manages over US$79 billion for its investors. GIP’s funds currently own 40 portfolio companies which have combined annual revenues of c. US$34 billion and employ in excess of 58,000 people. Further information can be found on GIP’s website at www.global-infra.com.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

In connection with the proposed merger, CyrusOne will file with the Securities and Exchange Commission (the “SEC”) a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, CyrusOne intends to mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed merger. INVESTORS AND STOCKHOLDERS OF CYRUSONE ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED MERGER THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Stockholders will be able to obtain free copies of the proxy statement and other documents containing important information about CyrusOne once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov or free of charge from CyrusOne by directing a request to CyrusOne’s Investor Relations Department at 972-350-0060 or investorrelations@cyrusone.com.

Participants in the Solicitation

CyrusOne and its directors and executive officers may be deemed to be participants in the solicitation of proxies from CyrusOne’s stockholders in connection with the proposed merger. Information about the directors and executive officers of CyrusOne is set forth in its proxy statement for its 2021 annual meeting of stockholders on Schedule 14A filed with the SEC on April 8, 2021, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 19, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Cautionary Statement Regarding Forward-Looking Statements

The information included herein, together with other statements and information publicly disseminated by CyrusOne, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CyrusOne intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions.

In particular, statements pertaining to CyrusOne’s capital resources, portfolio performance, financial condition and results of operations contain certain forward-looking statements. Likewise, all of CyrusOne’s statements regarding anticipated growth in CyrusOne’s funds from operations and anticipated market conditions, demographics and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected.

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) CyrusOne’s proposed merger with the acquiring consortium (the “Buyer”) may not be completed in a timely manner or at all, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect CyrusOne or the expected benefits of the proposed merger or that the approval of CyrusOne’s stockholders is not obtained; (ii) the failure to realize the anticipated benefits of the proposed merger; (iii) the ability of Buyer to obtain debt financing in connection with the proposed merger; (iv) the possibility that competing offers or acquisition proposals for CyrusOne will be made; (v) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger, including in circumstances which would require CyrusOne to pay a termination fee or other expenses; (vii) the effect of the announcement or pendency of the merger on CyrusOne’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; (viii) risks related to diverting management’s attention from CyrusOne’s ongoing business operations; (ix) the risk that shareholder litigation in connection with the merger may result in significant costs of defense, indemnification and liability; (x) the potential widespread and highly uncertain impact of public health outbreaks, epidemics and pandemics, such as the COVID-19 pandemic; (xi) loss of key customers; (xii) indemnification and liability provisions as well as service level commitments in CyrusOne’s contracts with customers imposing significant costs on CyrusOne in the event of losses; (xiii) economic downturn, natural disaster or oversupply of data centers in the limited geographic areas that CyrusOne serves; (xiv) risks related to the development of CyrusOne’s properties including, without limitation, obtaining applicable permits, power and connectivity and CyrusOne’s ability to successfully lease those properties; (xv) weakening in the fundamentals for data center real estate, including but not limited to, increased competition, falling market rents, decreases in or slowed growth of global data, e-commerce and demand for outsourcing of data storage and cloud-based applications; (xvi) loss of access to key third-party service providers and suppliers; (xvii) risks of loss of power or cooling which may interrupt CyrusOne’s services to its customers; (xviii) inability to identify and complete acquisitions and operate acquired properties; (xix) CyrusOne’s failure to obtain necessary outside financing on favorable terms, or at all; (xx) restrictions in the instruments governing CyrusOne’s indebtedness; (xxi) risks related to environmental, social and governance matters; (xxii) unknown or contingent liabilities related to CyrusOne’s acquisitions; (xxiii) significant competition in CyrusOne’s industry; (xxiv) recent turnover, or the further loss of, any of CyrusOne’s key personnel; (xxv) risks associated with real estate assets and the industry; (xxvi) failure to maintain CyrusOne’s status as a real estate investment trust (“REIT”) or to comply with the highly technical and complex REIT provisions of the Internal Revenue Code of 1986, as amended (the “Code”); (xxvii) REIT distribution requirements could adversely affect CyrusOne’s ability to execute its business plan; (xviii) insufficient cash available for distribution to stockholders; (xxix) future offerings of debt may adversely affect the market price of CyrusOne’s common stock; (xxx) increases in market interest rates will increase CyrusOne’s borrowing costs and may drive potential investors to seek higher dividend yields and reduce demand for CyrusOne’s common stock; (xxxi) market price and volume of stock could be volatile; (xxxii) risks related to regulatory changes impacting CyrusOne’s customers and demand for colocation space in particular geographies; (xxxiii) CyrusOne’s international activities, including those conducted as a result of land acquisitions and with respect to leased land and buildings, are subject to special risks different from those faced by CyrusOne in the United States; (xxxiv) the continuing uncertainty about the future relationship between the United Kingdom and the European Union following the United Kingdom’s withdrawal from the European Union; (xxxv) expanded and widened price increases in certain selective materials for data center development capital expenditures due to international trade negotiations; (xxxvi) a failure to comply with anti-corruption laws and regulations; (xxxvii) legislative or other actions relating to taxes; (xxxviii) any significant security breach or cyber-attack on CyrusOne or its key partners or customers; (xxxix) the ongoing trade conflict between the United States and the People’s Republic of China; (xl) increased operating costs and capital expenditures at CyrusOne’s facilities, including those resulting from higher utilization by CyrusOne’s customers, general market conditions and inflation, exceeding revenue growth; and (xli) other factors affecting the real estate and technology industries generally.

While forward-looking statements reflect CyrusOne’s good faith beliefs, they are not guarantees of future performance. For a further discussion of these and other factors that could impact CyrusOne’s future results, performance or transactions, see Part I, Item 1A. “Risk Factors” of CyrusOne’s Annual Report on Form 10-K for the year ended December 31, 2020, and CyrusOne’s other filings with the SEC. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. We disclaim any obligation other than as required by law to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors or for new information, data or methods, future events or other changes.

Contacts

Investor Relations
Michael Schafer
Senior Vice President, Finance
972-350-0060
investorrelations@cyrusone.com

Media

For CyrusOne
Joele Frank, Wilkinson Brimmer Katcher
Barrett Golden / Andrew Siegel
212-355-4449

For KKR
Cara Major
(212) 750-8300
media@kkr.com

For Global Infrastructure Partners
+1 646-282-1545
mediainquiries@global-infra.com

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DIF Capital Partners closes its ESG equity bridge facility

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has increased its equity bridge facility with ESG linked performance criteria to EUR 900 million. The facility was closed by DIF Infrastructure VI (“DIF VI”) and is provided by a club of banks comprising ABN AMRO, Rabobank, BMO, CIBC, ING Bank and CBA, with ABN AMRO acting as agent.

This is DIF’s first ESG equity bridge facility, evidencing the company’s desire to positively contribute to a sustainable future for the environment and society in general. The facility contains a set of ESG KPIs related to the ESG performance of DIF as a manager and the ESG performance improvement of the underlying portfolio on key ESG areas such as safety, environment, climate resilience and community, including third party assurance.

In return, DIF VI benefits from a reduction in margin on the facility upon meeting those KPIs, reflecting the lenders’ own ESG support and commitment to a sustainable future.

“We are delighted to be working again with our long term partners ABN AMRO, Rabobank, BMO, CIBC, ING Bank and CBA in relation to this very innovative facility with clearly described ESG KPIs. This closing confirms and strengthens DIF’s position as leader in the ESG space within the private equity community and we continue to be committed to deliver a positive contribution to a sustainable future” said Robert Doekes, CFO at DIF Capital Partners.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

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

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

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

Contact:
Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

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EQT Infrastructure to sell Fenix Marine Services to CMA CGM for an enterprise value of USD 2.3 billion

eqt

Fenix Marine Services is a leading container terminal in the Port of Los Angeles

Under EQT Infrastructure’s ownership since 2017, Fenix Marine Services has been transformed into one of the largest and most efficient container terminals operating in the busiest port complex in the Western Hemisphere

A relentless focus on value creation and digitization have resulted in significant operational improvements, including a 20 percent increase in gross moves per hour, the leading indicator of marine productivity. Environmental upgrades have also eliminated over ten million pounds of greenhouse gases to date

EQT is pleased to announce that the EQT Infrastructure III fund (“EQT Infrastructure”) has agreed to sell its stake in Fenix Marine Services (“the Company”) to CMA CGM (“CMA”) for an enterprise value of USD 2.3 billion. CMA is the third largest global shipping line and a member of the leading Transpacific shipping alliance.

Fenix Marine Services is one of the largest terminals in the Port of Los Angeles and provides container handling services to shipping lines. The Company handles approximately 2.3 million TEUs (unit of cargo capacity) annually and employs more than 145 people.

Since acquiring Fenix Marine Services in December 2017, EQT Infrastructure has undertaken a series of initiatives to help position the platform for long-term success, including a management overhaul led by seasoned port executive Sean Pierce, featuring a dynamic team with deep global terminal operating experience and cutting-edge technological know-how. EQT Infrastructure also backed significant investments in new equipment and systems, including the largest cranes in North America. The Company introduced an extensive yard reconfiguration that increased terminal capacity by 40 percent, improved productivity, reduced turnaround time for truckers, and improved safety. EQT Infrastructure also supported the installation of automated gates and implementation of advanced inventory tracking systems, as well as the launch of innovative machine learning technology to optimize terminal operations. These efforts firmly established Fenix Marine Services as one of the leading digitized port operators in the world.

Demonstrating sustainability leadership in the Port of Los Angeles has also been a key focus for Fenix Marine Services. The Company converted its entire equipment fleet to renewable diesel, eliminating over ten million pounds of greenhouse gases to date, and is testing low-carbon hydrogen fuel cell technology with partners including Toyota.

Sean Pierce, CEO and President of Fenix Marine Services, said, “Our vision was always to deliver on operational excellence and to do things better than they have been done before. All employees at Fenix Marine Services, whether on the front line in Port of Los Angeles or at our back-office in Arizona, have been critical in delivering that vision. This transaction is a testament to the strength and fortitude of the team. We thank our partners at EQT for their unique, active support of the company throughout this journey”.

Alex Darden, Partner and Head of EQT Infrastructure’s US Advisory Team, added, “Fenix Marine Services plays an integral role in the complex North American supply chain. We have been proud to support its mission of operational excellence and capacity growth to best meet consumer needs both before and during a pandemic that has highlighted the importance of Port of Los Angeles as a critical trade gateway. It has been a pleasure to partner with Sean and the current management team, each of whom have done a fantastic job implementing our full potential plan, including an ambitious digitalization program and an industry-leading sustainability agenda. Today, Fenix Marine Services is one of the most efficient and environmentally friendly terminals in North America”.

EQT Infrastructure is confident that CMA is the right partner to continue this incredible progress, ensuring the terminal’s operational efficiency and fluidity to the benefit of the entire port community. The transaction closing is subject to customary regulatory approvals.

Rothschild & Co acted as exclusive financial advisor and Allen & Overy LLP acted as legal advisor to EQT Infrastructure.

Contact
US inquiries: Mathilde Milch, +1 917 510 6626, mathilde.milch@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About

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. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has more than EUR 70 billion in assets under management across 27 active funds within two business segments – Private Capital and Real Assets.

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

About Fenix Marine Services
Fenix Marine Services in the Port of Los Angeles is one of the largest marine terminals in North America, spanning nearly 300 acres and 4,000 feet of the wharf. Fenix is in a prime location adjacent to the Port’s deep-sea channel and a ship-turning basin. The Fenix team achieves approximately 2.3 million TEUs annually.

More info: www.fenixmarineservices.com

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Gimv creates a strong national player for underground infrastructure through the strategic combination of Baas-Verkley

GIMV

02/11/2021 – 17:45 | Portfolio

The investment in Verkley announced last April will be expanded through a strategic combination with Baas. The combination creates a strong, national player active in the design, construction and maintenance of essential infrastructure for energy, water and telecom. The departing CEO of Baas, Tiemen Schra, will remain involved after the transaction as a shareholder and as a member of the Supervisory Board. The management of the Baas-Verkley combination will consist of Pieter Elzinga, current regional director of Baas Infra Noord and Jacob de Graaf, current CFO of Baas.

A crucial link in the energy transition is the need to expand and strengthen the infrastructure for electricity, water and telecom. Figures show that before 2050, one in three streets in the Netherlands will have to be broken up for the transition to a sustainable energy system. Also, the ever-increasing demand for faster internet means that many households will be connected to the fibre optic network. Such complex infrastructure works require partners who can guarantee the quality, safety, continuity and high flexibility in the planning and execution of large assignments.

While Verkley (Drachten – NL, www.verkley.nl) is active in the construction and maintenance of underground infrastructure in the North of the Netherlands with specialized expertise in the field of horizontal directional drilling, Baas (Capelle aan den IJssel – NL, www.baasbv.nl) is a national player in the construction of energy infrastructure with additional services in the field of fibre optic networks and in-building installations. In addition, in recent years Baas has been focusing strongly on the design of energy networks, sustainable heat networks, charging stations and battery storage. These complementary areas of expertise make the Baas-Verkley combination a strong, multidisciplinary and stable party for the future. With approximately 750 permanent employees and around 350 flex workers, the combination can respond quickly and flexibly to its customers’ substantial projects.

Tiemen Schra, departing CEO of Baas and future member of the supervisory board, stated: “I see Gimv’s joining as an important precondition for further expanding and strengthening our market position and growth ambitions in the energy transition and smart society in the coming years. Verkley’s entry also creates a strategic combination and a strong Dutch market player that enables us to jointly offer innovative and technologically complex solutions across the entire spectrum of the energy transition by combining expertise and craftsmanship.”

Pieter Elzinga, CEO of Baas-Verkley as of the transaction, adds: “The combination of Verkley’s expertise and the arrival of Gimv as a shareholder will enable us to fulfil our clients’ ambitions even better. Getting such experienced partners on board, while keeping Tiemen on as a co-shareholder and supervisory board member, results in a decisive organization that is ready for future growth.”

Rombout Poos and Roland Veldhuijzen Van Zanten (Gimv), form the deal team and articulate it as follows: “We are very impressed with the position Baas has built over the past years and are convinced that the strategic combination with Verkley will contribute to the further realization of the energy and water transition in the Netherlands. The visions and ambitions of both companies and management teams align well with the strategy of our Sustainable Cities platform.”

The transaction is subject to customary closing conditions, including approval by the competition authorities. No further financial details on this transaction are being published.

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EQT Infrastructure V holds final close – reaches hard cap with continued strong investor support

The EQT Infrastructure V fund holds final close at EUR 15.7 billion in fee-generating assets under management, fortifying EQT’s position as one of the leading infrastructure investors globally

Strong demand from a well-diversified, global group of existing and new investors, with a 99 percent re-up rate from the predecessor fund based on committed capital and 68 percent based on the number of investors

Continued strong investor support for EQT Infrastructure’s purpose-driven and thematic investment strategy

EQT is pleased to announce that the EQT Infrastructure V fund (the “Fund”) has held its final close at EUR 15.7 billion in fee-generating assets under management. The fundraising, led by EQT’s in-house Capital Raising and Client Relations team, was launched in July 2020 and active fundraising efforts were materially concluded during Q2 2021.

The fundraising for EQT Infrastructure V resulted in a 99 percent re-up rate from the predecessor fund based on committed capital and 68 percent based on the number of investors. The strong demand demonstrates the continued support for EQT Infrastructure’s thematic investment strategy, focused on backing companies within its core sectors: energy, transport & logistics, environmental, digital, and social infrastructure.

The Fund is backed by a well-diversified, global investor base consisting of pension funds, insurance companies, sovereign wealth funds, financial institutions, endowments, foundations, family offices, and private wealth platforms, among others.

Lennart Blecher, Head of Real Assets’ Advisory Teams and Deputy Managing Partner, said, “We are humbled by the confidence the investors have placed in us, and we see the successful fundraising as a testimony to EQT’s purpose-driven and thematic approach to infrastructure investing. Looking ahead, we have a strong pipeline of interesting opportunities within energy transition and decarbonization, digital, environmental, and social infrastructure on both sides of the Atlantic, as well as the potential for select investments in Asia-Pacific.”

Christian Sinding, CEO and Managing Partner, added, “EQT Infrastructure has over the years evolved into a truly global platform that is actively developing mission-critical infrastructure assets that ​​provide essential services to societies around the world. The closing marks yet another milestone on this journey, and it will allow EQT Infrastructure to continue to execute on sustainable transformation within its core sectors.”

The Fund made its first transaction in August 2020 and has since then invested in 12 portfolio companies. The investments are in line with EQT Infrastructure’s strategy of backing companies that provide essential services to society and can make a positive impact in their respective sectors. The portfolio companies include ferry line operators Molslinjen and Torghatten in the Nordics, energy transition companies Covanta and Cypress Creek in North America, as well as digital infrastructure operators Deutsche Glasfaser, DELTA Fiber, and Fiberklaar, and social infrastructure companies Colisee and Meine Radiologie/Blikk in Continental Europe.

EQT Infrastructure V is currently approximately 60-65 percent invested, subject to customary regulatory approvals (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

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

About

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. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has more than EUR 70 billion in assets under management across 27 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 has more than 1,100 employees.

More info: www.eqtgroup.com
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DIF Capital Partners consortium reaches financial close on A$11.1 billion Australian North East Link PPP

DIF

DIF Capital Partners (“DIF”) is pleased to announce that the SPARK consortium comprising DIF Infrastructure VI (“DIF VI”), Capella Capital, John Laing, Pacific Partnerships, CPB Contractors, GS Engineering & Construction, WeBuild, China Construction Oceania and Ventia has reached financial close on the landmark North East Link project in Melbourne, Australia.

North East Link will be the largest transport project in Victoria’s history and the largest PPP project in Australia, with a total cost of A$11.1 billion. DIF VI will own a 20% stake in the Primary Package PPP, which has an unprecedented long-term financing structure in place with top tier local and international financiers.

North East Link (click here for video) will be Victoria’s longest twin road tunnel, with three lanes and ca. 6.5 kilometres in length, finally closing the missing link in Melbourne’s freeway network. Up to 135,000 vehicles will use North East Link every day, reducing congestion in the north-east, and giving back local roads to local communities. North East Link will slash travel times by up to 35 minutes, take 15,000 trucks of local roads each day, and create more than 10,000 local jobs.

The project will be delivered by a design & construction joint venture consisting of WeBuild, CPB Contractors, GS Engineering and China Construction Oceania. Operations and maintenance will be undertaken by Ventia.

Gijs Voskuyl, Partner and Head of Investments for DIF VI added: “DIF is excited to work with the North East Link Project Authority and alongside our leading Spark consortium members to deliver this critical missing link in Melbourne’s road network. The North East Link project will not only create thousands of local community jobs, it will also reduce congestion and remove significant freight transport from the existing suburban roads, and thereby significantly improving the liveability of the surrounding communities.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

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

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

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

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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DIF Capital Partners to become majority shareholder in global solar PV platform ib vogt

DIF

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, has reached an agreement to acquire a 51% stake in ib vogt GmbH (“ib vogt”), one of the world’s leading developers in utility-scale PV solar, from its current 100% shareholder (“DVV”).

With a total capacity, built or in construction, of over 2.2 GWp to date combined with a project development pipeline in excess of 40 GWp, ib vogt continues to benefit from strong growth and is a leading global utility scale solar PV development platform. Headquartered in Berlin, Germany, ib vogt has established 27 offices across Europe, North America, Asia-Pacific and Africa as part of its presence in over 40 countries. The group works together with numerous partners globally, augmenting its in-house team of over 540 experts who are active in all areas of the solar value chain.

DIF and DVV have entered into this strategic partnership with the aim of accelerating ib vogt’s growth program and asset build out as well as to fast track the transition of the company towards an independent power producer (“IPP”) model that develops, owns, and operates solar and battery storage projects. As part of the agreement, DIF will acquire a 51% stake in ib vogt (excluding certain projects for regulatory reasons) and the shareholders will undertake a capital injection at closing.

“We are delighted to partner with DVV and the ib vogt team, who have proven to be one of the leading solar development platforms globally. The development, construction and operation of solar energy and battery storage plays a vital role in the decarbonisation of electricity markets across the world and we believe ib vogt is well placed to play a major role in this,” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to support the company and the highly experienced management team in the next phase of its growth, realising ib vogt’s impressive pipeline and continuing the transformation from a developer into a global IPP.”

“The partnership with DIF will have an energising effect for the company. We are delighted to be working with the DIF team. Our sector – and the company – are growing rapidly. The partnership represents an important and transformative next step in our evolution. It will help the company to reach new heights, accelerating the conversion of the tremendous pipeline potential that we have built up, and thereby creating a leading and value-adding IPP platform,” said Anton Milner, CEO of ib vogt.

“Our industry is pivotal in the fight against climate change. Together with DIF we have an opportunity to significantly increase the company’s contribution and impact in addressing this key global challenge. We are excited about our partnership and taking the company to the next level,” added Dagmar Vogt, founder and shareholder of ib vogt.

DVV was advised by Marathon Capital, Ikarus Capital as well as Hogan Lovells International LLP and AU VON POCHHAMMER Rechtsanwälte. DIF was advised by Evercore, Schenck Energy and Ashurst.

The transaction is subject to receipt of usual and customary regulatory approvals and consents for transactions of this nature. Closing is expected to take place during Q4 2021.

About ib vogt

ib vogt is firmly committed to supporting the decarbonisation of the global electricity sector. As an integrated developer, ib vogt specialises in the development, design, engineering, financing, EPC, operation, maintenance, and asset management of solar power plants, offering high-quality turnkey solutions to asset owners. The company currently has multiple hundred-MWp projects under construction with a multi-GWp international project pipeline.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

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

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

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

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

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DIF Capital Partners invests in sustainability and energy solutions with acquisition of Bernhard, LLC

DIF

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

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

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

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

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

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

About Bernhard

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

About DIF Capital Partners

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

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

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

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

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CapMan Infra and St1 to co-operate on the construction of ground source heat plants

Capman

CapMan Infra and St1 to co-operate on the construction of ground source heat plants

CapMan Infra has entered into co-operation with St1 to accelerate ground source heat plant investments in Finland. As part of the arrangement, the CapMan Nordic Infrastructure I fund acquires a ground source heat plant portfolio owned by St1 Lähienergia Oy, and finances nationwide investments in new heating plants generating sustainably produced energy.

CapMan Infra and St1 are launching a partnership through which CapMan Infra finances new ground source heat plants, sold and built by St1, for apartment buildings and commercial and public properties throughout Finland. The share of properties utilising ground source heat has been steadily rising in Finland for the last ten years. The goal of the arrangement is to further speed up ground source heat investments while decreasing emissions, by offering clients heating solutions through an effortless and cost-efficient lifecycle model.

As part of the arrangement, CapMan Infra acquires St1 Lähienergia Oy’s ground source heat plant portfolio, which serves approx. 130 properties and produces about 38 GWh of sustainable local energy annually. St1 continues to operate the plants and serve existing clients as part of the agreed co-operation. The investment programme aims to at least double the energy production by 2024.

“Heating of buildings stands for about 30% of Finland’s entire greenhouse gas emissions. Geothermal heating is renewable energy and lowers CO2-emissions considerably as compared to traditional electricity and oil heating. It is great that we are able to facilitate new investments in ground source heat plants together with a leading Nordic energy company and offer heating solutions through an innovative and competitive lifecycle model. The partnership is also an excellent example of the type of collaboration where CapMan Infra creates added value to an industrial partner as well as the end-customer through investments,” comments Ville Poukka, managing partner at CapMan Infra.

“The partnership between St1 and CapMan Infra is an excellent example of the recognition that St1 enjoys as a reliable partner also for the execution of scalable geothermal and ground source heat systems. It is paramount for lifecycle model projects to secure reliable and disturbance-free heat generation for residents under all conditions. We are proud to be part of this effort to produce sustainably generated heat for a broader customer base,” comments Matti Pentti, director of St1 Oy’s Heat from the Ground division.

“As the developer and operator of St1 Lähienergia Oy plants we have gained experience over many years on how to plan, build and operate energy efficient and reliable heat plants over the lifecycle,” adds Kristian Savela, CEO of St1 Lähienergia Oy.

The arrangement will be executed through CapMan Nordic Infrastructure I fund’s portfolio company Loviisan Lämpö.

“With this arrangement the Loviisan Lämpö Group expands its heating business to new areas. Going forward we will be able to offer nationwide heating solutions in co-operation with St1 also outside our current district heating network,” says Mikko Paajanen, CEO at Loviisan Lämpö.

The transaction is expected to close during 2021 and is subject to customary closing conditions.

For more information, please contact:

Pekko Haaksluoto, Investment Director, tel. +358 40 584 6031

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012.  www.capman.com

About St1

St1 Nordic Oy is a Nordic energy group whose vision is to be the leading producer and seller of CO2-aware energy. The Group researches and develops economically viable, environmentally sustainable energy solutions. St1 focuses on fuels marketing activities, oil refining and renewable energy solutions such as waste-based advanced ethanol fuels and industrial wind power. The Group has 1250 St1 and Shell branded retail stations in Finland, Sweden and Norway. Headquartered in Helsinki, St1 employs currently more than 1000 people. www.st1.com

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