Tag Archives: Renewable energy

KKR-led consortium announces delisting offer for Encavis AG at EUR 17.50 per Encavis share

KKR

6 December, 2024 – Today, Elbe BidCo AG (“BidCo”), a holding company controlled by investment funds, vehicles and accounts advised and managed by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (collectively, “KKR”) has announced its intention to make a public delisting offer (“Delisting Offer“) for all outstanding shares (ISIN: DE0006095003) of Encavis AG (“Encavis“), a leading and proven German renewable energy platform and independent power producer.

Shareholders will receive EUR 17.50 per Encavis share in cash, corresponding to the offer price of the preceding voluntary public tender offer that was completed on 4 December 2024. With the settlement of the preceding voluntary public takeover offer, KKR, Viessmann Generations Group GmbH & Co. KG and ABACON CAPITAL formed a consortium and now hold 87.73% of the shares in Encavis through BidCo.

In addition, BidCo and Encavis today entered into an agreement, pursuant to which Encavis has undertaken to apply for the revocation of the admission to trading of the Encavis shares (ISIN: DE0006095003) on the regulated market (Prime Standard) of the Frankfurt Stock Exchange as well as on the regulated market (Prime Standard) of the Hamburg Stock Exchange (so-called delisting) prior to the expiration of the acceptance period of the Delisting Offer. The Management Board and the Supervisory Board of Encavis are fully supportive of the delisting and intend to recommend that all shareholders accept the offer.

The Delisting Offer will be made pursuant to an offer document to be approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). This offer document will be published following receipt of permission from BaFin, at which point the acceptance period of the Delisting Offer will commence. The offer document (in German and a non-binding English translation) and other information pertaining to the Delisting Offer will be published on the following website: https://www.elbe-offer.com. The acceptance period is expected to be approximately 6 weeks starting from publication of the offer document as further set out in the offer document. There will be no additional acceptance period. The Delisting Offer will not be subject to any closing conditions.

PJT Partners is acting as financial advisor and Hengeler Mueller is acting as legal advisors on the Delisting Offer.

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About KKR

KKR is a leading global investment firm that offers alternative asset management as well as 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 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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Encavis

The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has more than 1.1 GW of capacity under construction, of which around 800 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-), the Carbon Disclosure Project (CDP) with its Climate Score “B” and Sustainalytics with its “low risk” ESG risk rating.

Additional information can be found at www.encavis.com.

 

Media Contacts

KKR

Thea Bichmann

Mobile: +49 (0) 172 13 99 761

Email: kkr_germany@fgsglobal.com

 Fabian Prietzel

Mobile: + 49 (0) 171 86 01 411

Email: kkr_germany@fgsglobal.com

Encavis

Dr. Oliver Prüfer

Mobile: +49 151 5834 0863

Email: oliver.pruefer@encavis.com

  

 

 

Disclaimer and forward-looking statements

This press release is neither an offer to purchase nor a solicitation of an offer to sell Encavis Shares. The final terms of the Delisting Offer as well as other provisions relating to the Delisting Offer will be communicated in the offer document after the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) has permitted the publication of the offer document. Investors and holders of Encavis Shares are strongly advised to read the offer document and all other documents relating to the Delisting Offer as soon as they have been made public, as they will contain important information. The offer document for the Delisting Offer (in German and a non-binding English translation) with the detailed terms and conditions and other information on the Delisting Offer will be published after approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) amongst other information on the internet at www.elbe-offer.com.

The Delisting Offer will be implemented exclusively on the basis of the applicable provisions of German law, in particular the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), the German Stock Exchange Act (Börsengesetz – BörsG) and certain securities law provisions of the United States of America relating to cross-border takeover offers. The Delisting Offer will not be conducted in accordance with the legal requirements of jurisdictions other than the Federal Republic of Germany or the United States of America (as applicable). Accordingly, no notices, filings, approvals or authorizations for the Delisting Offer have been filed, caused to be filed or granted outside the Federal Republic of Germany or the United States of America (as applicable). Investors and holders of Encavis Shares cannot rely on being protected by the investor protection laws of any jurisdiction other than the Federal Republic of Germany or the United States of America (as applicable). Subject to the exceptions described in the offer document and, where applicable, any exemptions to be granted by the respective regulatory authorities, no Delisting Offer will be made, directly or indirectly, in those jurisdictions in which this would constitute a violation of applicable law. This press release may not be released or otherwise distributed in whole or in part, in any jurisdiction in which the Delisting Offer would be prohibited by applicable law.

The Bidder reserves the right, to the extent permitted by law, to directly or indirectly acquire additional Encavis Shares outside the Delisting Offer on or off the stock exchange, provided that such acquisitions or arrangements to acquire are not made in the United States, will comply with the applicable German statutory provisions, in particular the WpÜG, and the Offer Price is increased in accordance with the WpÜG, to match any consideration paid outside of the Offer if higher than the Offer Price. If such acquisitions take place, information on such acquisitions, including the number of Encavis Shares acquired or to be acquired and the consideration paid or agreed, will be published without undue delay if and to the extent required under the laws of the Federal Republic of Germany, the United States or any other relevant jurisdiction. The Delisting Offer will relate to shares in a German company admitted to trading on the Frankfurt Stock Exchange and Hamburg Stock Exchange and will be subject to the disclosure requirements, rules and practices applicable to companies listed in the Federal Republic of Germany, which differ from those of the United States and other jurisdictions in certain material respects. The financial information relating to the Bidder and Encavis included elsewhere, including in the offer document, will be prepared in accordance with provisions applicable in the Federal Republic of Germany and will not be prepared in accordance with generally accepted accounting principles in the United States; therefore, it may not be comparable to financial information relating to United States companies or companies from other jurisdictions outside the Federal Republic of Germany. The Delisting Offer will be made in the United States pursuant to Section 14(e) of, and Regulation 14E under, the Exchange Act, and on the basis of the so-called Tier II exemption from certain requirements of the Exchange Act, which exemption allows a bidder to comply with certain substantive and procedural rules of the Exchange Act for takeover bids by complying with the law or practice of the domestic legal system and exempts the bidder from complying with certain other rules of the Exchange Act, and otherwise in accordance with the requirements of the laws of the Federal Republic of Germany. Shareholders from the United States should note that Encavis is not listed on a United States securities exchange, is not subject to the periodic requirements of the Exchange Act and is not required to, and does not, file any reports with the United States Securities and Exchange Commission.

Any contract entered into with the Bidder as a result of the acceptance of the planned Delisting Offer will be governed exclusively by and construed in accordance with the laws of the Federal Republic of Germany. It may be difficult for shareholders from the United States (or from elsewhere outside of Germany) to enforce certain rights and claims arising in connection with the Delisting Offer under United States federal securities laws (or other laws they are acquainted with) since the Bidder and Encavis are located outside the United States (or the jurisdiction where the shareholder resides), and their respective officers and directors reside outside the United States (or the jurisdiction where the shareholder resides). It may not be possible to sue a non-United States company or its officers or directors in a non-United States court for violations of United States securities laws. It also may not be possible to compel a non-United States company or its subsidiaries to submit themselves to a United States court’s judgment.

 

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CVC DIF sells 169MW portfolio of Uruguayan wind farm projects to Pluspetrol

CVC Capital Partners
  • CVC DIF makes successful first divestment from Latin American portfolio
  • Operational improvements at the Cerro Grande and Peralta sites yielded significant efficiency gains
  • Peralta site saw all 50 towers upgraded as part of wide ranging value creation strategy

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that DIF Infrastructure V (DIF V) and DIF Infrastructure VI (DIF VI) have completed the sale of the Cerro Grande and Peralta wind farm projects in Uruguay to Pluspetrol.

The portfolio represents the second largest private portfolio in Uruguay for renewable assets totalling more than 169MW of installed capacity across 72 Enercon E-92 turbines.

Cerro Grande is a c.52MW operational wind farm project acquired by DIF V in 2019. Peralta is a c.118MW operational wind farm acquired by DIF VI in 2021. During its ownership, CVC DIF successfully optimised operations at both sites, including delivering a project to upgrade all 50 towers at the Peralta site over an 18-month period.

Andrew Freeman, Partner and Head of Exits at CVC DIF, said: “We are excited to announce our first divestments in Latin America, marking a significant achievement for DIF V and DIF VI. These successful exits highlight the impact our proactive value creation approach can deliver.

CVC DIF continues to deliver superior returns for its investors whilst financing the energy transition. We remain committed to identifying and capitalizing on opportunities that drive both financial performance and sustainable growth.”

DIF V and DIF VI were advised on the transaction by Scotiabank (financial), Herbert Smith Freehills (legal, corporate) and Hughes & Hughes (legal, project).

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Apollo Funds Acquire 50% Stake in 2 GW Texas Solar and BESS Portfolio from TotalEnergies

Apollo logo

NEW YORK, Dec. 04, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have agreed to acquire a 50% stake in a Texas solar and battery energy storage system (“BESS”) portfolio from TotalEnergies. The portfolio includes approximately 2 GW of solar and BESS assets in strategic locations in Texas’ ERCOT market, consisting of three solar projects with a total capacity of 1.7 GW and two battery storage projects with a combined capacity of 300 MW. TotalEnergies will retain a 50% stake in the portfolio and continue to operate the assets, which include Danish Fields, Cottonwood and Hill Solar I.

Apollo Partner Brad Fierstein said, “We are pleased to partner with TotalEnergies, a leading energy company at the forefront of the energy transition, and to invest in a highly contracted, scaled renewable asset portfolio. Apollo’s Clean Transition strategy enables us to be a flexible and long-term capital partner, supporting the growth of TotalEnergies’ Integrated Power business and capital recycling strategy.”

Over the past five years, Apollo-managed funds have deployed approximately $40 billioni into energy transition and sustainability-related investments, supporting companies and projects across clean energy and infrastructure, including offshore and onshore wind, solar, storage, renewable fuels, electric vehicles as well as a wide range of technologies to facilitate decarbonization. Across asset classes, Apollo targets deploying $50 billion in clean energy and climate investments through 2027 and sees the opportunity to deploy more than $100 billion by 2030.

The transaction is subject to customary closing conditions and is expected to be completed in Q4 2024.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.

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KKR receives all regulatory approvals for the voluntary public tender offer for all outstanding shares of Encavis AG

KKR
  • All offer conditions of the voluntary public takeover offer have been fulfilled
  • KKR-led consortium had secured about 87.41 percent of all outstanding Encavis shares as part of the voluntary takeover offer
  • Shareholders will receive EUR 17.50 in cash consideration for each Encavis share tendered
  • Delisting of Encavis to be carried out as soon as legally and practically possible 

Hamburg, 25 November 2024 – Encavis AG (“Encavis” or the “Company”) has announced that all offer conditions for the voluntary takeover offer by Elbe BidCo AG (“BidCo” or the “Bidder”) have been fulfilled. The Bidder announced the receipt of the last outstanding regulatory approval and that the offer will be settled within the next eight banking days. As part of the voluntary public takeover offer, BidCo had secured about 87.41 percent of all outstanding Encavis shares at an offer price of EUR 17.50 per share, including around 31 percent through binding agreements with existing shareholders of the Company. Following settlement of the offer, the bidder will hold a total of around 87.73 percent of Encavis shares. Already on 14 March 2024, Encavis and BidCo signed an Investment Agreement to enter into a strategic partnership.

The BidCo is a holding company controlled by investment funds, vehicles and accounts advised and managed by KKR. The family company Viessmann Generations Group GmbH & Co. KG (“Viessmann”) is involved as a co-investor in the consortium led by KKR, along with the previous shareholder ABACON CAPITAL (“Abacon”).

The transaction and the strategic partnership with BidCo will enable Encavis to accelerate its growth strategy, expand its portfolio and strengthen its market position as a leading independent power producer in Europe. BidCo aims to support Encavis’ growth across all segments, providing significant financial support to expand its project pipeline, increase capacity and extend its reach in core markets.

Dr Christoph Husmann, Spokesman of the Management Board and Chief Financial Officer (CFO) of Encavis said: “With the completion of the offer, we will be embarking on a new chapter in our company’s history – with strong investors on our side who believe in our potential and will contribute their expertise and resources to the continued growth of Encavis. Together, we will further expand our portfolio of renewable energy production facilities, develop our competencies and strengthen Encavis’ market position in Europe.”

Vincent Policard, Partner and Co-Head of European Infrastructure at KKR, said: “Together with our consortium partners, we are pleased to support Encavis on its growth path with long-term capital and our expertise, thereby contributing to the energy transition. This strategic investment will not only enable Encavis to capitalize even better on emerging opportunities in the renewable energy sector, but also aligns with KKR’s broader mission of fostering a more energy-independent Europe.”

Max Viessmann, CEO of Viessmann: “With our investment in Encavis in collaboration with KKR, we are setting an important milestone in our mission to co-create living spaces for future generations and actively contribute to the global energy transition through entrepreneurial engagement. We look forward to supporting Encavis on its growth path and taking responsibility for a sustainable future together with our partners.”

Tobias Krauss, CEO of Abacon: “Encavis is not only a strategically important project for Abacon, but also a personally important one. On the one hand, our founder Albert Büll has played a key role in the development of Encavis over many years. Secondly, clean energy is one of the most important issues of our time. Encavis has great potential and we are excited to be involved in the company’s future with strong partners.”

With the fulfilment of all offer conditions, the public takeover offer has been successful and the offer price of EUR 17.50 per Encavis share will be instructed for payment to the Encavis shareholders who tendered their shares as part of the public takeover offer. Further information on the settlement and transfer of the tendered shares as part of the public takeover offer is available at www.elbe-offer.com.

Following settlement of the offer, the intention is to delist Encavis from the stock exchange as soon as legally and practically possible, in order to benefit from the financial flexibility and long-term commitment of KKR and Viessmann.

KKR established its Global Infrastructure business in 2008 and has since grown to one of the largest infrastructure investors globally with a team of more than 120 dedicated investment professionals. The firm currently oversees approximately USD 77 billion in infrastructure assets globally and has made over 90 infrastructure investments across a range of sub-sectors and geographies. KKR’s infrastructure platform is devised specifically for long-term, capital intensive structural investments.

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About Encavis:

The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the SDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.6 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO2 per year stand-alone for the Encavis AG. In addition, the Group currently has more than 1.2 GW of capacity under construction, of which around 900 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-), the Carbon Disclosure Project (CDP) with its Climate Score “B” and Sustainalytics with its “low risk” ESG risk rating.

Additional information can be found at www.encavis.com

 

About KKR:

KKR is a leading global investment firm that offers alternative asset management as well as 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 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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Viessmann Generations Group:

Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the company’s purpose “We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide Viessmann family brings to life every day. Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2 avoidance, reduction and capturing.

About ABACON CAPITAL:

ABACON CAPITAL, a family-owned investment firm, champions the sustainable energy transition, pioneering mobility solutions, and groundbreaking deep tech. Our mission centers on uplifting communities, fostering purposeful endeavors, and ensuring profitability, all while advancing societal and environmental well-being. Founded by Albert Büll, a visionary entrepreneur and investor with a legacy in nurturing sustainable enterprises – such as B&L Group in real estate development, Encavis AG in renewable energy production, and noventic in smart metering and energy management – ABACON is built on a foundation of innovation and responsibility.

 

 

Contacts:

Encavis AG
Dr. Oliver Prüfer

Press Officer & Manager Public Relations
Phone: + 49 (0) 40 378 562 133
Email: communications@encavis.com

KKR
Fabian Prietzel
Mobile: + 49 (0) 171 86 01 411
Email: kkr_germany@fgsglobal.com

Viessmann Generations Group
Byung-Hun Park
Vice President Corporate Communications
Mobile: +49 (0) 151 64 911 317
Email: huni@viessmann.com

ABACON CAPITAL
Josef Arweck
Mobile: + 49 (0) 157 34 762 499
Email: arweck@bernstein-group.com

 

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CapMan Infra invests in heat-as-a-service operator and bioenergy producer ProPellet

Capman

CapMan Infra invests in heat-as-a-service operator and bioenergy producer ProPellet

CapMan Nordic Infrastructure II fund invests in ProPellet, a heat-as-a-service (“HaaS”) operator and bioenergy producer. The company offers property-specific HaaS solutions and operates its own pellet fuel production facilities. CapMan Infra aims to support the company’s growth by financing investments in the HaaS operations and expansion into new customer groups and energy technologies.

CapMan Infra has agreed to acquire a majority stake in the heat-as-a-service and bioenergy company ProPellet Oy. The company’s key personnel will continue as minority owners alongside CapMan Infra.

Founded in 2006, ProPellet is Finland’s leading producer of pellet-based bioenergy and now employs about 25 people. The company provides its customers with property-specific heating plants as a service, with a portfolio of over 120 heating sites across Finland. In addition, the company operates its own pellet fuel production facilities in Ylivieska and Tervola, which utilise side streams from the forestry and sawmill industries. ProPellet’s business has experienced strong growth in recent years, particularly due to the ongoing transition from oil-based heating to biofuels.

“We are very pleased with this investment. ProPellet is a company with considerable growth potential, and our aim is to invest in the development of the heating service business as well as support expansion into new energy technologies,” says Pekko Haaksluoto, Partner at CapMan Infra.

“This transaction greatly enhances our capacity to address our customers’ needs. With additional resources and expertise at our disposal, we will be able to serve our customers even better and continue developing innovative, cutting-edge energy solutions. We believe that CapMan is an excellent partner with whom we can take our heat service business to a new level and promote the green transition in the heating sector,” says Timo Peltokorpi, COO of ProPellet.

The transaction is conditional on approval by the competition authorities and is expected to be completed by the end of 2024.

The CapMan Nordic Infrastructure II fund is an Article 8 fund with a clear sustainability strategy, aiming to create value by accelerating the green transition in its portfolio companies. The fund has already made five investments: two in a growing data centre platform, in solar energy company Skarta Energy, in Napier, a leading provider of transportation infrastructure for the aquaculture industry, and in Haminan Energia’s district heating and electricity network businesses.

CapMan Infra is an active and committed owner, and its activities are based on the operational development and growth of infrastructure companies through additional investments. Based in Helsinki and Stockholm, its team of 14 professionals actively seeks to find the best possible solutions for developing and growing infrastructure together with asset owners, management, personnel and customers.

For more information:

Pekko Haaksluoto, Partner, CapMan Infra, tel. +358 40 584 6031

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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Birch Creek Closes $150m Credit Facility with KKR

KKR

Financing proceeds will be used to support development of over 4GW of solar projects

ST. LOUIS, Oct. 31, 2024 /PRNewswire/ — Birch Creek Energy, LLC (“Birch Creek”), a utility scale solar and storage developer and independent power producer, and KKR, a leading global investment firm, today announced that Birch Creek has closed on a $150 million credit facility within KKR’s High-Grade Asset-Based Finance (ABF) strategy via insurance accounts managed by KKR. The financing extends and upsizes Birch Creek’s previous $100 million facility, and it will be used to finance development expenses and equipment for solar farms in the company’s development portfolio.

Birch Creek was founded in 2019 and has been primarily focused on a distribution-level utility-scale solar and storage strategy in high-value, liquid markets such as PJM, MISO and ERCOT. The company boasts a large pipeline as well as a successful track record of late-stage asset sales and IPP growth. Birch Creek presently owns 160MW of operating projects in its independent power producer, with an additional 187MW under construction that will place in service over the last 2 months of 2024, bringing the total to 347MW.

“We are thrilled to have strengthened our relationship with KKR through the renewal and upsize of our credit facility,” said Dan Siegel, CEO of Birch Creek. “Through this facility, we are able to continue the development of solar projects in certain core markets, while also funding select equipment purchases for projects closer to construction. We are proud to work with KKR and appreciate their confidence in our platform as we continue to grow our unique, speed-to-market strategy.”

“Amid increasing global demand for clean energy and storage solutions, we are pleased to provide this enhanced credit facility to Birch Creek within our High-Grade ABF strategy to further the development of its solar and storage project pipeline,” said Erich Heintzen, Director at KKR.

About Birch Creek Energy
Birch Creek Energy, a utility scale solar development platform, develops, finances and owns utility scale solar and storage projects in the United States. Since 2019, Birch Creek Energy has developed 1.7 gigawatts (GW) of solar projects and has a portfolio of over 14.2 gigawatts (GW) of utility scale solar and storage projects in various stages of development and operation across MISO, PJM, ERCOT and the Southeast. Birch Creek Energy has 56 employees and is based in St. Louis, Missouri.  For more information, visit www.birchcreekenergy.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as 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 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. please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

SOURCE Birch Creek Energy

 

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Pine Gate Renewables Closes $288 Million Preferred Equity Financing with Blackstone Credit & Insurance

Blackstone

The transaction represents the new paradigm of renewable energy project finance

Asheville, North Carolina – Today, Pine Gate Renewables, LLC, announced the closing of a $288 million preferred equity investment with funds affiliated with Blackstone Credit & Insurance (“Blackstone”). The investment supports six solar projects across two states totaling 780 MWdc, all backed by corporate offtake agreements. The new partnership with Blackstone illustrates Pine Gate’s preference to execute replicable, scalable transactions and underscores the company’s role as a preferred provider of commercial renewable energy solutions.

“Leading Pine Gate’s first preferred equity investment was a significant milestone for our team and the enterprise at large,” said Meghan Comiskey, Executive Vice President for Structured Finance at Pine Gate Renewables. “A multiportfolio transaction with the exceptional partnership of Blackstone enables us to scale our business efficiently as we generate The Power of Tomorrow™.”

Zach Rubenstein, Managing Director at Blackstone Credit & Insurance added: “Pine Gate is a high-quality developer with a strong track record and we look forward to growing our partnership with them. This transaction is emblematic of our differentiated origination and structuring capabilities in the energy transition sectors, where we seek to deliver great outcomes for our partners and investors as a leading player in the market.”

Stoel Rives LLP advised Pine Gate Renewables on the transaction. Milbank LLP advised Blackstone Credit & Insurance.

About Pine Gate Renewables
Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States. Founded in 2016, Pine Gate is dedicated to the innovative deployment of clean energy and has extensive experience in the development, financing, construction, and operation of solar and energy storage facilities. A trusted partner and leader in the industry, Pine Gate has closed more than $7 billion in project financing and capital investment. Pine Gate’s operational fleet includes over 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity and it has over 30 GW of projects in development.

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Media Contact
Pine Gate Renewables
Maggie Sasser
(919) 616-7437
media@pgrenewables.com

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EQT to successfully acquire OX2, one of Europe’s leading renewable energy developers

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OX2 is a leading renewable energy platform with a large and diverse project portfolio across all major technologies, including onshore and offshore wind, solar, and storage

• EQT expects to see continued significant growth in the renewables market over the coming years, driven by trends including decreasing technology costs and growing demand for green electricity

• EQT will apply its extensive experience investing in the energy transition and the renewables landscape to help OX2 become an integrated renewables developer and asset owner

 

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT”), through the investment vehicle Otello BidCo AB, has successfully completed its recommended public offer for OX2 AB (“OX2” or the “Company”).

On 13 May 2024, Otello BidCo AB announced a recommended public offer for 100 percent of OX2’s shares at a price of SEK 60 in cash per share (the “Offer”). After the end of the extended acceptance period on 7 October 2024, Otello BidCo controls 269,282,357 shares in OX2, corresponding to 98.81 percent of the shares and votes in OX2. Settlement for shares tendered in the Offer during the extended acceptance period will begin around 16 October 2024. OX2 has applied for delisting from Nasdaq Stockholm which is expected to complete on 21 October.

OX2 is a renewable energy platform with a large and diverse project portfolio across all major technologies, including onshore and offshore wind, solar, and storage. Founded in 2004, the Company has grown into a leading independent renewable energy developer in Europe and beyond. Headquartered in Stockholm, Sweden, the Company is present in 11 markets across Europe and established a presence in Australia in 2023. The Company has a strong operational and financial track record and a robust set of capabilities across the value chain, including development, construction, and management.

To maintain and grow its market position, capitalize on emerging opportunities and strengthen its presence within renewable energy in the long term, EQT will support OX2 to evolve its business model from a pure developer to an integrated renewables developer and asset owner, while retaining its ability to sell projects. EQT will leverage its extensive experience investing in the renewables sector and in the energy transition broadly to support the company’s transformation and plans to provide additional investment in OX2’s pipeline.

Christoph Balzer, Partner in the EQT Infrastructure Advisory Team, said: “There is a tremendous need for infrastructure investment if the world is to achieve net zero and power new electricity demand ranging from data center infrastructure to the electrification of industries. OX2 is an impressive platform with strong growth potential, and we are excited to partner with the Company to accelerate its growth to become an integrated renewables developer and asset owner.”

With this transaction, EQT Infrastructure VI is expected to be 45-50 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

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

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

 

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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F2i and Finavias sell their entire shareholding in 2i Rete Gas, Italy’s second-largest natural gas distribution operator, to Italgas

Ardian

F2i and Finavias have signed an agreement for the sale of 2i Rete Gas, Italy’s second-largest natural gas distribution operator, to Italgas. F2i currently holds 63.9% of 2i Rete Gas and Finavias, a corporate vehicle owned by APG Asset Management and funds managed by Ardian, holds the remaining 36.1%.

This agreement follows an exclusivity negotiation period granted to Italgas by the sellers last May. The transfer of shares is subject to approval by the relevant authorities and is expected to take place in the first part of 2025.

The agreement assigns 2i Rete Gas an equity value of EUR 2.06 billion as at 31 December 2023.

Under F2i’s leadership and with the full support of APG and Ardian, the company has embarked on a significant growth trajectory expanding its number of users from 1.9 million to 4.9 million, and currently manages a network exceeding 72 thousand kilometers, with over 2,200 concessions operated by a workforce of 2,200 individuals. This expansion was achieved through strategic acquisitions, development of the networks operated, and successful participation in the few tenders offered for concession renewals.

“The sale of 2i Rete Gas marks the conclusion of an important journey in which F2i has played a leading role. 2i Rete Gas is now established as a major national operator that is both efficient in scale and technological expertise and has transformed the ownership structure of a historically fragmented sector. The efficiency achieved by 2i Rete Gas has contributed to a gradual reduction in gas distribution tariffs, benefiting the entire national community. The merger with Italgas completes this journey. F2i and its investors thank the management team and everyone at 2i Rete Gas who, over the years, have contributed to the company’s industrial growth, achieving high standards of service and safety.” Renato Ravanelli, CEO of F2I SGR

“We are proud to have been part of 2i Rete Gas’s history since the beginning, and to have contributed to the growth and consolidation of the company into a national champion in energy infrastructure. In addition to this, we are pleased to have contributed, since 2018 alongside APG, to positioning 2i Rete Gas as a key player in the path towards Italy’s energy transition. We thank F2i and the management team for their mutual support during these years and wish Italgas every success for the future.” Rosario Mazza, Senior Managing Director and Head of Infrastructure Italy, Ardian

Cleary Gottlieb Steen & Hamilton acted as legal advisor to F2i and Finavias and Studio Di Tanno as fiscal advisor. Studio Chiomenti assisted Finavias as legal advisor.

ABOUT F2I SGR

F2i SGR is Italy’s largest independent infrastructure fund manager, with assets under management, between equity and debt, of approximately EUR 8.2 billion. The companies in F2i’s network make up Italy’s main infrastructure platform, spanning six key sectors of the national economy such as transport and logistics, energy for transition, circular economy, distribution networks, telecommunications networks and services, and social-healthcare infrastructure. Led by its CEO Renato Ravanelli, F2i, through its subsidiaries, has about 24,000 employees whose work allows millions of people to use services and infrastructure that are essential for daily life. F2i SGR’s key shareholders include financial institutions, including banking foundations, domestic and foreign social security and pension funds, domestic and international asset managers and sovereign wealth funds. The funds managed by F2i SGR are subscribed by leading Italian and foreign institutions. F2i participates in the United Nations Global Compact and adheres to its approach based on responsible business principles.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 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, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT APG

APG Group is the world’s largest independent pension fund manager with pension assets of c.€569 billion (as of December 2023) representing 4.6 million participants in the Netherlands, with main offices in Amsterdam, New York, and Hong Kong.
On behalf of its clients (all of which are pension funds), APG has been an active infrastructure investor since 2004, investing a total of c.€27 billion to date. APG’s investments include assets within transport infrastructure, energy, utilities, telecommunications and social.

Media contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com 

F2I SGR

Laura Sisti

Laura.sisti@axel-comm.it+39 347 4282170

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Powin Secures $200 Million in Debt Capital From KKR to Bolster Growth and Innovation in Energy Storage

KKR

PORTLAND, Ore.–(BUSINESS WIRE)–Powin, a global leader in battery energy storage solutions, announced today that it has successfully secured a revolving credit facility of up to $200 million primarily from insurance accounts managed by KKR, a leading global investment firm. The facility will be instrumental in supporting Powin’s working capital needs, driving continued innovation, and further enhancing the company’s financial flexibility as it expands its leadership position in the storage industry.

This strengthened capital position improves Powin’s ability to seize the immense market opportunity and meet the surging demand in the rapidly expanding global energy storage sector. Bloomberg New Energy Finance forecasts that the energy storage market will exceed 100 gigawatt-hours of capacity in 2024 and is poised to grow at an annual rate of 21%, reaching 442 gigawatt-hours by 2030. The rising global demand for energy storage is fueled by the rapid expansion of renewable energy sources along with the increasing need for grid stability and resiliency.

“We are excited to have KKR, a renowned leader in the investment community, supporting our mission to be the most trusted energy storage partner in the industry,” said Jeff Waters, CEO of Powin. “This facility enables us to accelerate our expansion, drive innovation, and maximize value for our customers, reinforcing our commitment to advancing a sustainable energy future.”

“Powin stands out as a leader and innovator in the clean energy space. We are proud to support them and their efforts to expand the use of battery energy storage systems through our deep experience in Asset-Based Finance,” said Sam Mencoff, a Director at KKR.

This strategic liquidity package underscores the strong confidence that investors have in Powin’s vision and future growth. Equity investors in the company include Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. Guggenheim Securities, LLC, a renowned global investment and advisory firm, played a pivotal role as Powin’s financial advisor, facilitating the successful completion of this capital raise.

About Powin:

At Powin, we are advancing the next frontier of energy and changing the way we power our daily lives by ensuring access to clean, resilient, and affordable power. With 17 GWh of projects deployed and under construction, we are a leading and trusted energy storage provider dedicated to creating an exceptional customer experience through end-to-end energy storage solutions. As a global energy storage platform provider, we offer fully integrated battery solutions, software, and services to optimize grid performance and enable the transition to cleaner energy sources. To learn more, please visit www.powin.com.

About KKR:

KKR is a leading global investment firm that offers alternative asset management as well as 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 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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Contacts

Kate Adams
powin@pancomm.com

 

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