April 2024 - DIF Capital Partners

18 April 2024 | London

Global Insights Series: the Future of Renewable Energy

DIF Capital Partners recently hosted its Global Renewable Energy & Storage Industry Days. This two-day event brought together industry advisors, portfolio company leadership and DIF’s global team of in-house energy transition experts, to discuss industry trends, opportunities and challenges in the evolving renewable energy landscape.

This Global Insights Series publication summarizes the key takeaways of the event.

As a leading global mid-market infrastructure manager, DIF is proud to have a proven track record of investing in and scaling up companies that are enabling the energy transition.

The decarbonization of the global economy represents a large-scale and attractive investment opportunity – from renewable power generation, to more efficient heating and cooling of buildings via district heating and geothermal solutions, to conversion of waste into energy, to the electrification of transport.

The themes addressed in the report include:

The push to achieve science-based carbon reduction targets coupled with rising electricity use has led to accelerating demand for renewable energy from governments, utilities, corporates and individuals alike.
Providing renewable energy direct to corporates and industrials is a growing market for renewables providers, with many large businesses still unaware of how it can help them hit their net zero targets.
A significant amount of public and private capital will be required to execute the energy transition.
The influx of capital into building intermittent renewable generation, but without the commensurate investment into upgrading and reinforcing power grid infrastructure is resulting in widespread grid congestion and curtailment. However, colocation with storage or other technologies, and strategic siting of assets can help to mitigate this risk.
Geopolitical disruption in Europe (and the world) has further increased focus on security of supply and reducing reliance on fossil fuels. In North America, the Inflation Reduction Act represents the largest government incentive package for the renewable energy industry to date.

Read the report here: DIF Global Insight Series – The Future of Renewable Energy (April 2024).

18 April 2024 | Paris

DIF Capital Partners enters into exclusive negotiations to acquire TDF fibre business

DIF Capital Partners, a leading global infrastructure fund manager, has entered into exclusive negotiations with TDF and La Banque des Territoires to acquire the fibre business of the TDF Group, the operator of infrastructure and digital networks.

TDF Fibre is a French fibre business owned by TDF (79.5%) and Banque des Territoires (20.5%). The company owns four public-initiative networks under concession agreements that are all fully operational: Val d’Oise Fibre, Val de Loire Fibre, Anjou Fibre and Faucigny Glières Fibre, and one wholly-owned network: Yvelines Fibre. Its expertise in operating very high-speed networks with quality of service ranks among the best in France according to recent ARCEP studies.

DIF Capital Partners, via its DIF Infrastructure VII fund, is negotiating to invest in TDF Group’s fibre business by acquiring the entire share capital in (i) TDF Fibre and (ii) Lumière Fibre, a newly incorporated vehicle entirely held by TDF and to which TDF is expected to contribute its engineering, maintenance, fibre roll-out and construction services business units. Following the planned transaction, the TDF Group will continue to support TDF Fibre, particularly in terms of network supervision.

The investment being considered by DIF Capital Partners will enable TDF Fibre to continue to bring its recognized expertise to the benefit of local authorities, individuals and businesses, as well as to pursue development opportunities in existing and new territories.

This transaction, which is being negotiated, will require the implementation of the information and consultation process with the relevant French employee representative bodies, and could be completed by the end of 2024, subject to satisfaction of the customary conditions precedent.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

About TDF

As a transparent and impartial operator, TDF helps digital firms in mainland France and French overseas territories meet their strategic transmission goals. For radio and DTT broadcasting, mobile ultra high-speed broadband coverage and rolling out optical fibre, TDF brings clients in-depth operational expertise, a mix of unique and ground-breaking technology and an exceptionally widespread local presence. In an ever more connected world, over the last four decades or more TDF has enabled telecoms and media companies to connect the French regions and people, backed by its 8,600 sites, everywhere and faster. www.tdf.fr

About Banque des Territoires

Banque des Territoires is one of the entities of the Caisse des Dépôts. Banque des Territoires brings together in-house expertise for local areas. As a one-stop shop for customers, it acts alongside all local stakeholders: local authorities, local public-sector enterprises, social housing bodies, legal professions, businesses and financial players. Banque des Territoires assists them in the implementation of their public interest projects with a continuum of offers : advisory, loans, equity, bank services, consignments and special deposits. It has been set up to serve the interests of all local areas alike, from rural municipalities to large cities, with the ambition of maximizing its impact notably on ecological transformation and social and regional cohesion. The 37 territorial offices of Banque des Territoires ensure the implementation of its action across all metropolitan and overseas territories. www.banquedesterritoires.fr

Press contacts:

DIF Capital Partners: press@dif.eu

TDF: Pauline Mauger. Tel.: 07 70 01 18 27 – pauline.mauger@tdf.fr

Banque des Territoires – Groupe Caisse des Dépôts: Nathalie Police. Tel.: 06 07 58 65 19 – nathalie.police@caissedesdepots.fr

2 April 2024 | Schiphol

DIF Capital Partners opens office in Italy

DIF Capital Partners, a leading global infrastructure fund manager, is pleased to announce the opening of its new office in Italy. The Milan office will be DIF’s twelfth office.

The new office will target investments in Italy as well as allowing DIF to better serve its growing Italian investor base.

DIF’s Milan office will be headed by Roberta Battaglia. Roberta was most recently Head of Infrastructure at Italian sovereign wealth fund CDP Equity. While at CDP Equity, Roberta was responsible for the origination, transaction execution and portfolio management of assets operating in the infrastructure sector. In this role she also led the acquisition of Autostrade per l’Italia, Italy’s largest motorway network.

Prior to this, Roberta spent ten years in the investment team at Antin Infrastructure Partners in Paris. While there, she oversaw numerous European investments in – and management of – the telecom, transport and energy sectors. Before that, Roberta worked at Deutsche Bank – first in the Milan Corporate Finance team and later in the EMEA Infrastructure sector team in London.

Wim Blaasse, CEO at DIF Capital Partners, says: “We are delighted that Roberta is joining the DIF team to lead this latest step in the expansion of our global network. Italy is a highly attractive market with an increasing number of interesting investment opportunities across our key target sectors. Having a local team, on the ground, will really enhance our sourcing and management capabilities on the ground.”

“We’ve also expanded our investor base amongst Italian institutions so this new office will enable our investor relations team to better serve our existing and future investors in the region.”

Roberta Battaglia says: “I’m incredibly excited to be heading up DIF’s new Italian office in Milan. DIF has a reputation as one of the best mid-market infrastructure players in Europe and I look forward to working with my new colleagues to accelerate our expansion in Italy.”

“Italy is major beneficiary of the EU’s National Recovery and Resilience Plan (PNRR) – worth almost EUR 200 billion of investments in the energy and digital transitions. With the PNRR set to continue until 2026, the injection of money into Italy’s infrastructure will trigger further investment from private investors, making Italy a very active market.”