25 July 2023  |  London

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’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

Field batteries
18 July 2023  |  Helsinki

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

Valoo
15 June 2023  |  London

DIF Capital Partners achieves financial close on 540MW co-location solar and battery portfolio

DIF Capital Partners (via its DIF Infrastructure VII fund) is pleased to announce that it has reached a close on financing co-located solar generation and battery storage portfolio in the UK.

DIF, together with 10% co-shareholder ib vogt, acquired the portfolio in November 2022. The portfolio consists of seven ready-to-build sites with a total capacity of 720MW (380MW solar and 340MW Battery Energy Storage Systems (BESS).

The financing structure covers the first 540MW of projects in the portfolio and comprises of fully committed senior debt facilities. It also includes an equity bridge loan provided by a club of senior lenders comprising ABN AMRO, ING, Rabobank, NAB, KFW and Lloyds, with Lloyds acting as agent. There is a further uncommitted accordion facility to expand the financing for the final 180MW of projects in the portfolio.

DIF is also pleased to announce significant progress on the commercialisation of the portfolio since acquisition. The first two projects in the portfolio have commenced construction, with an expectation that all projects will be operational between 2024 and 2025.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We are delighted to announce this major milestone in the commercialization of a landmark UK solar and battery portfolio. These assets will play a significant role in the UK’s energy transition.

We’re particularly happy to have secured an innovative, market leading portfolio financing agreement – the first of its kind for such a portfolio in the UK.

DIF is grateful to the strong club of lenders supporting the portfolio, many of whom represent key relationships for DIF. We look forward to bringing this landmark portfolio into operation and make a significant contribution to the UK’s efforts to achieve net zero by 2050.”

DIF was advised by Elgar Middleton, Lazard, CMS, DNV and Natural Power.

 

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

Energy transition
10 May 2023  |  Toronto

DIF Capital Partners acquires leading Canadian geothermal company Diverso

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to acquire a majority interest in Diverso Energy Inc. (“Diverso”), a leading developer, owner, and operator of geothermal energy systems in Canada. DIF’s investment will be executed through its DIF Infrastructure VII fund. DIF will acquire a 75% interest directly from the founders who will retain the remaining ownership and continue to lead the company.

Founded in 2015, Diverso offers a geothermal heating and cooling solutions for multi-unit residential and commercial projects under an Energy-as-a-Service (“EaaS”) model with long-term contracts. The acquisition will enable Diverso to continue its growth and execute on its growing pipeline of geothermal projects in Canada.

Diverso’s ground source energy systems typically reduce the carbon intensity of a building by 80% by removing traditional gas boilers. The company estimates its developed and pipeline projects will eliminate over 30,000 tons of CO2 annually. Geothermal systems are expected to contribute to Canada’s target to reduce carbon emissions by 40% by 2030 and net-zero by 2050. Supportive regulatory policies such as the clean technology investment tax credit for geothermal, regulations requiring stringent reductions of carbon intensity and improvements to energy efficiency in building design and increasing federal carbon taxes position Diverso strongly to achieve its targets.

This investment will provide immediate and long-term benefits to Diverso Energy and our clients” said Tim Weber, CEO of Diverso. “We are extremely proud of what our team has accomplished since our inception in 2015. With our new partnership and the immediate demand for low carbon building solutions, we are well positioned to enhance our operations and grow our position as market leaders as the industry accelerates the adoption of geothermal solutions.”

“Diverso provides a technical solution that is sustainable and significantly improves energy efficiency of buildings. We believe geothermal heating and cooling for residential and commercial properties will play an important role in the overall decarbonization of the Canadian economy” said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners. “This investment continues to build upon DIF’s long standing build to core strategy and commitment to reducing greenhouse gases globally. We look forward to the partnership with the Diverso management team in expanding its presence as a leading Canadian geothermal company in an industry supported by strong regulatory tail winds.”

 

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 Diverso

Diverso offers a unique geothermal EaaS model for multi-family, office and institutional buildings. Diverso designs, builds, owns and operates the geothermal system allowing clients to leverage the benefits of geothermal without the financial or operating risks associated with the technology. The Diverso ownership team has worked with hundreds of clients many in high density urban environments. Their combination of financial and technical solutions are expediting the transition from fossil fuels to electric buildings.

For more information, please visit www.diversoenergy.com

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

DIF Capital Partners acquires leading Canadian geothermal company Diverso
9 May 2023  |  London

DIF Capital Partners invests in a portfolio of 8 UK student accommodation assets

DIF Capital Partners (“DIF”) is pleased to announce that it has signed the acquisition of a 100% stake in Ottoway Portfolio Holdings (“Company”), a company that owns and operates a portfolio of eight purpose-built student accommodation (“PBSA”) assets in key UK cities. The company was acquired from a fund advised by Arlington Advisors (“Arlington”), a UK-based investment manager, and Campus Living Villages (“CLV”), one of the world’s leading on-campus student accommodation owner-operators. The investment will be made by DIF Infrastructure VI and CLV will continue operating the portfolio.

The Company comprises a sizable portfolio of PBSA assets, consisting of over 4,500 rooms across seven key cities in England and Wales (London, Birmingham, Leeds, Manchester, Liverpool, Nottingham and Newport). The majority are freehold assets and the portfolio benefits from a number of fixed leases and long-term agreements with universities. The properties have a considerable operational track record with historically high levels of occupancy driven by strong locations, well-priced rooms and close relationships with universities. The UK PBSA sector is expected to continue to experience growth, driven by its favourable demand and supply fundamentals and secure income generation capabilities. The portfolio also benefits from existing institutional financing in the form of a long-dated listed bond.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF, said: “DIF is excited to add a sizable student accommodation portfolio to DIF VI. This operational portfolio benefits from long-term relationships with universities in key UK cities and has demonstrated a strong historical track record. We recognise the important role that PBSA plays for both local and foreign students thus we look forward to working alongside high calibre educational institutions to provide accommodation for their students”.

DIF was advised by CMS, Vercity, Student First Group, Deloitte and Evolution Infrastructure.

Arlington and CLV were advised by Squire Patton Boggs, KPMG, Memery Crystal and Osborne Clark.

 

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:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

5 April 2023  |  London

DIF Capital Partners invests in leading UK district heating company Pinnacle Power

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to invest in Pinnacle Power Limited, a leading UK district heating platform, to accelerate its growth and fund the development and ownership of city-scale district heating networks across the UK. The transaction will see DIF owning a significant majority in the company, with the management team retaining a minority stake. This is following an agreement with Pinnacle Power’s previous shareholder, Pinnacle Group Limited. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Pinnacle Power is a leading developer and turn-key contractor in the UK district heating market. Founded in 2012 and headquartered in London, the company has a successful track record, having delivered over 100 projects since its inception. Notably, it has developed and is the operator of the £87m Greenwich Peninsula network. With 87MW of heat capacity and servicing 15,700 residential units, this is one of the largest city scale networks in the country.

District heating networks are widely expected to play a crucial role in the UK’s journey to net zero. Today, heat-related activities are the biggest contributor to greenhouse gas emissions in the country, representing 37% of total emissions. District heating networks are a cost effective, low-carbon solution to traditional gas boilers in urban locations. As a result, the country’s district heating market is widely expected to undergo a sustained period of high growth, with substantial capital investment required to meet these net zero ambitions.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We share Pinnacle Power’s view that district heating networks will play a pivotal role in the energy transition story of the UK. We are impressed with what the Pinnacle Power management team has achieved to date and firmly believe in their ability to grow the business, backed by strong regulatory tailwinds. Pinnacle Power represents a compelling investment proposition for DIF, with an opportunity to invest in a build-to-core sustainable energy platform operating in a rapidly growing market.”

Commenting on the transaction, Toby Heysham, CEO of Pinnacle Power, said: “As recognised in the Government’s Energy Security Plan, heat networks will play a critical role in delivering affordable, low-carbon heating, and help hit the UK Government’s legally binding carbon targets. We are excited to be working with DIF to deploy the scale of investment this market needs. We know that the industry needs to deploy at least £60-80bn into low-carbon heat networks to unlock the vast amount of local, wasted heat and deliver that heat into homes and businesses. Many towns and cities have declared climate emergencies but very few have credible solutions to the ‘heat challenge’. This investment offers a clear pathway to achieving decarbonisation, through local investment in locally generated, low-carbon heat.”

Peregrine Lloyd, Group CEO of Pinnacle Group, said: “This agreement is the culmination of a ten-year journey since founding Pinnacle Power. I am incredibly proud of the work our management team has done to grow and nurture Pinnacle Power to see it become one of the country’s leading heat network platforms. The time is now right to hand over the reins to DIF, who will take Pinnacle Power to the next level and enable the scale of investment needed in the energy market. I look forward to following this exciting next phase in Pinnacle Power’s development.”

DIF was advised by AFRY, Deloitte, Evolution Infrastructure and Travers Smith. Pinnacle Power and Pinnacle Group were advised by Eversheds Sutherland and Opus Corporate Finance.

 

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 210 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 Pinnacle Power

Pinnacle Power is a heat network provider in the UK. We provide, build, own and operate services for a large number of heat networks around the country. Pinnacle Power was started in 2012 by Pinnacle Group and management. Since then, it has grown to be one of the leading heat network providers in the country. Pinnacle Power is currently designing and building a number of schemes for local authorities across the UK as well as operating networks and running a heat utility. Pinnacle Power have offices in London, Carlisle, Sheffield and Copenhagen.

For more information, please visit www.pinnaclepower.co.uk

About Pinnacle Group

Pinnacle Group is a community-facing, people-first business that delivers, manages, and maintains communities and places where people live, work, learn and play including a portfolio of 75,000+ mixed tenure homes and, 200+ schools as well as open spaces, public and private buildings, retail, distribution centres and manufacturing.

Formed in 1994, Pinnacle is a trusted service provider to both public and private sectors; employing 3,700+ people and operates across the UK from over 200 delivery locations.

For more information, please visit www.pinnaclegroup.co.uk

 

Contacts:

DIF Capital Partners:

Diederik Heinink, d.heinink@dif.eu

Pinnacle Power:

enquires@pinnaclepower.co.uk

Pinnacle Group:

Aisling Jamieson-Ewers, +44 (0)75 5281 0514 / Mia Dexter, M: +44 (0)73 1137 0065

PinnaclePress@headlandconsultancy.com

 

3 April 2023  |  Toronto

DIF Capital Partners agrees to acquire majority interest in US-based solar platform Green Street Power Partners

DIF Capital Partners is pleased to announce that it has agreed to acquire a majority equity interest in US-based Green Street Power Partners (“Green Street”), a leading developer, financier, owner, and operator of distributed generation solar projects for various private and public clients across the US. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Since its inception in 2014, Green Street has experienced rapid year-over-year growth driven by its experienced executive management team and extensive network of industry relationships. Headquartered in Stamford, Connecticut, Green Street has developed a 300+ MW portfolio of operational and under-construction projects throughout the country.

Green Street has over 2 GW of solar projects in its pipeline in both existing and new markets, which it will look to execute over the near-to medium-term. Green Street is well positioned to accomplish its development goals, utilizing its vertically integrated capabilities across development, legal, project financing, engineering, and project and asset management functions.

In addition to existing and upcoming renewable energy goals, execution of the growing development pipeline is further supported by the recently passed Inflation Reduction Act, providing a long-term runway of supportive renewable energy legislation long awaited by developers, sponsors, and market participants alike.

In 2023, Green Street’s projects nationwide will produce over 275 million kWh of energy, displacing over 200 thousand tons of CO2.

The transaction is subject to customary conditions and approvals and is expected to close in early Q2 2023.

“Green Street is very excited to be partnering with DIF. As a leader in distributed generation in the US, the partnership will enable Green Street to continue its growth efforts and execute on its 2 gigawatts and growing of pipeline,” said Jason Kuflik, President of Green Street. “We are excited about what we will be able to accomplish together. As a leading global infrastructure fund, we could not have picked a better partner.”

Green Street was advised by Scotiabank and its legal counsel Orrick, Herrington & Sutcliffe LLP in connection with this transaction.

“The partnership with Green Street will further grow DIF’s North American renewable portfolio and marks our first distributed solar generation platform in the North American market”, said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners . “DIF is excited to work with the Green Street team to continue developing and operating distributed solar projects across the US to further advance the global clean energy transition, one of DIF’s responsibilities as a leading infrastructure investor. Supported by strong thematic tailwinds in the US, we see this as an excellent opportunity to support a strong team in their goals to become a leading distributed generation developer and asset owner.”

DIF was advised by Macquarie Capital and its legal counsel Stoel Rives LLP in connection with this transaction.

 

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 sectors.

With a team of over 210 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 Green Street Power Partners

Founded in 2014, Green Street is a national developer, financier, owner, and operator of solar energy systems benefiting businesses and communities across the country. Green Street specializes in structured finance for solar assets, securing sponsor and tax equity alongside project-level debt financing to realize the highest value for its clients.

Green Street’s proven dependability, experience within the industry, and established portfolio of 300+ MW of operational and under-construction projects, underpin its success as one of the leading solar developers and owners in the country.

Green Street strives to continue this growth while staying committed to corporate social and environmental responsibility, as we sustain our environment for future generations through solar power. We view this responsibility as a fundamental part of our business, and we consistently work to inspire these values in our employees, partners, and customers. Green Street currently has 58 employees and is headquartered in Stamford, CT with a legal office in Tallahassee, FL.

For more information, please visit www.gspp.com.

28 March 2023  |  Schiphol

Changes to DIF Capital Partners’ Executive Committee

The Supervisory Board of DIF Management B.V. is pleased to announce changes to the composition of its Executive Committee (ExCo) designed to create a more effective and focused governance body.

DIF’s ExCo is responsible for the daily operations of the firm and ultimately for the execution of the investment strategies of the funds. The ExCo leads the organisation, sets policies and oversees performance versus strategic objectives.

Given the growth of the firm over recent years, DIF has concluded that a more streamlined ExCo will optimize the efforts of DIF’s partners and ensure the ExCo’s continued effectiveness.

Therefore, as from 15 February 2023, the ExCo of DIF Capital Partners consists of five members:

  • Chief Executive Officer (CEO): Wim Blaasse
  • Deputy CEO: Gijs Voskuyl
  • Chief Investment Officer (CIO): Allard Ruijs
  • Chief Financial Officer (CFO): Zaina Ahmed-Karim
  • Chief Risk Officer (CRO): Anne Snel-Simmons

Wim Blaasse continues to act as DIF’s CEO (Managing Partner), the chairman of the ExCo and the chairman of all of DIF’s investment committees.

Gijs Voskuyl has been appointed DIF’s Deputy CEO, a new role in the ExCo, taking over a number of responsibilities from Wim with regards to managing the broader DIF organisation. Gijs joined DIF in 2008 and has played an instrumental role in a large number of transactions over the last 15 years. Gijs will continue his lead role managing the traditional DIF funds (including DIF Infrastructure VII).

Allard Ruijs has been appointed Chief Investment Officer (CIO). This is a new role within DIF and will involve overseeing the development of all of DIF’s investment strategies, which includes deal oversight  from origination and execution, through to asset management and ultimately exit. Allard will continue to oversee DIF’s investor relation activities and will continue to act as vice-chairman of the investment committees of all DIF-managed funds. He joined DIF in 2007 in the investment team. From 2012 through 2022, Allard was Head of Investor Relations & Business Development.

The Chief Financial Officer (CFO) as well as Chief Risk Officer (CRO) roles will remain unchanged and are filled respectively by Zaina Ahmed-Karim and Anne Snel-Simmons. Zaina and Anne joined DIF in 2022 and 2018, respectively.

The Dutch Authority for the Financial Markets has approved the appointments and the Works Council has given its positive advice.

With the streamlining of the ExCo and the creation of the Deputy CEO and CIO roles, DIF believes it is well-positioned for the next chapter of its successful growth journey.

 

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 210 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.

23 February 2023  |  London

DIF Capital Partners signs acquisition of largest UK co-location solar and battery portfolio from Cero Generation and Enso Energy

DIF Capital Partners is pleased to announce that, together with ib vogt, it has signed the acquisition of a 100% interest in a greenfield portfolio of ready-to-build co-located solar and battery projects from Enso Green Holdings Limited (EGHL). This is a joint venture between Cero Generation and Enso Energy. DIF’s investment is being done through its DIF Infrastructure VII fund, which will acquire a 90% interest.

The UK-based portfolio has been developed by EGHL and is understood to be the largest co-location portfolio of solar and (battery) storage in the UK, consisting of seven sites with a total capacity of 720MW (380MW of solar and 340MW of battery storage). Solar EPC and O&M services will be provided by ib vogt.

The acquisition of each project will be completed once each site reaches the ready-to-build stage. The first two projects have already been acquired and have started construction; the expectation is that all projects are acquired by mid-2023 and that they are operational between 2024 and 2026. All individual sites are expected to benefit from CfD contracts or PPAs with corporate or utility offtakers.

DIF and ib vogt are currently in the process of raising a non-recourse debt financing facility to fund the construction of the portfolio.

Gijs Voskuyl, partner and Head of Infrastructure at DIF Capital Partners, said: “This transaction perfectly fits in DIF’s build to core strategy and will make a significant contribution to the UK’s efforts to achieve net zero by 2050. It represents DIF’s first direct investment into the asset class of utility scale energy storage, which is an essential component of future electricity markets. DIF is continuing to work closely with Enso Energy and Cero Generation to bring the remaining assets in the portfolio to ready-to-build stage and is excited to make this investment in a partnership with ib vogt”.

Commenting on the transaction, Marta Martínez Queimadelos, CEO of Cero Generation, said: “We are delighted that DIF and ib vogt will be taking forward this sizeable portfolio into the next phase of its lifecycle. They will be continuing our work with Enso Energy following the development of the projects from conception through planning, and successfully to ready-to-build. This portfolio will make a significant contribution to the UK’s efforts to achieve net zero by 2050, with the co-location of solar and battery storage playing a key role in the de-carbonisation of the grid. We will continue to develop and deliver the UK solar and battery projects in the joint venture’s existing pipeline, which extends to 5GW, and a further 5GW of early-stage opportunities.”

Andrew King, Managing Director of Enso, commented: “The sale of these ready-to-build assets is the culmination of a lot of hard work by the Enso and Cero teams, and we look forward to seeing the DIF/ib vogt team take them forward to construction and operation. This transaction provides further evidence that co-located solar and battery storage projects connecting directly to the transmission network are attractive to funders and investors and will play an important role in the delivery of the UK’s net zero plans”.

DIF was advised by Elgar Middleton, Lazard and CMS. EGHL was supported by PKF and TLT through the transaction.

 

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 210 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 Cero Generation

Cero Generation is a leading renewables platform working across Europe to support the transition to a net-zero future, for this and every generation.

Active throughout the project lifecycle, from development through to construction and operations, Cero’s highly experienced team brings world-class industrial, commercial and technical expertise to its projects.

Cero’s 11GW development portfolio is one of the largest in Europe, covering utility-scale solar as well as integrated energy storage solutions. Cero works closely with local development partners and suppliers to deliver high-quality, high-performing assets.

Cero is an independent portfolio company of Macquarie’s Green Investment Group (GIG), operating on a stand-alone basis.

About Enso Energy

Enso Energy is one of the UK’s most experienced renewable energy developers, focused on developing renewable energy sites that drive the transition to net zero.

Enso’s team of experts have a deep understanding of the energy industry and how to meet the requirements of a fast-moving sector. With a background in large scale renewable energy, the team have delivered over 1.2GW of renewable energy and storage projects since 2019.

Enso Energy believes that it is only with the support of the people most affected by renewable energy development that we can keep the lights on. That is why Enso’s expert team is honest, considerate and diligent with an ambition to use the latest solar technology to make a positive impact on the country and the communities it works in.

To find out more visit: https://www.ensoenergy.co.uk/

 

Contacts:

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

Cero / Enso: cero@standagency.com

7 February 2023  |  London

DIF Capital Partners divests portfolio of rail freight wagons

DIF Capital Partners is pleased to announce that it signed an agreement with Wascosa, a leading asset manager of freight wagons, to divest its portfolio consisting of 564 rail freight wagons (“Rota Rail II”). Closing of the transaction will occur in tranches in the first half of 2023. The assets are an investment of DIF’s core-plus CIF I fund.

DIF acquired and grew the portfolio to its current size between 2019 and 2021, and upgraded some of the railcars to ensure their compliance with the highest safety standards. The portfolio proved to be resilient throughout COVID and continued to perform well, despite an uncertain political and macroeconomic environment.

Andrew Freeman, partner and Head of Exits at DIF Capital Partners commented: “We have taken the opportunity to make an early sale in the fund life of DIF CIF I by tapping into the favourable market for high quality European rail cars. The sale will generate attractive returns for CIF I investors, and further demonstrates the strong CIF fund strategy. We have highly appreciated the good working relationship we have had with Wascosa during our period of ownership.”

CMS acted as legal and tax advisor to DIF.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. The company 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 fund strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, 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

About Wascosa

Wascosa is one of the largest rail freight wagon rental companies in Europe. Based in Lucerne, it was founded in 1964 and is one of the industry pioneers in freight wagon rental. Its core business is the leasing and management of freight wagons for use in rail transportation throughout Europe.

Today, Wascosa has a highly diversified fleet of over 15,000 wagons ranging from tank wagons for the chemical and oil industries to container and pocket wagons for intermodal transport, as well as wagons for transporting bulk goods and for use in infrastructure construction.

Wascosa is also home to the highly acclaimed flex freight system® which is a modular wagon concept developed by the company’s own engineers. Wascosa’s biggest customers include petroleum and chemical groups, industrial and logistics companies, but also private and state railway companies.

Over 100 employees work from its offices in Lucerne, Hamburg, Hull (UK), Madrid and Milan, serving national and international customers alike.

www.wascosa.com

About Rota Rail II

Rota Rail II is a portfolio of 564 rail freight wagons. The cargo wagons are leased out to major railway operators, logistics firms and industrial companies. Commercial and technical management for the wagons had been secured under an operational Asset Management Agreement for the next 20 years, with the railcar operators covering the statutory maintenance and operational obligation under German regulation.

24 January 2023  |  Toronto

DIF Capital Partners invests in Canadian fiber platform RFNOW

DIF Capital Partners is pleased to announce that it has closed an investment in Canadian internet service provider RFNOW Inc. to fund the further growth of its telecommunications network. RFNOW currently provides enterprise fiber, residential fiber, fixed wireless internet and phone services over its 1,500 km fiber optic network and tower portfolio in Manitoba and Saskatchewan, Canada. DIF made the investment through its CIF III fund.

The company will enhance telecommunications services for residents, businesses, and public services. RFNOW’s high-speed fiber network will increase economic and societal opportunities to local communities in historically underserved areas.

This investment follows prior successfully developed fiber investments by DIF Capital Partners in rural Canada.

“This investment will provide immediate and long-term benefits to RFNOW customers and employees,” said Chris Kennedy, CEO of RFNOW. “We are extremely proud of what our team has accomplished to get us here. Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions.”

Willem Jansonius, partner and Head of CIF at DIF Capital Partners commented: “RFNOW is offering a tremendously important internet service connecting relatively remote areas with its state-of-the-art fiber technology. The management has done a great job in bringing the company to where it is now and we are very much looking forward to growing it further together. The addition to our existing investments offers a gateway to unlock even bigger parts of Canada.”

DIF was advised by Agentis Capital, Davies Ward Phillips & Vineberg LLP, and KPMG in connection with this transaction.

About RFNOW Inc.

Founded in 2000, RFNOW Inc. is an independent internet service provider serving communities across Manitoba and Southeastern Saskatchewan. RFNOW specializes in the development, construction, and operation of fiber and wireless infrastructure. Based in Virden, Manitoba, RFNOW provides internet services to residential and commercial customers in more than 170 communities within 72 municipalities. The company provides high-speed internet and voice services to thousands of residential and business clients over a 1,500 kilometer network of owned fiber and tower portfolio. Today, RFNOW employs over 120 staff members and continues to grow and service more areas in Manitoba and Saskatchewan.

For more information, please visit www.rfnow.com.

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, of which DIF VII is the latest fund in the series, 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 DIF: Diederik Heinink, d.heinink@dif.eu

10 January 2023  |  Toronto

DIF Capital Partners acquires US-based data center provider Tonaquint

DIF Capital Partners is pleased to announce that it has signed an agreement to acquire Tonaquint Data Centers, a leading data center provider in the Mountain West region in the United States, headquartered in St. George, Utah. Tonaquint’s management continues to hold a minority stake. The investment will be done through DIF’s core-plus CIF III fund.

Tonaquint is a colocation and cloud service provider with operations in St. George, Utah and Boise, Idaho. The company offers a comprehensive set of critical infrastructure products and services and is active in a fast-growing segment of the digital industry. The acquisition will enable Tonaquint to continue its growth, enhancing its existing facilities and expanding its service offering.

Tonaquint is mainly focusing on high growth smaller markets, which are not as well serviced by other major data center operators. It serves a well-diversified and growing client base in the technology, healthcare, financial services, and industrial sectors.

DIF data center operating advisor Michael DeVito will be joining the Tonaquint management team to further build out the company in North America.

Willem Jansonius, partner and Head of CIF at DIF Capital Partners, commented: “Given the rapid growth of the private cloud market, Tonaquint’s product offering is right where the opportunities are. Now and in the years to come. Our investment will enable Tonaquint to further build towards a leading North American data center platform. The acquisition fits DIF’s ambition to further grow in the digital infrastructure space in North America and beyond by investing in small to medium-sized businesses. That’s exactly why we already started expanding our capabilities and expertise in the sector a few years ago.”

Matt Hamlin, co-founder and CEO of Tonaquint said: “Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That’s who we are.”

Philip Daley, co-founder and COO of Tonaquint added: “Tonaquint’s ability to build and maintain quality data centers and cloud services is now enhanced by DIF’s ability to bring additional capital and expertise in digital infrastructure. We look forward to expanding our footprint and services throughout the United States.”

Bank Street Group LLC served as exclusive financial advisor to Tonaquint in connection with this transaction. Agentis Capital served as an exclusive financial advisor to DIF.

 

About Tonaquint

Tonaquint is a leading data center provider which operates two data center facilities in St. George, Utah and Boise, Idaho. Tonaquint was founded in 2008, and entered into the Boise market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. The company provides data center services to over 250 customers across its two facilities. Tonaquint provides a robust product suite including colocation, cloud services (including secure and compliant hosting for infrastructure), disaster recovery, and backup as a service, as well as ancillary network and managed services. Tonaquint has achieved strong success within its existing markets, leveraging a sales strategy focused on developing local relationships to build to a longstanding customer base.

For more information please visit www.tonaquint.com.

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, of which DIF VII is the latest fund in the series, 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 DIF: Diederik Heinink, d.heinink@dif.eu