23 December 2021  |  London

DIF Capital Partners reaches financial close on Goldsmiths, UK student accommodation PPP

DIF Capital Partners (“DIF”) is pleased to announce that it has closed the acquisition of a 90% stake in the Goldsmiths, University of London, student accommodation PPP. This project was acquired from a fund advised by Arlington Advisors, a UK based investment manager and student housing specialist. The investment will be made by DIF Infrastructure V. The remaining 10% stake is owned by Campus Living Villages, one of the world’s leading on-campus student accommodation owner operators which will continue operating and maintaining the asset.

The project is a volume-based PPP that has been operational in its current form since 2017. It comprises 469 beds across three buildings, communal spaces and an orangery. The project is operated under a 50 year concession signed in 2015. The buildings are all located within ca. 1 mile of the Goldsmiths’ campus in south-east London.

Gijs Voskuyl, Partner and Head of Investments for the DIF V and VI strategy, says: “Further to the recent financial close on LSE student accommodation PPP, DIF is excited to add another student accommodation asset to its portfolio. We look forward to partnering with a high profile higher education institution and working alongside a global leader in on-campus student accommodation”.

DIF was advised by Addleshaw Goddard (legal), AECOM (technical) and JLL (commercial), Grant Thornton (tax & accounting) and EY (financial).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.0 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 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 170 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

17 December 2021  |  London

DIF Capital Partners reaches financial close on UK student accommodation PPP

DIF Capital Partners (“DIF”) is pleased to announce that it has reached financial close on the London School of Economics & Political Science student accommodation PPP located in London. The deal will be transacted through DIF Infrastructure V. DIF has a 80.1% stake in the project, with the university retaining the remaining 19.9% stake.

The project is a greenfield PPP that includes the design, build, financing, operations and maintenance of new student accommodation facilities that comprise 676 beds, communal spaces, a gym, three roof terraces, a cinema room and two courtyard gardens.

Design, build, operations and maintenance will be completed by Engie Regeneration, which is a subsidiary of Equans, a global contractor in the utility, industry and infrastructure sectors. Long-dated funding has been provided by Pension Insurance Corporation, which is a UK-based specialist insurer of defined benefit pension funds.

Gijs Voskuyl, Partner and Head of Investments for the DIF V and VI strategy, says: “DIF is excited to be growing its portfolio in the student accommodation sector. We look forward to partnering with a world-class university and to support it with its student accommodation delivery”.

Ian Spencer, LSE Director of Residential Services: “One of the priorities in LSE’s 2030 strategy is to Develop the LSE for Everyone. For Residential Services this means guaranteeing an offer of accommodation to all first-year students. The Glengall Rd development takes us a significant step towards that goal by providing 676 affordable rooms for our graduate students”.

QMPF provided the School with financial and commercial advice throughout the process, the School’s legal advisers, Pinsent Masons, provided legal advice and Student First Group advised on the design, build and operation of the new halls.

DIF was advised by DWPF (financial), Centrus (debt arranger), Mills & Reeve (legal), Grant Thornton (tax & accounting), Gleeds (technical) and JLL (commercial).

About DIF Capital Partners
DIF Capital Partners is a leading global independent investment manager, with more than €9.0 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 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 170 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

Thijs Verburg, IR & BD

t.verburg@dif.eu

30 November 2021  |  Schiphol

DIF Capital Partners releases ESG annual report “Our path to Net Zero”

Today, DIF Capital Partners (“DIF”) publishes its ESG report “Our path to Net Zero” outlining its ambitions and contributions to ESG and climate change over the last year. We are proud to report significant continuing progress since we reached A+ UNPRI scores for our ESG approach last year. Over the years DIF has successfully embedded ESG in its investment principles, policies and processes.

Sustainable management of our investments

ESG improvements remain a corporate priority and active engagement with our investments is key to our success. ESG is considered in all stages of the investment cycle, from initial ESG screening during the investment phase to annual ESG actions plans. Our focus is on five areas which we see as most relevant to the sustainable management of investments: Governance, Safety, Environment, Human Capital & Community and Climate Resilience.

We have realized significant performance improvements across these five core ESG areas by creating individual plans for each investment and by closely monitoring progress. This included among others the implementation of higher safety standards, increased investments in local communities and enhanced management of climate risk.

In addition, we outline the positive contribution of our portfolio to the UN Sustainable Development Goals and the intrinsic public benefit of these investments.

A huge step forward is our decision in 2021 to commit ourselves to become a Net Zero investment manager – in line with the global effort to achieve net zero greenhouse gas emissions by 2050 or sooner.

Looking ahead

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

The decisions made during COP26 Glasgow indicate that global leaders are aware of the fact that now is the time to act to stop global warming. DIF will continue its focus on a net zero future and increase its sustainability efforts across its portfolio and the organization. This is how DIF contributes to ensure a safer and energy efficient world that is focused on a positive impact on local communities.

More information on the progress made on the DIF Path to Net Zero and contributions to the UN Sustainable Development Goals can be read by downloading the DIF ESG Report 2021.  

 

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.0 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:

  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure Fund 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 Capital Partners has a team of over 170 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.

Contact:

Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

24 November 2021  |  Helsinki

DIF Capital Partners to acquire Plugit, a leading Finnish EV charging infrastructure company

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment manager, is pleased to announce that it has reached an agreement to acquire a 71% stake in Plugit Finland Oy (“Plugit”), a leading EV charging infrastructure company in Finland, through DIF CIF II (the “Fund”).

Founded in 2012, Plugit has become one of the largest EV charging infrastructure companies operating in the Finnish market. It has an installed base of ca. 4k charge points, has provided services to ca. 300 business customers to date and employs ca. 60 people. Plugit delivers and operates charging infrastructure projects for businesses and public sector organisations. It provides complete turnkey solutions, including design, hardware provision, operations, maintenance and end-to-end software. Plugit also offers a fully-funded Charging-as-a-Service (“CaaS”) product, where it funds the upfront capex and owns the EV charging infrastructure that it installs, in return for fixed availability-based lease payments from customers.

Supported by DIF, Plugit will expand its CaaS product and plans to build-out the amount of infrastructure that it funds and owns. The CaaS product addresses a key obstacle for Plugit customers as it removes the hurdle of them having to fund high capex amounts upfront and enables customers to transfer technology and operational responsibilities to an experienced player in the sector.

The management team will continue to remain invested in the company.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the electrification of transportation will play a critical role in reducing carbon emissions. We are excited to invest in such a well-established EV charging company, in order to speed up the rollout of charging infrastructure across Finland and abroad. We look forward to working with a highly experienced management team to accelerate Plugit into the next phase of its growth.”

Tommi Saarela, CEO of Plugit, adds: “We are excited about this unique opportunity to accelerate, our already fast and profitable growth, even further in the area of e-mobility. Partnering with DIF will enable us to meet our strategic objective of ten folding our business by 2025. DIF will provide us, not only the growth equity, but substantial financial resources enlarging and scaling up our CaaS services in Finland and other markets.”

Plugit was advised by Krogerus (legal) and PwC (M&A). DIF was advised by Avance (legal), Improved (M&A), Boston Consulting Group (commercial), Deloitte (financial) and DNV (technical).

Closing of the transaction is expected to take place before 2021YE.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.0 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:

  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure Fund 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 Capital Partners has a team of over 170 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.

Contact:

Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

11 November 2021  |  Schiphol

DIF Capital Partners closes its ESG equity bridge facility

DIF Capital Partners (“DIF”) is pleased to announce that it has increased its equity bridge facility with ESG linked performance criteria to EUR 900 million. The facility was closed by DIF Infrastructure VI (“DIF VI”) and is provided by a club of banks comprising ABN AMRO, Rabobank, BMO, CIBC, ING Bank and CBA, with ABN AMRO acting as agent.

This is DIF’s first ESG equity bridge facility, evidencing the company’s desire to positively contribute to a sustainable future for the environment and society in general. The facility contains a set of ESG KPIs related to the ESG performance of DIF as a manager and the ESG performance improvement of the underlying portfolio on key ESG areas such as safety, environment, climate resilience and community, including third party assurance.

In return, DIF VI benefits from a reduction in margin on the facility upon meeting those KPIs, reflecting the lenders’ own ESG support and commitment to a sustainable future.

“We are delighted to be working again with our long term partners ABN AMRO, Rabobank, BMO, CIBC, ING Bank and CBA in relation to this very innovative facility with clearly described ESG KPIs. This closing confirms and strengthens DIF’s position as leader in the ESG space within the private equity community and we continue to be committed to deliver a positive contribution to a sustainable future” said Robert Doekes, CFO at DIF Capital Partners.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 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.

Contact:
Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

9 November 2021  |  New York

DIF Capital Partners to invest in US fiber platform Joink

DIF Capital Partners (“DIF”), via DIF CIF II (the “Fund”), is pleased to announce that it has reached an agreement with Joink, LLC (“Joink” or the “Company”) to be its growth capital partner, opening the door to significantly more investment and growth. Joink is a telecommunications infrastructure company that currently provides enterprise fiber, residential fiber, and fixed wireless services in Western Indiana and Eastern Illinois. Subject to regulatory approval, the partnership with DIF will allow Joink to expand its fiber optic network to residential and enterprise customers at a much faster pace.

Joink started providing internet service to residents and businesses in Eastern Illinois and Western Indiana in 2001 using fixed wireless. Since 2014, the Company has expanded to serve thousands of end users in West Central Indiana with fiber, including priority infrastructure for education, healthcare, enterprise, and other telecommunications carriers. It has always been Joink’s intention to further extend its fiber to the single-family home and multi-dwelling unit offerings. Joink currently has 88 employees and growing.

“DIF believes the future fiber-to-the-home roll out is critical to ensure that residents in Indiana and Illinois have reliable high-speed internet access through Joink’s fiber network. DIF is excited to partner with a well-established fiber and fixed wireless company such as Joink and its experienced management team. Joink’s approach to investing in residential fiber infrastructure fits DIF’s ambition to invest in the US fiber industry. In addition to creating local jobs, this investment helps bridge the digital divide in online education, remote employment opportunities, telemedicine and other prospects afforded by broadband access” said Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy.

“We are grateful for the support in growing our business from our team members and their families, our customers, vendors, long-term investors and financing partners, permitting authorities, state and local government, and the communities in which we live and work,” says Josh Zuerner, Joink President and CEO. “That support has enabled us to attract the investment from DIF – a world-class infrastructure investment fund. We don’t take the trust we’ve gained over the last twenty years for granted and will continue to build upon it by showcasing our unwavering commitment to high-quality Internet access.”

While DIF is investing in Joink, all existing investors will continue to remain invested in the Company. Hank Stephens, one of the earliest investors in Joink, notes, “When Brian Wick and I decided over 20 years ago to invest in a startup company in Terre Haute called Joink, we were excited about the potential Joink had to provide Internet service to people with limited or no options. As we look back today, I don’t think either of us could have envisioned the tremendous impact that Joink would ultimately have on the residents and businesses of West Central Indiana. We are grateful to the Joink employees as well as our fellow investors who have helped get Joink to where it is today and are excited about this new partnership and opportunity to expand further.”

Cowen and Company served as financial advisor to Joink. Agentis Capital served as financial advisor to DIF.

About Joink

Joink is Midwest’s leading providers of wireless Internet service in rural markets in Indiana and Illinois. Joink has installed over 540 miles of fiber in the five-county area and offers service to enterprise, commercial, carrier, and residential customers. Joink’s main fiber network ring connects Vigo, Vermillion, Parke, and Clay County. It also has fiber-optic assets throughout Sullivan County. Joink operates over 100 fixed-wireless transmit points. Building and maintaining a large network requires tremendous knowledge and expertise, and customers grew to recognize and count on that expertise. As a result, they increasingly leaned on Joink to assist them when faced with technology challenges. Joink addresses these challenges through its Hosting, Technology Services, and Managed Services divisions. Last year, the State of Indiana awarded seven Indiana Next Level Connects Projects to Joink.  Additionally, Vigo County Government and the City of Terre Haute supported the Vigo County School Corporation in extending Joink’s network to 84 community access locations. More info: http://www.joink.com

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 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.

Contact:
Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

1 November 2021  |  Toronto

DIF Capital Partners makes senior IR hire to cover North America

Continuing to build on the firm’s growing North American investor base and in anticipation of upcoming fundraisings initiatives, DIF Capital Partners (“DIF”) is excited to announce the expansion of its investor relations & business development team with a senior hire in North America.

Toms Lokmanis is joining as a Senior Director, based in Toronto, and will be responsible for covering the North American institutional market, including DIF’s existing investors and investment consulting firms. Toms brings over 12 years of industry experience. Prior to joining DIF, Toms worked at CBRE Caledon, now CBRE Investment Management (“CBRE”), out of the Toronto office, where he focused on growing the firm’s managed infrastructure and real estate strategies. Before CBRE he worked at Manulife Investment Management and Industrial Alliance in senior institutional sales roles. Toms is a CFA Charterholder and Chartered Alternative Investment Analyst (CAIA) and holds a B.A. Honours in Economics from McMaster University.

Allard Ruijs, Partner and Head of Investor Relations & Business Development: “I am very happy to welcome Toms to DIF Capital Partners. We believe he is a great first local hire for the IRBD team contributing his strong personal North American reputation, a relevant investor network as well as significant capital raising experience. Toms will lead in further developing DIF’s investor network and strengthening of the DIF brand positioning in North America.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 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.

Contact:
Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

29 October 2021  |  Frankfurt

DIF Capital Partners and EDF INVEST sell German regulated utility company Thyssengas

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure IV, together with EDF INVEST, are pleased to announce an agreement to sell their joint 100% ownership stake in Thyssengas Holding GmbH (“Thyssengas”), one of the largest German gas Transmission System Operators (“TSO”), to Macquarie Asset Management (“MAM”), via its fund Macquarie Super Core Infrastructure Fund SCSp (“MSCIF”).

Thyssengas is Germany’s second largest gas TSO, headquartered in Dortmund. Using its 4,400-kilometre-long underground transmission system, the company annually transports around six billion cubic metres of natural gas – one-tenth of Germany’s entire consumption. The gas is delivered to more than 1,000 exit points leading to subsequent networks, industrial customers and power stations.

During DIF’s and EDF INVEST’s joint ownership, Thyssengas has seen significant RAB growth and has developed a sizable future capex project pipeline with more than €500 million of planned projects from 2021 to 2027. One of the largest expansion projects during DIF’s and EDF INVEST’s joint ownership of the company has been “ZEELINK”, a pipeline construction project at the German-Belgian border which was commissioned in May 2021, owned together by Thyssengas and Open Grid Europe (OGE) via a joint venture. Despite significant expansion of the grid, the company has managed to maintain a highly reliable network and an outstanding HSE track record. The implementation of a new digital management system for maintenance processes further helped management to deliver operational efficiencies.

Thyssengas is an industry thought leader and works at the forefront of innovation in the TSO space. In particular, the company is a frontrunner for the rollout of hydrogen in Germany and is actively engaged in hydrogen-related initiatives.

The transaction is expected to be finalised in Q1 2022, subject to customary merger control clearance and foreign investment approval requirements.

RBC Capital Markets served as DIF’s and EDF INVEST’s financial advisor, and Linklaters provided legal advice. Furthermore, DIF and EDF INVEST were supported by Ernst & Young, AFRY Management Consulting, and Willis Towers Watson.

About Thyssengas

Thyssengas is one of 16 German gas TSOs. Founded in 1921, when its predecessor company built the first gas transmission system in Germany, Thyssengas can look back on a 100-year history, during which it has developed great expertise. Thyssengas currently employs an engaged and motivated team of around 390 employees, across seven locations in Northern Germany. As a TSO, Thyssengas is certified as an Independent Transmission Operator (ITO) by Bundesnetzagentur (BNetzA), the German Federal Network Agency.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 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.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

28 October 2021  |  Sydney

DIF Capital Partners consortium reaches financial close on A$11.1 billion Australian North East Link PPP

DIF Capital Partners (“DIF”) is pleased to announce that the SPARK consortium comprising DIF Infrastructure VI (“DIF VI”), Capella Capital, John Laing, Pacific Partnerships, CPB Contractors, GS Engineering & Construction, WeBuild, China Construction Oceania and Ventia has reached financial close on the landmark North East Link project in Melbourne, Australia.

North East Link will be the largest transport project in Victoria’s history and the largest PPP project in Australia, with a total cost of A$11.1 billion. DIF VI will own a 20% stake in the Primary Package PPP, which has an unprecedented long-term financing structure in place with top tier local and international financiers.

North East Link (click here for video) will be Victoria’s longest twin road tunnel, with three lanes and ca. 6.5 kilometres in length, finally closing the missing link in Melbourne’s freeway network. Up to 135,000 vehicles will use North East Link every day, reducing congestion in the north-east, and giving back local roads to local communities. North East Link will slash travel times by up to 35 minutes, take 15,000 trucks of local roads each day, and create more than 10,000 local jobs.

The project will be delivered by a design & construction joint venture consisting of WeBuild, CPB Contractors, GS Engineering and China Construction Oceania. Operations and maintenance will be undertaken by Ventia.

Gijs Voskuyl, Partner and Head of Investments for DIF VI added: “DIF is excited to work with the North East Link Project Authority and alongside our leading Spark consortium members to deliver this critical missing link in Melbourne’s road network. The North East Link project will not only create thousands of local community jobs, it will also reduce congestion and remove significant freight transport from the existing suburban roads, and thereby significantly improving the liveability of the surrounding communities.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 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.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

19 October 2021  |  Frankfurt

DIF Capital Partners to become majority shareholder in global solar PV platform ib vogt

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, has reached an agreement to acquire a 51% stake in ib vogt GmbH (“ib vogt”), one of the world’s leading developers in utility-scale PV solar, from its current 100% shareholder (“DVV”).

With a total capacity, built or in construction, of over 2.2 GWp to date combined with a project development pipeline in excess of 40 GWp, ib vogt continues to benefit from strong growth and is a leading global utility scale solar PV development platform. Headquartered in Berlin, Germany, ib vogt has established 27 offices across Europe, North America, Asia-Pacific and Africa as part of its presence in over 40 countries. The group works together with numerous partners globally, augmenting its in-house team of over 540 experts who are active in all areas of the solar value chain.

DIF and DVV have entered into this strategic partnership with the aim of accelerating ib vogt’s growth program and asset build out as well as to fast track the transition of the company towards an independent power producer (“IPP”) model that develops, owns, and operates solar and battery storage projects. As part of the agreement, DIF will acquire a 51% stake in ib vogt (excluding certain projects for regulatory reasons) and the shareholders will undertake a capital injection at closing.

“We are delighted to partner with DVV and the ib vogt team, who have proven to be one of the leading solar development platforms globally. The development, construction and operation of solar energy and battery storage plays a vital role in the decarbonisation of electricity markets across the world and we believe ib vogt is well placed to play a major role in this,” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to support the company and the highly experienced management team in the next phase of its growth, realising ib vogt’s impressive pipeline and continuing the transformation from a developer into a global IPP.”

“The partnership with DIF will have an energising effect for the company. We are delighted to be working with the DIF team. Our sector – and the company – are growing rapidly. The partnership represents an important and transformative next step in our evolution. It will help the company to reach new heights, accelerating the conversion of the tremendous pipeline potential that we have built up, and thereby creating a leading and value-adding IPP platform,” said Anton Milner, CEO of ib vogt.

“Our industry is pivotal in the fight against climate change. Together with DIF we have an opportunity to significantly increase the company’s contribution and impact in addressing this key global challenge. We are excited about our partnership and taking the company to the next level,” added Dagmar Vogt, founder and shareholder of ib vogt.

DVV was advised by Marathon Capital, Ikarus Capital as well as Hogan Lovells International LLP and AU VON POCHHAMMER Rechtsanwälte. DIF was advised by Evercore, Schenck Energy and Ashurst.

The transaction is subject to receipt of usual and customary regulatory approvals and consents for transactions of this nature. Closing is expected to take place during Q4 2021.

About ib vogt

ib vogt is firmly committed to supporting the decarbonisation of the global electricity sector. As an integrated developer, ib vogt specialises in the development, design, engineering, financing, EPC, operation, maintenance, and asset management of solar power plants, offering high-quality turnkey solutions to asset owners. The company currently has multiple hundred-MWp projects under construction with a multi-GWp international project pipeline.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 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.

Contact:
Thijs Verburg, IR & BD
Email: t.verburg@dif.eu

4 October 2021  |  Toronto

DIF Capital Partners invests in sustainability and energy solutions with acquisition of Bernhard, LLC

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, today announced an agreement to acquire Bernhard, LLC (“Bernhard”) the largest privately-owned Energy-as-a-Service (“EaaS”) solutions company in the United States, from an affiliate of Bernhard Capital Partners.

Bernhard has provided solutions to its customers’ energy and infrastructure needs for more than 100 years and shifted its focus in 2014 to becoming a leading Energy-as-a-Service provider. As part of this business model, Bernhard enters into long-term turnkey EaaS concession contracts to upgrade, retrofit and service large existing building energy facilities in order to achieve substantial energy savings. Clients are currently predominantly higher education and healthcare institutions. To date, Bernhard has closed 15 EaaS transactions, including the largest EaaS concession in U.S. history. Senior management will retain a meaningful ownership position and continue its groundbreaking work leading Bernhard.

“Bernhard delivers distributed energy through its unique EaaS model which provides clients access to fully integrated and efficient energy solutions, thereby significantly reducing the carbon footprint of their buildings and utility systems. Bernhard’s approach fits perfectly with DIF’s Public-Private Partnership expertise and ambition to invest in clean energy infrastructure solutions around the globe.” said Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI. “We are excited to partner with Bernhard’s outstanding management team and support the company in their rapid growth at the forefront of the energy transition.”

“As Bernhard continues pushing to new heights in the EaaS market, we are excited to join forces with DIF Capital Partners given its extensive experience with Public-Private Partnerships, district energy, Energy-as-a-Service projects, and a shared commitment to efficiency, ESG and sustainability” said Ed Tinsley, Bernhard CEO. “The support and strategic counsel from DIF will help to guide Bernhard through the next chapter of our story.”

With DIF’s acquisition of Bernhard, the company will continue the acceleration of its market leading core EaaS business to healthcare and higher education facilities while expanding those services to other markets and geographies.

“The future of Bernhard has never been brighter,” said Tinsley. “Our track record proves we have the expertise and capabilities to push the industry to places it has never been before. With this announcement, we are truly at the forefront of a new era for energy solutions that will shape the world for generations to come.”

J.P. Morgan Securities LLC served as Bernhard’s financial advisor, and Kirkland & Ellis LLP provided legal counsel. Macquarie Capital (USA) Inc. served as financial advisor, White & Case LLP served as legal advisor, Black & Veatch Management Consulting served as technical advisor, RWDI served as energy advisor, Deloitte LLP (Canada) served as financial, accounting and tax advisor and Oliver Wyman as commercial advisor to DIF.

About Bernhard

Bernhard, a portfolio company of Bernhard Capital Partners, is a leading Energy-as-a-Service company delivering turnkey projects and custom solutions in the United States with 100+ years of energy and infrastructure project experience servicing higher education, healthcare, commercial and specialty markets. Bernhard combines development, financing, design, construction and operations to deliver turnkey Energy-as-a-Service solutions that reduce energy use, risk and cost so that our clients can focus on their everyday work. Headquartered in Metairie, Louisiana, Bernhard has more than 2,000 employees in more than 20 office locations across the country. For more information, visit bernhard.com.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF has invested in more than 100 Public-Private Partnership projects over the past 16 years in sectors such as healthcare, government, and education, where the provision of energy, management of energy systems and efficiency of outputs are often a key feature of projects. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, and transportation sectors.

DIF Capital Partners has a team of over 170 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.

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

22 September 2021  |  Schiphol

DIF Capital Partners announces successions of Head of Renewable Energy and Head of Germany

DIF Capital Partners (“DIF”) today announces two significant successions in its senior leadership team:

  • Based in London, Caine Bouwmeester will take over the role as Head of Renewable Energy from Christopher Mansfield; and
  • In Frankfurt, Marcel Beverungen will take over the position as Head of Germany from Carl Jobst von Hoersten.

Christopher Mansfield and Carl Jobst von Hoersten are both retiring as Partners after 13 years in their roles as Head of Renewable Energy and Head of Germany, respectively. Christopher has led DIF’s renewables practice from its start in 2008, having overseen more than 70 investments and/or realisations across 4 continents, with an installed capacity of over 4GW, establishing DIF as a leading global player in renewables.

Carl Jobst founded the Frankfurt office in 2008 and has successfully developed DIF’s presence in the DACH region as one of DIF’s key markets. Over the years, DIF has completed more than 30 investments in Germany in renewables, PPPs, utilities, energy, rail and container leasing and has become one of the leading midmarket players in German infrastructure.

While they are retiring from their full-time roles, DIF is pleased to be able to continue to benefit from Carl Jobst’s and Christopher’s experience and knowledge, given that they will be taking on certain non-executive roles at DIF.

The successors of Christopher and Carl Jobst both joined DIF in 2020. Caine Bouwmeester is a Managing Director and joined from Macquarie’s Green Investment Group (GIG) in London, where he was responsible for the origination and execution of renewable energy investments in Europe. Caine has a track record of developing, acquiring and financing renewable energy projects and companies across Europe, North America and Africa. He has a Master’s degree in Finance from INSEAD and Bachelor’s degrees in Business and Financial Mathematics from Wilfrid Laurier University.

Marcel Beverungen is a Managing Director and joined from Rothschild in Frankfurt, where he was responsible for energy & power and infrastructure origination and execution in the DACH region. Prior to Rothschild, Marcel worked for UBS and Dresdner Kleinwort in Frankfurt and London. He has a Master’s degrees from the University of Erlangen-Nuremberg (Germany) and the University of Sankt Gallen (Switzerland).

Wim Blaasse, Managing Partner: “We would like to express deep gratitude to Christopher and Carl Jobst for their commitment and their contribution to the growth of the DIF platform over the last 13 years. At the same time, we are excited to welcome Marcel and Caine in their new roles and I am convinced they too will make a valuable contribution to DIF in the coming years through their new roles as Head of Renewable Energy and Head of Germany.”

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund 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, and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For further information please visit www.dif.eu

Contact:

Allard Ruijs, Partner

Email: a.ruijs@dif.eu