DIF’s portfolio company ruhrfibre signs EUR 120m senior debt financing


DIF Capital Partners (via its DIF CIF III fund) is pleased to announce that its portfolio company ruhrfibre has closed on a senior debt financing in support of the buildout of a large-scale fibre network in Essen (Germany), targeting around 150,000 households.

DIF announced its investment in ruhrfibre in November 2022, alongside project developer metrofibre and the City of Essen. The project is a game changer to the city in the industrial Ruhr-area in terms of its economic advancement and will accelerate Essen’s development into a smart city.

The financing package comprises senior loans totalling EUR 120m that are provided by a club of senior lenders comprising ING, Kommunalkredit Austria and SEB. There is a further uncommitted accordion facility of EUR 40m to expand the financing. The facilities are structured as a green loan with a dedicated green use of proceed for the financing of climate friendly broadband technology, and as such underpin DIF’s strong commitment to promote sustainable infrastructure.

The successful financing provides further momentum to ruhrfibre’s significant progress in bringing fibre to Essen: In June, ruhrfibre started the construction work in the first two roll-out areas in Essen. “With full financing, the project is now significantly picking up speed”, says Christopher Rautenberg, Managing Director at metrofibre and ruhrfibre. “New roll-out areas will follow in the next few months to meet our goal of connecting 150,000 households, businesses, and public institutions to the fiber-optic network.”  DIF and ruhrfibre were advised by ING, Hogan Lovells, Arthur D. Little and Riskbridge. The lenders were advised by White & Case.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 17 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

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

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

For more information, please visit www.dif.eu

Contact DIF Capital Partners: press@dif.eu

Categories: News


DBAG acquires majority stake in TBD Technische Bau Dienstleistungen

  • TBD is a leading critical infrastructure construction service provider
  • Range of services is part of the enabler of the energy transition in Germany
  • Management buyout to secure succession

Frankfurt/Main, 7 August 2023. Deutsche Beteiligungs AG (DBAG) invests in TBD Technische Bau Dienstleistungen (TBD), a specialized service provider for critical infrastructure. Via a management buyout (MBO), a fund advised by DBAG will acquire the majority stake from the founders to secure the company’s succession. The founders, Uwe Jahnke and Wilfried Eschen, will remain as minority shareholders, while Uwe Jahnke, alongside TBD’s well-coordinated team, will lead the company solely. This transaction, which is subject to approval by the authorities, is expected to be closed in August 2023. The parties have agreed not to disclose the terms of the sale.

TBD: Seven different business units
TBD is a highly specialised technical construction services provider headquartered in Friedeburg (East-Frisia) and counts as a regional champion in its area focusing on services and testing for critical infrastructure. TBD has a critical strategic geographic footprint since the area of Friedeburg is a key enabler for the energy transition (“Energiedrehscheibe”) following substantial investments into the infrastructure. The company is organised in seven business units and was founded in 2005. More than 350 staff members, generating a total operating performance worth 36.1 million euros (2022), are employed at six locations, thereof more than 250 in Friedeburg. TBD enjoys a high reputation among its customers. Projects such as the connection of the LNG terminal in Wilhelmshaven, for which TBD carried out the weld seam tests as an accredited testing laboratory, underline the company’s reputation, experience, and competencies.

TBD’s growth prospects are promising and mainly driven by the ongoing transition towards alternative energy sources and the overall transformation in terms of new energy infrastructure for private and commercial accommodations. DBAG’s broad experience in the area of industrial services will come to bear while TBD is heading towards its next stage of growth.

“Driven by the shift towards alternative energy sources and the derived demand in the market, TBD is in a strong position with a very promising trajectory ahead. Furthermore, we see strong prospects to accelerate growth. And with our comprehensive experience, we can contribute to an enhancement of TBD’s competence profile and a further diversification of its client portfolio”, said Jannick Hunecke, Member of the Board of Management of Deutsche Beteiligungs AG.

Wilfried Eschen, Managing Director of TBD, who will retire soon, explained: “Just like we are a reliable partner to our clients, DBAG turned out to be a reliable investor to us already. With DBAG and its fund, we will take advantage of the team’s experience and network.

“Due to DBAG’s knowledge, new opportunities will arise, which will fertilize our business, and hence benefit our clients as well as our team”, said Uwe Jahnke, Managing Director of TBD.

Categories: News


DIF Capital Partners to invest £200 million in UK battery storage developer and operator Field


DIF Capital Partners (via its DIF Infrastructure VII fund) is pleased to announce a £200m investment into Field, a London-headquartered dedicated developer and operator of battery energy storage systems.

The investment will allow Field to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe as it seeks to contribute to the renewable energy infrastructure needed to reach Net Zero.

Field batteries

Field’s battery energy storage systems allow energy generated during times of lower demand to be stored and released to the grid during times of higher demand.

Field is already operating its first site in the UK, a 20 MWh battery project in Oldham, Greater Manchester. It has another four sites totalling 210 MWh in or near construction in the UK: Newport in South Wales, Blackburn in Lancashire, Gerrards Cross in Buckinghamshire and Auchteraw in the Scottish Highlands.

Gijs Voskuyl, Partner and Deputy CEO at DIF, said: “We’re very excited to make a second investment in the battery storage sector which we see as a critical component for the UK energy industry to reach Net Zero and which we see as highly complementary to DIF’s extensive renewable energy portfolio. We are looking forward to working with the Field management team.”

Commenting on the investment, Amit Gudka, Field CEO said: “We will not be able to meet net zero targets without significant investment in new energy infrastructure. Battery storage is a critical part of that infrastructure. The more we can build, the more effective mass-usage of wind and solar power will become.

“Our partnership with DIF Capital Partners will enable Field to accelerate the buildout of battery storage in the UK and across Europe. And it will help us build, develop and operate the storage we need to create a more reliable, flexible and greener grid.”

DIF was advised by PwC (financial) and Herbert Smith Freehills (legal). Field was advised by Nomura Greentech (financial) and Dentons (legal adviser).


About DIF Capital Partners

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

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

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

For more information, please visit www.dif.eu


About Field

Field develops, builds and operates the renewable infrastructure we need to reach net zero, starting with battery storage. Our battery storage sites provide clean energy when and where it’s needed most. This creates a more reliable, flexible and greener energy system that provides greater energy security and helps countries across Europe move on from expensive fossil fuels.

In the UK, our portfolio of battery sites are already helping to decarbonise the electricity grid, and we are already developing further projects across Europe.

For more information, please visit www.field.energy


Contact DIF Capital Partners: press@dif.eu

Categories: News


CapMan Infra’s portfolio company Valokuitunen Oy successfully closes a €400 million refinancing


CapMan Infra’s portfolio company Valokuitunen Oy successfully closes a €400 million refinancing

Valokuitunen Oy, a joint venture between CapMan Infra and Telia Company, is the largest fibre-to-the-home (FTTH) company in Finland. Valokuitunen Oy deploys fibre networks to residential neighbourhoods on a national scale. The funding sets the company up for the next phase of expansion in the Finnish market.

CapMan Infra has secured a financing package close to €400 million for Valokuitunen Oy, its portfolio company, of which €285 million is committed at closing. The debt package has been provided by a group of banks consisting of KfW, SEB, Société Générale, Crédit Industriel et Commercial, and NIBC. Valokuitunen Oy was advised on the financing by Rothschild & Co, Latham & Watkins, and Avance Attorneys.

Established in 2020 as a joint venture between CapMan Infra and Telia Company, Valokuitunen Oy’s open fibre network gives customers the opportunity to choose the network services and service providers they prefer. With a network that currently reaches over 120,000 households, Valokuitunen intends to expand its footprint to around 300,000 households by 2026.

“The funding gives Valokuitunen, the largest player in Finland in its sector, the opportunity to deliver on the next phase of growth of its fibre-to-the-home network across the country, which is largely built on already sold contracts. Finland has an ambitious national digital road map in which fast network connections for households and businesses are seen as key for advancing the digital transformation, and CapMan Infra and Valokuitunen Oy are involved in making this happen,” comments Harri Halonen, Partner at CapMan Infra.

“The volume of data traffic is growing exponentially. Households in Finland need better infrastructure to meet current and future demand. Optical fibre will answer this need as a long-lasting solution for decades. This financing will secure the build-out of our large portfolio of already made investment decisions and provides a basis for future expansion of the network. Our solution not only provides our customers with an excellent infrastructure, but also the possibility of selecting an internet service provider from various options now and in the future,” says Juho Ansio, CFO of Valokuitunen Oy.

For more information, please contact:

Harri Halonen, Partner, CapMan Infra, tel. +46 768 71 0062

Juho Ansio, CFO, Valokuitunen Oy, tel. +358 40 557 7223

About CapMan Infra

CapMan Infra invests in energy, transportation and digital infrastructure assets generating predictable cash flows. CapMan Infra is a dedicated and active owner seeking to drive operational improvements and offers tailored solutions to local infrastructure asset owners and partners in the Nordic countries. The team of twelve infrastructure professionals is based in Helsinki and Stockholm. CapMan Infra has two funds, one established in 2018 and one in 2022. In addition to the fund, the team also manages two investment mandates.

CapMan Infra is part of CapMan Group, a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. CapMan’s objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

About Valokuitunen

Valokuitunen is a fast-growing Finnish company building and rolling-out fibre networks to homes and businesses in residential areas nationwide. We provide reliable and sustainable fibre connections, on market terms, connected to Telia’s fibre-optic network (Avoin Kuitu), which allows customers to select services and service providers. Valokuitunen is a joint venture between CapMan Infra (60%) and Telia Company (40%) established in 2020. We employ over 100 professionals and approximately 300 people through partners. In 2023 alone we have invested €100 million in fiber networks in Finland. Learn more at www.valokuitunen.fi.


Categories: News


DIF Capital Partners leads €250 million+ funding round to expand Valoo’s Finnish fibre rollout


Investment will bring fibre connectivity to 300,000 Finnish households

DIF Capital Partners (“DIF”) is pleased to announce that it is leading a debt and equity funding round worth in excess of €250 million for Valoo (Adola Oy), which will help it expand its optical fibre rollout to underserved regions and municipalities in Finland. DIF’s equity investment is made through its CIF III fund. The funding is a follow-up to the initial investment made by DIF’s CIF I fund which supported the first part of the growth trajectory of the company.

While DIF acts as the lead investor, the funding round is also backed by Tesi (Finnish Industry Investment Ltd) and other investors. Senior debt has been provided by a banking group of SEB, NORD/LB and NIBC.

The funding will allow delivery of long-awaited high-speed fibre connectivity to areas that to date have had to rely mainly on mobile connectivity for internet access. The package will bring fibre to over 300,000 households and secure close to 1,000 jobs within the company and the wider market.

Valoo builds and operates fibre-optic networks across Finland. It does not charge customers for the construction of network connections to their homes, instead basing its business model on long-term customer relationships to provide internet services.

Valoo is set to continue its evolution into Finland’s leading platform for fibre connectivity, thanks to its expanding footprint and a strong national brand. The investment will also help to create the conditions for a future wholesale fibre access market in Finland, strengthening consumer choice. This will allow multiple operators to connect to their consumers through a single infrastructure.

DIF Capital Partners is an independent global infrastructure fund manager and a leading investor in optical fibre rollouts, having funded major projects in Canada, Germany, France, the UK and the USA among others.

“Our follow-up investment in Valoo enables it to connect a much larger number of underserved areas in Finland to fibre broadband infrastructure,” says Willem Jansonius, Partner and Head of CIF Investments at DIF Capital Partners.

“Finnish households have long struggled to access state-of-the-art broadband connectivity, especially outside of major urban areas. That shortfall was highlighted during the lockdowns of the Covid-19 pandemic. This investment will provide a significant improvement to those people’s and communities’ ability to work and participate in the global digital economy.”

“DIF’s investment in Valoo further underscores our position as a major investor in the Finnish market and our continued focus on digital infrastructure across Europe and North America. It’s also a vote of confidence in the successful transformation of Valoo’s business over recent years.”


About DIF Capital Partners

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

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

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

For more information, please visit www.dif.eu


Contact DIF Capital Partners: press@dif.eu

Categories: News


Ratos company Presis Infra secures new contracts amounting to NOK 2.3 billion in the first half of 2023


During the first half of 2023, Ratos company Presis Infra, which specialises in the maintenance of critical infrastructure including ferry quay operation and maintenance, and rockfall protection in Norway and Sweden, was awarded new contracts amounting to NOK 2.3 billion. The contracts were signed with existing customers and with terms from 2023 to 2028.

“We are delighted that Presis Infra’s performance in the first half of 2023 was so positive. Maintenance of critical infrastructure will play an important role in the future, and Presis Infra has what it takes to succeed and the expertise to do so in a cost-efficient and sustainable manner,” says Christian Johansson Gebauer, Board member of Presis Infra and President Business Area Construction & Services, Ratos.

The contracts were signed with Norwegian municipalities, the Norwegian Public Roads Administration (NPRA) and the Swedish Transport Administration, and the projects encompassed by the contracts are spread throughout Norway and Sweden.

“We are proud of the confidence our client has shown in us and look forward to continuing our productive partnership. We are especially proud that we have significantly increased our market share in Norway while also securing two contracts in Sweden, which is a new market for us,” says Eivind Iden, CEO, Presis Infra.

Performance since Ratos acquired Presis Infra in 2021
Ratos acquired 75% of Presis Infra in 2021 as a platform investment in the expansive future industry of infrastructure maintenance. Since the acquisition, the company has continued to deliver a positive performance, with sales of NOK 2,344m in the last 12 months as of the end of the first quarter of 2023.

For more information and media, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

Categories: News


PAI Partners to acquire majority stake in Infra Group

PAI Partners

PAI Partners (“PAI”), a pre-eminent private equity firm, today announces its agreement to acquire a majority stake in Infra Group, a multi-disciplinary network infrastructure services provider. Upon completion, PAI will become the largest shareholder in Infra Group, joining current investors ICG, Andera Partners and the management team led by Tom Vendelmans.

Headquartered in Belgium, Infra Group offers a one-stop-shop range of services from design, engineering and installation to maintenance of essential infrastructure in electricity, water & sewage, telecoms, gas & district heating and green spaces.

Infra Group is a leading player in infrastructure services across Belgium, Germany, the Netherlands and France, with over €750m annual revenues and more than 3,000 highly skilled technical staff. Thanks to its differentiating multi-utility approach, Infra Group has established longstanding relationships with a diverse base of blue-chip infrastructure network operators, some of which have spanned several decades.

Infra Group has achieved strong growth in recent years driven by positive medium- and long-term secular trends, including the growing need for investment in critical infrastructure and the transition towards a low-carbon and digital future.

PAI’s investment will support Infra Group and its management team as they continue to deliver the group’s growth strategy. In particular, PAI will draw on its expertise in infrastructure and technical services to further strengthen the company’s position and accelerate its expansion organically and through further complementary acquisitions.

Tom Vendelmans, CEO of Infra Group, said: “With PAI, our new major investor, joining current investors ICG and Andera, we have the ideal partners to support the group in our next steps. Their professional experience, combined with Infra Group’s strong business approach, will help drive further growth and success.”

Mathieu Paillat and Guillaume Leblanc, Partners at PAI Partners, said: “Infra Group is an exceptional company, with an outstanding record of profitable growth. As a critical enabler to the ongoing energy transition in Europe with a reputation for excellent quality of service, Infra Group is ideally positioned to benefit from ongoing investment plans to upgrade utility networks. We look forward to partnering with Tom Vendelmans, the management team, ICG and Andera to further develop the group in this exciting next phase of growth.”

Hadj Djemai, Head of Southern Europe, European Corporate at ICG, said: “We are delighted to have been able to support Infra Group’s exceptional growth under the leadership of Tom Vendelmans. This remarkable journey exemplifies our investment strategy, which involves supporting outstanding founders and entrepreneurial management teams with a strategic roadmap and ambitious growth aspirations. We are pleased to continue this partnership with a new high-calibre shareholder such as PAI and are looking forward to seeing Infra Group’s continued success.”

Laurent Tourtois, Partner at Andera Partners, added: “Since our first partnership in 2019 with Tom Vendelmans and his team, the company more than quadrupled in size in less than four years. We are excited that Infra Group welcomes a first-class shareholder such as PAI Partners and are delighted to further support the group for its next cycle alongside our partners at ICG and Infra Group’s excellent management team.”

Completion is subject to customary regulatory approvals.

Media contact

PAI Partners
Dania Saidam
+44 20 7297 4678

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. It manages c. €25 billion of dedicated buyout funds and, since 1994, has completed 98 investments in 12 countries, representing over €70 billion in transaction value.  PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About Infra Group

Infra Group is a leading multi-disciplinary network infrastructure services provider in Belgium, France, the Netherlands and Germany. The Group is active in telecom, electricity, water & sewage, gas & district heating, earthmoving, industry, public lighting, and green spaces.

The Group offers a one-stop-shop range of services from design, engineering and installation to maintenance of essential infrastructure networks, giving the Group a competitive edge for important frame agreements and in large projects.

More on: www.infra-group.eu

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $80.2bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.

About Andera Partners

Created over 20 years ago, Andera Partners is a major player in private company investments in France and internationally, managing nearly €4 billion in investments. Based in Paris, with offices in Antwerp, Milan and Munich, Andera Partners is wholly owned by its teams, which count nearly 110 professionals. Learn more about Andera Partners at www.anderapartners.com.

Categories: News


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


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

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

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

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

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

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

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

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

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


Categories: News


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


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

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

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

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

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

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

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

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

Evolution of Adamo

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

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

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

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

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


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


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

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


08 June 2023 Infrastructure France, PARIS

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

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

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

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

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

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

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

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

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

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

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


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

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

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