Press release Archives - Page 4 of 13

14 July 2022 | Schiphol

Dutch Climate Action Fund aims to reduce CO2 emissions in the Netherlands

DIF Capital Partners (“DIF”) and NN Group have launched the Dutch Climate Action Fund. NN Group is a cornerstone investor with an initial commitment of EUR 125 million, and DIF will manage the fund.

The Dutch Climate Action Fund will invest in projects and companies active in climate change solutions that envisage to support the Dutch energy transition. The fund is rising to this challenge by targeting investments that aim to support the reduction of carbon emissions in the Netherlands. These investments are targeted to be pioneers in their markets as well as investments in more traditional clean energy sectors. The fund may invest in energy efficiency, e-mobility, energy storage and hydrogen, as well as in renewable energy generation such as onshore wind and solar farms. Renewable energy generation is expected to be a catalyst for electrification of industries, buildings and transportation, driving a significant part of emission reduction and therefore investment needs. The Dutch Climate Action Fund focuses on equity investments of up to EUR 25 million per investment.

Specifically, the fund’s investments target to support and promote the United Nations Sustainable Development Goals number 7 (affordable and clean energy), number 11 (sustainable cities and communities) as well as number 13 (climate action). Actual contribution to these SDGs, as well as reporting against the progress of achieving selected KPIs in relation to these SDGs, are targeted to be assessed for each investment opportunity.

Allard Ruijs, Partner of DIF Capital Partners: ‘We are honored to partner with NN Group on this Dutch initiative to further drive the energy transition and the reduction of carbon emissions in our home market through a focused investment strategy and leveraging on DIF’s long standing track record in the global energy infrastructure markets.’

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘Climate change is one of the biggest challenges of today; weather extremes due to climate change in the form of heat waves, drought and storms are only increasing. In addition to decarbonising our investment portfolio, NN Group has a clear commitment to double our investments in climate solutions by 2030. Companies and households may be able to reduce their carbon footprint, but still need energy. As long as this energy is derived from fossil fuels, we as a society will face difficulties achieving net-zero. Our investments in the Dutch Climate Action Fund will support and accelerate the Dutch energy transition, essential to ultimately reach net-zero.’

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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 VI 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 190 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: Thijs Verburg, t.verburg@dif.eu.

12 July 2022 | Schiphol

DIF Capital Partners supports further growth of Greener, a leading Dutch mobile battery solution provider

DIF Capital Partners (“DIF”) is pleased to announce that through DIF CIF III (the “Fund”) it has signed an agreement to partner with Greener Power Solutions B.V. (“Greener”), a leading mobile battery solution provider, headquartered in Amsterdam, the Netherlands. The Fund will acquire a majority stake and provide capital that will enable Greener to rapidly grow its battery fleet in order to expand its service offering and achieve its ambitious growth plans in the Netherlands and abroad.

Greener is a market leader in mobile battery solutions in the Netherlands with a portfolio of 60 containerized mobile batteries. Through its mobile batteries the company provides contracted mobile green power solutions to customers who have insufficient or no grid connection capacity available. Greener supplies off- and on-grid power solutions to among others construction sites, customers awaiting grid upgrades, large scale events and temporary EV charging locations.

Demand for mobile battery solutions is growing rapidly due to tightening emission regulations, pushing construction companies to use more environmentally friendly power solutions, and growing grid constraints leading to an increased demand for temporary power. Greener is strongly positioned due to its sizeable fleet of high-quality mobile batteries, experience in installing and operating batteries and in-house developed software platform, which offers customers convenience and cost savings tailored to their specific applications.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the ongoing push to decarbonize the economy and reduce nitrogen emissions will continue to increase pressure on companies to utilize clean energy solutions, as evidenced by the ongoing nitrogen crisis in the Netherlands. Moreover, Greener is expected to benefit from the constraints to enlarge grid capacity in the Netherlands. Greener’s mobile power solutions offers a material reduction in emissions and thereby supports the energy transition. We are excited to on-board on this journey together with management to realize Greener’s ambitious growth and decarbonization plans”.

Dieter Castelein, CEO of Greener: “The investment of DIF Capital Partners enables us to achieve new goals and pursue great opportunities to further improve and expand our power solutions. We believe that temporary power supply will play a great role in the energy transition and we aim to make a significant contributions to the acceleration of this transition.”

Closing of the transaction is expected to take place in July 2022.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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 VI 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 190 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: Thijs Verburg, t.verburg@dif.eu.

5 July 2022 | Madrid

DIF Capital Partners closes acquisition and refinancing of Grupo Itevelesa

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure VI has closed the acquisition of Grupo Itevelesa (“Itevelesa” or the “Company”), a market leading provider of vehicle inspection services in Spain with a network of 72 stations nationwide serving ca. 2.3 million customers annually. Simultaneously, DIF has secured a long-term debt financing for the refinancing of the Company and to partially finance the acquisition. The debt financing was fully underwritten by Santander Corporate & Investment Banking which was also involved in hedging the interest rate exposure between signing and completion of the transaction.

Founded in 1982 and headquartered in Madrid, Itevelesa is one of Spain’s largest independent providers of periodical technical inspection services for vehicles, which are conducted under contracts with regional governments of which the majority is concession-based. The Company operates 72 fixed locations and 20 mobile units across 11 autonomous communities; it also provides industrial safety, metrology and environmental inspection services, playing a relevant role in ensuring ESG standards. With the long-term support of DIF, Itevelesa will aim to continue its strong growth path and further consolidation of its relevant market position.

Jesús García Gil, CEO of Itevelesa, said: “It is a pleasure to welcome DIF on board as our new shareholder. We have worked extremely closely with DIF along the last months and I truly believe that it is the ideal partner to support the Company’s growth and diversification business strategy; this transaction ensures that we can continue delivering the highest possible safety and quality service to our customers under the highest ESG standards.”

Gijs Voskuyl, Partner at DIF, said: “We are delighted to have completed the acquisition of Itevelesa. The Company provides a crucial service across Spain under a regulated environment which aligns well with our core strategy. We are looking forward to working closely with the Itevelesa team to deliver a high-quality service to its customers and continue growing in the market.”

DIF has been advised by Cantor Fitzgerald (Financial), Herbert Smith Freehills (Legal), Roland Berger (Commercial), PwC (accounting and tax) and WTW (insurance). Hayfin has been advised by Alantra (Financial) and Linklaters (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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 VI 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 190 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: Thijs Verburg, t.verburg@dif.eu.

22 June 2022 | Schiphol

DIF Capital Partners joins forces with Virya Energy to acquire a strategic position in Dutch green hydrogen developer VoltH2

DIF Capital Partners (“DIF”), through DIF Infrastructure VI, has acquired an interest in green hydrogen production facilities developer VoltH2 (the “Company”). DIF entered into a strategic partnership with Virya Energy, a leading Belgian renewable energy company, in acquiring a majority stake in the Company, with VoltH2’s founder André Jurres, retaining a meaningful share as well.

The Netherlands based VoltH2 holds permits and secured land plots for two production sites in Vlissingen and Terneuzen, with advanced planning underway for an additional site in Delfzijl as well as a number of early phase development positions. The three most advanced facilities have a capacity of initially 75 MW which can be scaled up to 250 MW. DIF’s and Virya’s involvement enables VoltH2 to realise its first green hydrogen production facilities in the near future and further expand the pipeline.

André Jurres, Managing Director of VoltH2: “This investment attests to the confidence in green hydrogen and in the growth of VoltH2. With the involvement of DIF Capital Partners and Virya Energy, we can anchor VoltH2 locally as well as internationally, achieve our ambitions and play a crucial role in the European energy market and energy transition.”

Gijs Voskuyl, Partner at DIF Capital Partners, adds: “We expect a significant demand increase for green hydrogen in the short and medium term. As an investor with a strong footprint and ongoing focus within the energy transition space, we aim to play a role in this fast growing and capital intensive market and believe VoltH2 as well as Virya Energy are excellent partners to realise these ambitions.”

About VoltH2

VoltH2 focuses on the design, development, construction and operation of green hydrogen facilities in Europe. The first two production facilities are currently being developed in Vlissingen and Terneuzen (the Netherlands). Both are expected to be operational in 2025. At start-up, each facility will produce nearly 2 million kg (1,890 tonnes) of green hydrogen per year. In time, this production will grow with the hydrogen market and will be scaled up. Because of its strategic location within North Sea Port, the end product will be transportable by road, rail and waterways. Local industry will be able to purchase green hydrogen in order to meet its environmental objectives. Recently, the project for a third green hydrogen facility was started in Delfzijl (within Groningen Seaports). VoltH2 is a collaboration between Volt Energy (the company of founder André Jurres), Virya Energy and DIF Capital Partners. www.volth2.com

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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:

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 VI 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 Capital Partners has a team of over 190 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: Thijs Verburg, t.verburg@dif.eu.

About Virya Energy

Virya Energy was founded in late 2019 by Colruyt Group and Korys. The energy holding company has shares in Parkwind, Eurowatt, Eoly Energy, Sanchore and recently also in VoltH2.

Virya Energy focuses on the development, financing, construction, exploitation and storage of renewable energy. All of these companies possess a wealth of complementary expertise. By sharing knowledge and enabling them to work together, Virya Energy aims to create economies of scale and take a leading role in the rapidly evolving renewable energy sector. Virya Energy and its subsidiaries worldwide have a capacity of 1 GW of green energy. This includes onshore and offshore wind power and a number of initiatives for green hydrogen such as Hyoffwind.

1 June 2022 | London

DIF Capital Partners to divest its stake in the Thames Tideway Tunnel project

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) have agreed to the sale of their 10.66% shareholding in Thames Tideway Tunnel (“Tideway”) to DIF’s existing co-shareholders in the project: an affiliate of Allianz Capital Partners, two Amber Infrastructure-related entities (International Public Partnerships and Swiss Life Asset Managers) and Dalmore Capital. The transaction has arisen due to DIF III coming to the end of its fund life.

Tideway is a unique UK infrastructure project and is the largest single asset in the UK water sector. The 25km long tunnel is being constructed to help prevent the release of 37 million cubic metres of untreated sewage that is currently discharged into the River Thames in a typical year. The ‘super sewer’ will significantly increase the capacity of London’s sewer network and help to transform the River Thames into a healthier and cleaner river.

DIF, along with Allianz, Amber Infrastructure and Dalmore Capital, was awarded the project licence for Tideway from Ofwat in 2015, and has managed the project successfully through its most challenging construction phase. At the end of April 2022, Tideway reached a significant milestone with the completion of tunnelling.

Andrew Freeman, Head of Exits at DIF, said: “During our joint ownership, the co-shareholders have championed our collective vision of providing long-term benefits to London by upgrading its essential infrastructure. We are delighted to leave Tideway under their stewardship.”

DIF was advised by RBC Capital Markets (financial) and Norton Rose Fulbright (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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:

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 VI 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 Capital Partners has a team of over 190 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: Thijs Verburg, t.verburg@dif.eu.

25 May 2022 | Helsinki

DIF Capital Partners to grow its district heating and energy services business platform Loimua by acquiring Pilke Energia

DIF Capital Partners (“DIF”) is pleased to announce that its Finnish district heating and energy services business platform Loimua Oy (formerly known as Elenia Heat) has agreed to acquire Pilke Energia and its subsidiaries from Lahti Energia.

Pilke Energia owns and operates biomass boilers with a capacity of 48MW across two sites in the municipality of Kärkölä, South of Finland. The company’s main responsibility is to produce energy for a local wood product company, Koskisen Oy.

Loimua’s CEO Matti Tynjälä says: “Koskisen will be a significant new customer for our industrial-scale energy services business. Renewable energy and its production serve the customer’s needs and the companies’ carbon neutrality goals in a great way. Loimua’s experience in producing renewable energy supports new cooperation in meeting Koskinen’s energy needs”.

DIF and its partners were advised by Avance (legal) and Deloitte (tax and accounting).

About Loimua

DIF Capital Partners, together with its partners Local Pensions Partnership Investments and abrdn, acquired Loimua in July 2019 with DIF Infrastructure V (link to original press release). Loimua is the second largest private supplier of district heating in Finland, providing environmentally sustainable heating to residential, commercial and public sector customers. The company owns and operates 640MW of heat production capacity across 16 networks, covering circa 500 kilometers and circa 4,600 supply points (85,000 end-users).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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:

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 VI 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 Capital Partners has a team of over 190 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: Thijs Verburg, t.verburg@dif.eu.

19 May 2022 | Paris

DIF Capital Partners to sell French fibre company ADTIM

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core Infrastructure Fund I (“CIF I”) signed an agreement to sell its 55% ownership stake in ADTIM SAS (“ADTIM”), a French fibre company, to HICL Infrastructure PLC (“HICL”), the listed core infrastructure fund managed by InfraRed Capital Partners. This will be the first exit for CIF I.

ADTIM operates an independent wholesale broadband network that focuses on low-density areas in the Ardèche and Drôme departments. ADTIM was awarded two complementary concession contracts by the public local authority Syndicat mixte ADN, under the French PIN (Public Initiative Networks) scheme. The company operates two infrastructure networks providing broadband access to telecom operators serving both residential and business retail markets.

During DIF’s ownership, ADTIM has realised over 100,000 new rolled-out connections in the low density household areas of the Drôme and Ardèche departments, and established a very robust BtB platform with over 2,000 enterprises served by the ADTIM network. It has maintained its network to a high standard with an overall availability of its network reaching over 99%. DIF has exercised its oversight authority effectively as majority shareholder of ADTIM to ensure that ADTIM complies responsibly with its concession agreements with ADN as well as to its clients and end users.

Andrew Freeman, Head of Exits, said “This is the first exit for CIF I, an important milestone for our CIF strategy. Benefitting from the strong momentum in the European fibre market, this exit is expected to yield attractive returns to our CIF I investors. We believe InfraRed is an excellent counterparty and is very well placed to manage the company going forward.”

DIF was advised on the transaction by DC Advisory (financial), Orrick (legal), Analysys Mason (commercial), KPMG and Denjean & Associés (tax & accounting), Currie & Brown (technical), as well as Marsh (insurance).

Closing of the transaction is subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten 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:

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 VI 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 Capital Partners has a team of over 190 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: Thijs Verburg, t.verburg@dif.eu.

4 May 2022 | New York

DIF Capital Partners makes strategic investment in US wireless digital infrastructure platform Airtower Networks

DIF Capital Partners (“DIF”) and Airtower Networks (“Airtower”), a leading developer, owner, and operator of wireless digital infrastructure, are pleased to announce that they have reached agreement for DIF to be Airtower’s growth capital partner and support the management team in achieving its strategic vision in building a nation-wide platform. This transaction will be the first investment in the DIF CIF III fund.

DIF is a leading global independent fund manager that invests in a broad range of greenfield and operational infrastructure companies and assets worldwide. The investment will enable Airtower to rapidly expand its cutting-edge wireless network solutions to customers.

Airtower designs, builds, owns, and operates a full suite of network solutions and managed services that enable in-building wireless and smart building connectivity. The timing of this investment coincides with the increasing market demand for high-quality wireless service within the vast number of buildings that require improved coverage and capacity. Airtower’s vision is to become the nation’s largest in-building neutral host 5G and wireless network provider. The company will achieve this by delivering innovative solutions that help building owners, property developers, enterprises, and mobile network operators manage their wireless infrastructure investments, while also helping them to produce an attractive return on their investment. With clients ranging from the largest commercial real estate developers to the most technologically advanced government and private organizations, Airtower consistently provides leading edge customized solutions to meet each client’s wireless needs.

“DIF believes that the ongoing trend of cloud migration, where companies store their data and interact with their customers, vendors, and partners in the cloud, will further increase the need for high-speed wireless internet connections. Similarly in the residential and office space, ubiquitous 5G is essential for the new generation of smart buildings. DIF is excited to partner with a well-established in-building wireless company such as Airtower and its experienced management team” said Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy.

“Airtower has experienced record-breaking growth over the past couple of years in terms of revenue, new bookings, networks deployed, and profitability. DIF is a world class infrastructure investment fund manager, and we’ve greatly enjoyed getting to know the DIF team. We are looking forward to partnering with DIF to continue scaling the business” said Oliver Valente, Airtower’s Chief Executive Officer.

“We’re excited about the injection of investment capital and sector expertise provided by DIF. The additional resources and broad support will give Airtower the capability to rapidly scale the success we’ve had providing innovative wireless and smart building solutions for commercial real estate and cellular carriers” said Manny Dureja, Airtower’s Founder and President.

Greenhill & Co served as financial advisor and DLA Piper acted as legal counsel to Airtower. Bank Street Group served as exclusive financial advisor and White & Case acted as legal counsel to DIF.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine 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:

DIF CIF funds, of which DIF CIF II 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 VI 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 Capital Partners has a team of over 190 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: Thijs Verburg, t.verburg@dif.eu.

25 April 2022 | London

DIF Capital Partners to divest its stakes in three Irish roads

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its stakes in three Irish roads to Semperian PPP Investment Partners (“Semperian”).

The Irish roads portfolio consists of shareholdings in three projects that DIF invested into between 2013 and 2016: M3 Motorway, M4 Motorway and M50 Motorway. The M3 and M4 Motorway projects are demand-based toll roads and the M50 Motorway is an availability-based public private partnership. DIF has optimised these projects throughout its ownership and worked closely with the local management teams to successfully steer the roads through the Covid-19 pandemic. Traffic on the M3 and M4 Motorway projects has materially recovered in the last few months as lockdown restrictions have been lifted in Ireland. The sale of these assets means DIF III is almost fully divested as the end of the fund life approaches.

Andrew Freeman, Head of Exits at DIF: “We are very pleased with the sale of this high quality roads portfolio which delivers a strong exit outcome for our DIF III investors. We are confident that Semperian will be an excellent counterparty to the projects going forward given their extensive experience in managing these type of assets.”

DIF was advised on the transaction by Cantor Fitzgerald (financial), HSF (legal), Arthur Cox (Irish counsel), Jacobs (technical) and KPMG (tax & accounting).

Closing of the transaction is expected to take place in Q3 2022 subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine 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:

DIF CIF funds, of which DIF CIF II 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 VI 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 Capital Partners has a team of over 190 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: Thijs Verburg, t.verburg@dif.eu.

5 April 2022 | Madrid

DIF Capital Partners signs a JV agreement with Boluda Corporación Marítima to invest in Boluda Maritime Terminals

DIF Capital Partners (“DIF”), through its DIF CIF II fund, has signed an agreement to acquire an undisclosed stake from Spanish main shipping and port services company, Boluda Corporación Marítima (“Boluda CM”), in its container terminal division, Boluda Maritime Terminals. Boluda CM will remain the majority shareholder in the joint venture (“JV”).

The transaction involves 8 container terminals located in continental Spain and the Canary Islands with a total capacity of over 1.5 million TEUs. All terminals are operated under a concession granted by the port authorities. Focused on gateway cargo, these maritime terminals provide loading, unloading, warehousing, handling of containers, and general cargo services. The JV employs ca. 150 employees. Each terminal has its own financing in place with no new debt being arranged in the context of the transaction.

The terminal portfolio is key to serve essential goods from / to the Canary Islands, a region which represents a population of ca. 2 million inhabitants. The JV agreement includes specific arrangements to further invest in container terminal opportunities.

The terminals will continue to benefit from the support of Boluda Lines, the maritime transport division of Boluda CM, which has developed a successful container cargo service between the Iberian Peninsula, the Canary Islands and other regions in Europe and Africa. The JV has signed a long-term contract with Boluda Lines.

Willem Jansonius, head of DIF CIF Investments, says: “We are pleased to announce the agreement reached with Boluda CM to invest in their container terminal business. The Boluda terminals are essential infrastructure assets delivering cargo services 24/7 to the Iberian Peninsula and the Canary Islands. We are looking forward to continuing to grow the business together with Boluda CM, management and employees and aim to work closely with its customers, the port authorities and other stakeholders”.

The completion of the acquisition is subject to antitrust approval.

DIF was advised by Deloitte (financial), Uria (legal) and Drewry (commercial and technical). Boluda CM was advised by Ocean Capital Partners (financial) and CMS (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine 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:

DIF CIF funds, of which DIF CIF II 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 VI 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 Capital Partners has a team of over 180 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: Jorda Zuurendonk, j.zuurendonk@dif.eu.

About Boluda Corporación Marítima

Boluda Corporación Marítima is the holding company of the main shipping and maritime services group in Spain. The company is organized in 2 strategic divisions:

Boluda Towage, which mainly provides tugboat services, being an undisputed leader on both a national and international level, with a fleet of over 300 tugs operating in the main ports of Europe, Africa, America and the Indian Ocean. The division also provides coastal, ocean, and offshore towage and maritime salvage services.
Boluda Shipping division, which, in addition to holding the container terminal division of the group, provides shipping services (Boluda Lines) through a wide offer of commercial lines linking the Iberian Peninsula, the Canary Islands, the Balearic Islands, Italy, northern Europe, the west coast of Africa and Cape Verde. The division also offers general cargo, international freight forwarding and other port logistics services.

For more information, please visit www.boluda.com.es

24 March 2022 | Schiphol

PGGM Infrastructure Fund and DIF Capital Partners reach agreement for intended acquisition of Enexis-subsidiary Fudura

Proposed new owners announce substantial investments in company with key role in Dutch energy transition

A consortium of DIF Capital Partners, through its DIF Infrastructure VI fund (“DIF”), and PGGM Infrastructure Fund (“PGGM”) has entered into an agreement for the acquisition of Fudura B.V., a subsidiary of Enexis Groep. PGGM and DIF will both acquire 50 percent of the shares. PGGM invests pension capital from, among others, Pensioenfonds Zorg en Welzijn for its three million participants, while DIF’s investment fund is supported by a large number of Dutch and international pension funds and insurance companies.

Fudura is the market leading B2B provider of medium-voltage electricity infrastructure (mainly transformers), metering devices and related data services in the Netherlands. With the intended acquisition, the new investors add a company to their investment portfolios that plays an important role in the Dutch energy transition. Fudura is active in offering services to companies seeking solutions for energy efficiency, security of energy supply and CO2 neutrality. Fudura currently has 22,000 business customers, being a combination of larger companies, public institutions such as hospitals, and SMEs. Within all these client segments there is a great urgency for a more sustainable energy consumption.

Fudura’s strategy to broaden its services within the energy transition is fully endorsed by the new intended shareholders. Various solutions will be offered, such as the delivery of solar panels, batteries, EV chargers and electric heating solutions. With this, Fudura wants to meet the increased demand from business customers to reduce their CO2 footprint, reduce dependence on natural gas and guarantee energy security.

René Pruijssers, director of Fudura: ,,As director of Fudura I am very pleased with selecting DIF and PGGM. With these partners Fudura can further develop as the energy transition platform for business customers. Fudura’s customers, employees and partners will benefit from the knowledge and ambition of DIF and PGGM to make the Netherlands more sustainable.’’

Erik van de Brake, head of Infrastructure at PGGM: ,,Fudura fits perfectly into PGGM’s strategy to make long-term investments for our clients, including Pensioenfonds Zorg en Welzijn, which are not only financially attractive, but also have a positive impact on our society. We are faced with the enormous task of making the Netherlands CO2 neutral within a few decades, and companies such as Fudura play a very important role in this. Fudura will become part of our investment portfolio, which, in addition to Fudura, also contains a number of other investments that play a key role in realizing the energy transition and will help to accelerate it.’’

Gijs Voskuyl, head of Core Infrastructure at DIF: ,,We are delighted with the acquisition of a 50% stake in Fudura. The company’s leading role in the energy transition in the Netherlands fits seamlessly with DIF’s own ambitions including having a CO2-neutral investment portfolio by 2050 the latest. In addition, we expect that DIF’s expertise in previous energy transition investments will contribute to a fruitful collaboration with both Fudura and co-shareholder PGGM.’’

Enexis and the consortium of DIF and PGGM have also made agreements about employment, sustainability and continuity of Fudura. The consortium of DIF and PGGM sees Fudura as a platform for the energy transition and commits itself to Fudura for a long period of time. The employment and working conditions of Fudura’s employees are guaranteed and there is support for Fudura’s strategy and its role in the energy transition. These agreements are laid down in the signed document and are an integral part of this intended transaction.

About Fudura

Fudura B.V. is a wholly owned subsidiary of Enexis Groep and is active in the non-regulated part of the energy market. Fudura focuses on business services to optimize and make the energy supply of more than 22,000 business customers in the Netherlands more sustainable. Fudura provides advice, measures, designs and realizes infrastructures and manages and maintains meters, charging stations, transformers and switchgear. Fudura is the market leader in its segment.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine 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 VI 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 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 180 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.

About PGGM

PGGM is a not-for-profit cooperative pension fund service provider. As a pensions administrator, asset manager and advisor to pension fund boards, it executes its social mandate: to provide for good old-age incomes for 4.4 million participants in the Netherlands. On December 31, 2021 PGGM managed long-term pension capital of EUR 291 billion worldwide. Rooted firmly in the Dutch healthcare sector, PGGM develops innovative provisions for labour market issues in this sector, alone or with strategic partners. Our member organisation PGGM&CO supports 764,000 workers and pensioners with a background in healthcare. www.pggm.nl.

For more information:

DIF Capital Partners

Allard Ruijs, a.ruijs@dif.eu, +31 (0)20 655 47 05

PGGM Corporate Communications

Maurice Wilbrink, maurice.wilbrink@pggm.nl, +31 (0)30 277 97 35

23 February 2022 | Paris

DIF Capital Partners acquires 80% stake in French waste-to-energy project Dombasle Énergie

DIF Capital Partners (“DIF”) is pleased to announce the acquisition of an 80% stake in Dombasle Énergie, a French greenfield waste-to-energy project, located in Dombasle-sur-Meurthe in the North-East of France. The investment is made through DIF Infrastructure VI, alongside Solvay (10%) and Veolia (10%).

The project comprises the replacement of three coal-fired boilers with a new boiler room equipped with two furnaces running on 350,000 tonnes per year of refuse-derived fuel (“RDF”) produced from various types of nonhazardous waste that cannot be recycled.

The EUR 225 million capex project is scheduled to become operational before the end of 2024 and will directly and indirectly employ over 1,000 people. The project will combust 344kt per annum and has a capacity of 181 MW thermal power and 17.5 MW electrical power from a steam turbine, which will be reused for the industrial process. As the first project of its kind in France, Dombasle Énergie will (i) cut the site’s carbon footprint by about 50% (240,000 tonnes of CO2 reduction) per year and (ii) create a new outlet for waste (primarily from the Grand Est and neighbouring regions) that was initially non-recyclable and which will now be transformed into green energy.

Gijs Voskuyl, Partner and head of DIF’s core infra investment strategies: “With increasing pressure on landfill capacity and concerted community efforts to reduce landfill levels, waste-to-energy represents a significant opportunity for the generation of affordable green power across the globe. We are delighted to partner with Solvay as well as Veolia in this ambitious project which will significantly reduce Solvay’s carbon footprint as well as reuse 350,000 tonnes of non-recyclable waste, of which otherwise the majority would have been landfilled. Renewable energy investments are an essential part of DIF’s investment mandate, evidencing the company’s desire to positively contribute to a more sustainable future”.

The project secured long term non-recourse debt financing from Credit Agricole Leasing & Factoring’s subsidiary Unifergie and Bpifrance. Dombasle Énergie also benefited from the support of the Grand Est region and French environmental authority ADEME, as well as other private partners.

Advisors on the transaction included De Pardieu Brocas Maffei (legal) and H3P (financial) for the sponsors. The lenders were advised by Herbert Smith Freehills (legal), SETEC (technical) and Marsh (insurance). Other advisors included Sigée Finance (model audit), Willkie Farr & Gallagher (tax audit) and ESTER (hedging).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.8 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

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

DIF Capital Partners has a team of over 180 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

More information:

Jorda Zuurendonk, Marketing & Communication Manager

j.zuurendonk@dif.eu