Dusted, Author at DIF Capital Partners

24 November 2022 | Schiphol

Annual DIF ESG event: net zero and cyber security

“How Finland moves to sustainable heating” and “Why ransomware gangs gain access to your company on a Friday afternoon”.

These were just some of the fascinating topics discussed during our engaging and thought-provoking annual DIF ESG Event. It was held in hybrid format on 22^ndNovember 2022, with an audience of just under 200 people.

A well-diversified mix of management teams, investee companies and DIF employees joining either in-person or via livestream. The event covered two important ESG themes: net zero and cyber security.

A big thank you to our exceptional external speakers: Simon Mundy (FT Journalist and author of “The Race for Tomorrow”), Matti Tynjala (CEO, Loimua Oy), Erik Westhovens (Cyber Security Expert and author of “13.Ransomwared”) and to our own ESG Team: Angela Roshier, Frank Siblesz and Hanah Chang for putting together such an insightful event.

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22 November 2022 | London

DIF strengthens digital infrastructure team with two senior hires

DIF Capital Partners has expanded the European team to support its growth and ambitions in the digital infrastructure space. Digital assets are one of the key focus areas of DIF’s CIF fund strategy, headed by Willem Jansonius.

On 1 November, Simon Rozas started as Head of European Digital Infrastructure based in London. Simon will be supported by Jan Angenendt, who joined DIF as a Director in Frankfurt in October.

Simon will lead the origination and investments in digital infrastructure across Europe. Previously, he worked at Cube Infrastructure Managers, where he led greenfield fiber projects across Europe for the Connecting Europe Broadband Fund. Simon’s career includes over two decades of experience in investing, lending and investment banking at the EBRD, Citigroup and HSBC. He started his studies in Vilnius University and holds a B.A. and an M.A. in Economics and Finance from Brandeis University in Massachusetts.

Jan joined DIF from InfraRed Capital Partners, where he covered origination in the DACH region, including digital infrastructure projects. Prior to that, Jan worked as a senior associate for KPMG Corporate Finance, as a policy advisor at HM Treasury and as a UK government economist. He holds Master’s degrees in Economics from the University of Warwick and the Free University of Berlin.

Willem Jansonius, partner and Head of CIF at DIF Capital Partners says: “I’m delighted with the appointment of Simon and Jan. This further boosts the strength of our digital infrastructure team in Europe, which is an area where DIF is quickly expanding its footprint and sees ample room for growth. I am looking forward to working closely together with our new team members and am confident that our investors and the companies we invest in will benefit from the team’s enhanced capabilities.”

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 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 200 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: Diederik Heinink, d.heinink@dif.eu

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10 November 2022 | Schiphol

COP27: our commitment to net zero

The world is gathering in Sharm El-Sheikh for COP27 to discuss climate change and it has probably never felt as urgent as it does now. At the same time, a lot has happened already and important steps are being taken.

DIF Capital Partners joined the Net Zero Asset Managers initiative in 2021 and we committed our firm to being a net zero investor by 2050 or sooner.

But, we wanted to stretch this ambition. So we’ve set an interim target of 70% of our AUM to be aligning with net zero by 2030. We have already started collecting our portfolio’s carbon footprint and are developing decarbonisation plans for individual investments.

The title of our recently published 2022 ESG-report is ‘Accelerating the transition’. That’s not just a title. It is what we truly stand for and what we’re putting a lot of effort in every day.

Download our ESG report here.

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9 November 2022 | London

DIF invests EUR 150 million in Nordic solar developer Alight

DIF Capital Partners will acquire a majority stake in Stockholm-headquartered Alight, a leading developer of subsidy-free solar projects in the Nordics. The agreement includes an investment of EUR 150 million and a secondary buy-out of a number of existing shareholders. With the capital raised, Alight will accelerate the buildout of its near term pipeline of solar projects.

The company will do so by building out and retaining ownership of projects going forward and aiding the transition into an independent power producer. Alight built its foundation in the Nordic solar market by offering solar power purchase agreements (PPAs) to major commercial and industrial (C&I) power users, and has developed several of Sweden’s largest solar parks in addition to delivering multiple onsite solar solutions. The investment will enable Alight to accelerate its build-out of new solar projects in the Nordics and more broadly across Europe.

Commenting on the investment, Alight CEO Dr Harald Overholm said: “I am proud of Alight’s journey so far and this investment will accelerate our leadership in the subsidy-free solar build-out. Our delivery of solar-as-a-service to major power users makes us a natural partner to companies of all sizes and industries. We are excited to work closely with DIF on progressing the corporate transition to renewables; they share our vision for the industry and the urgency of our work to accelerate the energy transition. Corporate power usage accounts for up to 70% of global electricity consumption, so making a prompt and effective shift to renewable energy is crucial. Solar remains the cheapest and quickest energy source to scale, so building more to deliver energy security and reduce emissions is crucial.”

Nine years on from its founding in 2013, Alight is now a leader in Europe’s commercial solar roll-out through its subsidy-free approach to solar PPAs. In its native Nordics, Alight has over 1 GW pipeline of projects under development, much of which will be built out within the next 24 months. Alight also has an additional 170 MW pipeline under development across Europe.

Commenting on their investment in Alight, Gijs Voskuyl, Partner of DIF and Head of Investments for DIF Infrastructure VII, said: “We have been impressed by Alight’s track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts. We also share Alight’s vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment. Alight’s team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions.”

Having set an initial target to build 1 GW of solar assets by 2025, Alight now aims to have 5 GW of PPA-backed solar projects delivered across the Nordics and Europe by 2030. Alight’s PPAs protect major power users from price surges by offering fixed prices on 10-20 year contracts. Alight is also leading the Swedish market roll out of co-located battery storage, a key component of ensuring that grid stability copes with the solar roll-out.

In October this year, Alight announced Sweden’s largest co-located solar-plus-storage plant to be completed in December at a 12 MW solar park in Linköping. Alight developed and operates Sweden’s largest operational solar park, an 18 MW asset developed for Martin & Servera in Skurup. The company aims to bring forward co-location storage on future projects and retrofit existing assets to include storage.

Alight was advised by Newsec Infra (financial) and Mannheimer Swartling (legal adviser). DIF was advised by Augusta & Co (financial) and DLA Piper (legal).

About Alight
Alight is a leading Nordic solar developer and Independent Power Producer, co-founded in 2013 by Dr Harald Overholm, Richard Nicolin and Wilhelm Lowenhielm to usher in a new era of solar power to businesses seeking to go greener. With an entirely subsidy-free business model, Alight develops and operates solar projects, onsite and offsite, across Europe. By 2030 Alight is set to have an installed capacity of at least 5 GW backed with solar PPA contracts. Alight is the leading solar PPA provider in the Nordics – with customers including Swedbank, Nolato, Kingspan and Toyota – and is developing more than 1 GW of PPA-based projects across Sweden, with a further 170 MW under development across the rest of Europe. In 2021, Alight joined the United Nations Global Compact as part of its support of the UN Sustainable Development Goals.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 200 professionals, based in eleven offices 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: Diederik Heinink, d.heinink@dif.eu

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1 November 2022 | Schiphol

DIF appoints three partners

DIF Capital Partners is pleased to announce the appointment of three partners, Zaina Ahmed-Karim, Tom Goossens and Vincent Liu.

The promotion of Tom and Vincent from managing director to partner is in response to their personal contributions to the strong development of the firm. Tom and Vincent, who joined DIF in 2014 and 2016 respectively, have been leading several landmark investments over the years and have played a key role in further building the presence of DIF in their respective markets. Tom has been covering the UK, Ireland and Scandinavia, Vincent North America.

Zaina joined DIF on the 1^st of September to succeed Robert Doekes as CFO. She will be responsible for finance and investor reporting, as well as tax, treasury, IT and operations. Zaina was previously CFO of Dasym, an investment management boutique firm. Prior to that, she spent 25 years at EY, of which 13 years as senior audit partner in the Financial Services group. She is a qualified chartered accountant and holds a Master’s degree in both Business Economics and Accountancy from the VU Amsterdam University, the Netherlands.

Robert Doekes retired as a partner after 13 years in his role as CFO. DIF is pleased to be able to continue to benefit from his experience and knowledge, given that he will stay active for DIF in several projects and advisory roles.

Managing partner Wim Blaasse said, “”We are very pleased to welcome Zaina, Tom and Vincent as partners of DIF. Zaina has now officially taken over the role of Robert as CFO. I’m confident her longstanding background and experience will be of great added value to DIF. At the same time, her appointment will further increase the diversity of our senior leadership team. We would like to express deep gratitude to Robert for his commitment and contribution to building a strong investment platform over the last 13 years. Tom and Vincent have already contributed substantially to where we are today and I am confident they will continue to play a crucial role in achieving the future success of the company.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

Contact DIF: Diederik Heinink, d.heinink@dif.eu

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20 October 2022 | Frankfurt

DIF partners with Deutsche Bahn on public transport concession in Germany

DIF Capital Partners is pleased to announce that it has signed a sale and lease back agreement regarding the acquisition of 29 new-build and electrical multiple-unit trains with DB Regio AG, a subsidiary of Deutsche Bahn AG. The investment will be made through DIF Infrastructure VI fund. MEAG acted as exclusive arranger for the senior debt financing.

DB Regio will sell 29 multiple-unit trains (Coradia Stream HC series), manufactured by Alstom Transport Deutschland, to DIF and lease them via an initial 15-year term to operate the “Kinzigtal” concession. This will connect the German cities Frankfurt am Main, Hanau, Fulda, Bebra as well as Wächtersbach.

Gijs Voskuyl, Partner and Head of Investments for the DIF VI strategy : “DIF is pleased to partner with Deutsche Bahn and our project lender MEAG on this project. Our investment is a component of a wider plan to extend and modernise the public transport services around Frankfurt. The aim is to make it more attractive, by contributing to the customer satisfaction as well as to increase sustainability of – especially – commuter transport from the suburbs to the city center.”

Benjamin Hemming, Head of Infrastructure Debt at MEAG, adds: “We are very pleased to make an important contribution to the modernisation of public transport in Germany with our exclusive debt arrangement for the Kinzigtal network. The new trains which will operate on the line will not only make commuting by train more convenient, but will also contribute to reducing emissions. With this innovative private placement we enable our institutional clients to participate in a long-term and sustainable financing at attractive terms.”

DIF was advised by Herbert Smith Freehills (legal), railistics (technical and commercial), Mazars (model audit and tax), ReedSmith and Loyens & Loeff (tax), Euro transaction Solutions (insurance) and Northrail (transaction structuring as well as long term asset management provider).

(Picture: © Alstom Advanced Design & Styling)

About DIF Capital Partners

Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

Contact DIF: Diederik Heinink, d.heinink@dif.eu

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17 October 2022 |

Getting up to net-zero speed

When DIF became a signatory to the Net Zero Asset Managers (“NZAM”) initiative in 2021, we put a dot on the horizon. But it is clear we must put our foot on the accelerator if we – and the wider infrastructure sector – are to reach that horizon before too much damage is done to our planet or our portfolio investments.

The race to transition to a low carbon economy has never felt more urgent. Over the last five years, 21% of our portfolio investments surveyed on our bespoke ESG engagement process ‘ESG Path’ responded they have been affected by extreme weather events, such as wildfires and flooding although financial impact of such events has not yet been material.

The world’s dependence on Russian oil and gas in recent months has further heightened the need to develop a diversified set of alternative energy sources and capabilities for resilient energy system of the future.

But the net-zero transition doesn’t mean flipping a green switch or investing only in companies that are already green. It means bringing significant capital and deep operational expertise to bear on infrastructure that can form the basis of a Net Zero future.

What is DIF doing?

One year on from our net zero commitment, we are putting a strong focus on pragmatism, transparency and “doing what we say we are going to do”.

We focus on delivering targets, tools, strategy and planning for each of our portfolio investments that will take us as rapidly as possible to that dot on the horizon.

Providing targets and tools

We are not just setting targets for the distant future of 2050. This month, as part of our NZAM commitments, we have published an interim target for 70% of our assets under management to be aligning with net zero by 2030.

This means that in just over seven years, the vast majority of our portfolio companies will have set their own decarbonisation path to Net Zero, will disclose GHG emissions and have clear allocated management responsibility for their reduction pathways.

This is no easy task, so DIF is providing specialist tools and guidance required. For example, there was a 150% increase in the portfolio companies using our greenhouse gas emissions tool to calculate their carbon footprint last year.

Evolving our investment strategy

To reach our Net Zero horizon, we are evolving a broader approach to sustainable infrastructure that invests not only in real assets, but also in those companies along the value chain accelerating the transition to a net zero and more connected economy.

Our new DIF VII and CIF III funds are good examples of this, as they focus on sectors such as energy transition and digitisation.

We see significant amounts of institutional capital flow into those sectors, demonstrating a maturity that is key to achieving the scale and pace needed to build a net zero economy.

Preparing for the rocky road ahead

The next step after setting the interim target for 2030 is to develop Net Zero business plans with each of our portfolio companies.

These business plans must be based on science and must have both management and shareholder support in order to be credible. These are challenges the entire infrastructure sector must confront.

It may not be a smooth road, but we cannot dally. As the impacts of climate change continue to grow, we must get up to speed quickly to manage the risks and seize the opportunities it presents.

Frank Siblesz, Head of ESG

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10 October 2022 |

DIF publishes ESG Annual Report 2022 “Accelerating the transition”

Today, DIF Capital Partners publishes its 2022 ESG report “Accelerating the transition” reflecting on our ESG activities and achievements with a special focus on how our new investment funds accelerate the energy transition. Alongside this publication, we are proud to report a five star rating under the new UNPRI framework, a reward for our strong commitment to ESG throughout the firm.

With the launch of our new DIF VII and CIF III funds, we started to develop a broader approach to sustainable infrastructure that invests not only in real assets, but also in those companies along the value chain accelerating the transition to a net zero and more connected economy.

From electric vehicle charging points to fiber networks, the transition requires new infrastructure across the world and significant amounts of institutional capital to reach the maturity, scale and scope required.

We made notable new investments that are accelerating this transition with their products and services. Some examples are Plugit, one of the largest EV charging infrastructure companies in Finland, ib vogt, a global solar developer across 40 countries, and Bernhard, an energy-as-a-service provider in the US.

All new funds were categorised as ‘Article 8’ under the EU’s new Sustainable Finance Disclosure Regulation (SFDR), as they are promoting specific environmental and social objectives. For example, the Dutch Climate Action Fund, a partnership with NN Group, is driving the energy transition and contribute to the Dutch GHG reduction target through a focused investment strategy.

In 2021, we also joined the Net Zero Asset Managers initiative and committed our firm to being a net zero investor by 2050 or sooner. To start with, we have set a target of 70% of our AUM to be aligning with net zero by 2030, we are collecting our portfolio’s carbon footprint and have started developing investment-by-investment decarbonisation plans.

Core to our business is an appreciation of the strong connection between our investments, their users and our own employees. That’s why we pride ourselves in taking care of our own people and communities, in “walking the talk” on the environment and promoting diversity and equality of opportunity.

More information on our ESG activities and achievements: download the 2022 report.

About DIF Capital Partners

DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

Contact: Diederik Heinink, d.heinink@dif.eu.

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7 October 2022 |

Vincent Liu and Kanan Joshi on (digital) infrastructure opportunities in North America | Infrastructure Investor

Managing director Vincent Liu and head of digital infrastructure Kanan Joshi of DIF Capital Partners in North America spoke to Infrastructure Investor about market opportunities in the region.

They elaborated on how both the energy transition as well as the rapid rise and need for digital infrastructure offer lots of room for further growth.

Moreover, Vincent commented on how DIF is also looking beyond traditional renewable energy.

“For example, we are increasingly pursuing opportunities within the ‘energy-as-a-service’ segment, where companies help improve energy efficiency through long-dated concession style contracts. Energy storage, EV-charging and e-fuels are also a part of our strategy.”

Read the whole piece here.

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4 June 2019 | London

DIF acquires stake in Dublin Waste to Energy PPP project

DIF, through its most recent fund DIF Infrastructure V, is pleased to announce that it has closed the acquisition of a stake in the Dublin Waste to Energy PPP project (the “Project”). The Project is an operational waste to energy facility supported by a 45 year contract with Dublin City Council. DIF Infrastructure V acquired the stake from Macquarie’s Green Investment Group Limited (“GIG”), who remain a shareholder in the Project.

Located in Poolbeg, Dublin Port, the Project processes 600,000 tonnes of residual waste annually and generates electricity which is exported to Ireland’s national grid – sufficient to power 80,000 homes. The facility has been designed to provide highly efficient incineration and is classified as energy recovery in line with EU policy on waste. The Project is part of a wider Dublin regional waste management plan, which is aimed at reducing waste, maximizing recycling and generating energy from waste. The Project benefits from the Irish renewable energy feed-in tariff. The facility was constructed by Covanta who are also its long term operators.

Gijs Voskuyl, Partner at DIF, said “DIF is pleased to invest in the Dublin Waste to Energy Project, a well-managed and high-quality asset, which is expected to provide a stable return to our investors. As result of the investment, DIF further expands its footprint in the waste to energy sector, following the investment in Avertas Energy, an Australian waste to energy facility, alongside Macquarie in 2018. DIF is delighted to invest again in Ireland, partnering with GIG and Covanta, who are both very active and reputable investors in the waste sector”.

DIF was advised by Ashurst (Legal), PwC (Financial), Arup (Technical), SLR (Market) and Grant Thornton (Tax).

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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