1 July 2019  |  Schiphol

DIF, Aberdeen Standard Investments and Local Pensions Partnership to acquire Elenia Heat

DIF Infrastructure V (“DIF”), SL Capital Infrastructure II (“ASI”) and Local Pensions Partnership Investments (“LPPI”) are pleased to announce the signing of an agreement to acquire 100% of Elenia Lampö Oy (“Elenia Heat”) from Elenia Oy.

Elenia Heat is the 9th largest district heating company in Finland. The company owns and operates 16 district heating networks across Finland with a total network length of 499km, via which it operates in 10 municipalities and serves approximately 85,000 end-customers. Elenia Heat also owns a gas distribution business, selling gas via 6 distribution networks. In addition, the company holds a 50% stake in Oriveden Aluelämpö Oy, a small district heating network in Central Finland in the city of Orivesi.

The consortium was advised by Jefferies as sole financial adviser.

About DIF

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

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

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

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

1 July 2019  |  Sydney

DIF consortium reaches financial close on Australian Cross River Rail PPP

DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has reached financial close on the Tunnel, Stations & Development PPP package of the Cross River Rail project in Brisbane, Australia.

Cross River Rail is South East Queensland’s largest infrastructure project, with the consortium delivering the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, including twin 5.9km tunnels under the Brisbane River and central business district. The availability-based PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International, Ghella and UGL. In addition, UGL will be responsible for maintenance services. Construction is expected to commence later this year.

The State Government is providing a A$5.4 billion capital contribution for the construction of the project.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to work with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network and unlock critical capacity on Brisbane’s constrained rail network, improving passenger comfort and service reliability.”

About DIF

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

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

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

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

19 June 2019  |  Santiago

DIF opens office in Santiago (Chile)

DIF is pleased to announce that it has opened an office in Santiago, Chile. From Santiago DIF will target Latin America with an initial focus predominantly on Chile and Uruguay.

The office will be headed by Daniel Aninat, who is hired as a Managing Director. Daniel came from Scotiabank, where he was heading the Chilean corporate banking division. Before that he was head of project and acquisition finance for Santander in Chile. Daniel has a broad experience in the Latin American infrastructure and power sectors. Furthermore Luis Hinojosa, Senior Director in DIF’s Madrid office, will relocate to Santiago. Luis is with DIF since 2015 and has a broad infrastructure experience, including in different Latin American countries.

Wim Blaasse, Managing Partner at DIF: “Latin America is a large and fast growing infrastructure market, in which we see several interesting investment opportunities across all our target sectors. We are delighted with this next step for DIF and further expand our global office network to nine offices, enabling us to better source and manage projects locally, as well as continue to construct diversified portfolios.”

About DIF

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

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

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

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

12 June 2019  |  Sydney

DIF to build Australian workers accommodation facility

DIF is pleased to announce that, together with its consortium partners, it has reached financial close on the Bay Village workers accommodation facility which will support the North West Shelf and Pluto LNG projects in Karratha, Western Australia.

The 15-year agreement includes the design, build, finance, operations and maintenance of a new 604-bed workers accommodation facility. Construction on the Bay Village facility will commence imminently, with operations expected to commence in mid-2020.

DIF Infrastructure V will be the 100% owner of the project, whilst design and construction works will be undertaken by Multiplex, and operations and maintenance services will be undertaken by Compass Group. The counterparties to the agreement are the North West Shelf and Pluto LNG projects, which are operated by Woodside, one of Australia’s largest natural gas producers.

BFIN (financial) and Corrs Chambers Westgarth (legal) advised the consortium. Financing was provided by Commonwealth Bank of Australia.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to be working with the North West Shelf and Pluto LNG projects to support their ongoing operations and growth plans. We are pleased to be involved with these Woodside-led projects, with LNG being an important solution to achieving a lower emissions future.”

About DIF

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

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

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

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

4 June 2019  |  London

DIF acquires stake in Dublin Waste to Energy PPP project

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

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

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

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

About DIF

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

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

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

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

16 May 2019  |  Toronto

DIF to acquire Canadian energy platform BluEarth Renewables

DIF Infrastructure V (“DIF V”) is pleased to announce the signing of an agreement to acquire 100% of the equity interest of BluEarth Renewables LP (“BluEarth”) from Ontario Teachers’ Pension Plan (“OTPP”).

BluEarth is a leading, independent, power producer that develops, builds, owns and operates wind, hydro and solar facilities. Since its inception in 2010, BluEarth has developed and acquired 19 hydro, wind and solar projects across North America, representing 405 MW of gross capacity. Headquartered in Calgary, Alberta, the company has been recognized as one of Alberta’s Top 75 Employers.

This investment fits well within DIF V’s mandate to acquire infrastructure and renewable energy assets. Paul Huebener, Partner and DIF’s Head of Americas added: “We are excited to support BluEarth in its next phase of growth. The BluEarth team and its portfolio of stable renewable energy projects are a key addition in DIF’s continued expansion in North America.”

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 in the course of 2019.

About DIF

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

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

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

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

15 May 2019  |  Schiphol

DIF and Aberdeen Standard Investments acquire UNITANK

DIF Core Infrastructure Fund I (“DIF”) and SL Capital Infrastructure II SCSp (“ASI”) are pleased to announce the financial close of its 100% acquisition of UNITANK from the family owners, with ASI and DIF each acquiring a 50% stake. The financial close follows on from the agreement signed on 27 February 2019 and upon receipt of the necessary merger clearance from the German competition authority.

UNITANK is a market leading independent and neutral infrastructure and services provider storing liquid oil products, headquartered in Hamburg, Germany. The company owns and operates five terminals in Germany and one terminal in Belgium, all in key strategic locations. The terminals handle diesel, gasoline, jet fuel and heating oil and have a total storage capacity of c. 1.1 million cubic meters. Servicing both strategic stockholding agencies with product storage as well as commercial clients with product throughput provides UNITANK with a stable and resilient business model.

The acquisition provides ASI and DIF with a strong and differentiated platform in the German liquid bulk storage and throughput market. Its flexible business model, high-quality and state-of-the-art asset base, and operational excellence positions the company well for the future. The consortium will continue to back the company’s long-term and successful strategy for the business.

Willem Jansonius – Partner and Head of Core Infrastructure at DIF

“We firmly believe in the strategy as set by the current shareholder and management team. We are impressed with the commercial re-positioning of the business and its importance in providing essential services in its clients’ supply chains. We appreciate the well-invested asset base and the resulting high standards of operational excellence, which are essential to UNITANK’s current and future positioning.”

Dominic Helmsley – Head of Economic Infrastructure at Aberdeen Standard Investments

“We consider UNITANK to be a highly successful provider of storage capacity for strategic stockholding agencies and a key strategic partner for oil majors. We value the company’s historic growth and see significant future upside. Together with our partner DIF we look forward to working closely with UNITANK management in supporting the business and exploring further business opportunities.”

Jan Westedt – Owner

“Our family has run UNITANK over two generations with a strategy emphasising close and trusted partnerships with our clients and employees, which were key elements of our success story. We are glad that DIF and ASI together with the management team will continue to pursue a long-term investment strategy centred around our philosophy and corporate culture.”

   

About DIF

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

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

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

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

 

About ASI

  • Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. With over 1,000 investment professionals, we manage €562.7 billion of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which we invest.  (*as of 31 December 2018)
  • We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
  • Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange.
12 April 2019  |  Sydney

DIF consortium selected as preferred bidder for Australian Cross River Rail PPP

DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has been selected as preferred bidder on the Tunnel, Stations & Development PPP package of the AUD 5.4 billion Cross River Rail project in Brisbane, Australia.

The availability based public private partnership contract with the Cross River Rail Delivery Authority includes the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, which includes twin 5.9km tunnels under the Brisbane River and central business district. The PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International and Ghella. UGL will be responsible for mechanical and electrical works, as well as the maintenance services.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to be working with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network.”

About DIF

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

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

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

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

5 April 2019  |  Toronto

DIF to acquire 203MW wind portfolio in the US

DIF Infrastructure Fund V (“DIF”) is pleased to announce the signing of an agreement to acquire 100% of MIC Renewable Energy Holdings LLC’s indirect interest in two operating wind projects located in the United States with a gross capacity of 203MW.

Idaho Wind Partners (Idaho) and Brahms Wind (New Mexico) have been operational since 2011 and 2014, respectively. Both projects have long-term power purchase agreements with investment grade off-takers.

This investment fits well within DIF’s mandate to acquire infrastructure and renewable energy assets and adds to DIF’s existing portfolio of renewable energy assets in the United States.

Paul Huebener, Partner and DIF’s Head of Americas added: “We are pleased to add these established wind projects to our portfolio of long-term, contracted assets. We believe the projects will provide attractive returns and stable cash flows to our investors.”

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 in the course of 2019.

About DIF

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

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

DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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

3 April 2019  |  Paris

DIF sells its stakes in 29 solar assets in France

DIF Infrastructure III and DIF Infrastructure IV are pleased to announce that they have completed the sale of their stakes in a portfolio of 29 French solar plants (the “Portfolio”) to Terres d’Energie, a company whose majority shareholder is Tenergie, a successful French Independent Power Producer that specialises in renewable energy. The Portfolio’s total capacity is 107.8 MW comprising of:

  • a DIF III owned shareholding in projects with total capacity amounted to 97.8 MW; and
  • a DIF IV owned shareholding in projects with total capacity amounted to 10 MW.

The Portfolio includes a mix of ground-mounted and rooftop assets (including a number of assets developed by GreenYellow on Casino supermarkets), which achieved commercial operations between 2009 and 2016. Most plants were acquired by DIF during construction. They all benefit from 20-year Feed-in-Tariffs.

Andrew Freeman, Head of Exits, said: “We are pleased with the completion of the sale of the Portfolio that was successfully optimized throughout the life of the assets, starting with acquiring individual projects or small portfolios, bringing some of them through construction, completing refinancings of two sub portfolios in 2016 and 2017, recontracting and then exiting via a competitive portfolio sales process.”

DIF was advised by Astris Finance (Financial), Clifford Chance and LPA-CGR (Legal) and RINA (Technical).

 

About DIF

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

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

DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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

 

About Tenergie

Tenergie is a French renewable energy operator, which operates over 600 solar power plants and wind farms and ranks as the fifth largest solar power producer in France. Created in 2008, Tenergie is an independent player. Our 80 employees share a strong team spirit and are deeply committed to foster the energy transition together with all stakeholders: industrial and commercial enterprises, farmers and local authorities in this common challenge. By producing local and clean energy, Tenergie contributes, with you, to the ongoing energy revolution.

2 April 2019  |  Schiphol

First DIF ESG conference major success

DIF organised a conference on Environmental, Social & Governance (ESG) factors in the infrastructure sector, focused on road projects. At DIF, we believe our role is to create opportunities for our portfolio investments to communicate and exchange ideas to break barriers to the realisation of ESG initiatives. The aim of the conference was to create the opportunity for these road projects to exchange on ESG initiatives and best practices.

The ESG Road Projects conference was well attended by a variety of representatives from road projects across Europe, including Portugal, France, Germany and Ireland. Attendants also included peers from the investment management industry and service providers. The day was organised around the themes of safety and environment, the two main areas for road projects that were identified in our 2018 ESG Survey (please refer to our 2018 ESG Report for more details https://www.dif.eu/responsible-investment).

The topics that were covered sharing best practice in the following areas:

  • How to increase road safety by facilitating resting areas for heavy goods vehicles and bringing the maintenance staff in contact with the truck drivers;
  • Supporting landscaping and mobility projects in the local communities;
  • Improving safety on adjacent roads;
  • Increasing the employment opportunities for people with a distance to the labour market;
  • Reducing energy consumption through the implementation of a dimming program for street lighting;
  • The success of interactive behavioural health and safety training;
  • Use of social media to send traffic alert and road safety campaigns for road users.

Our key take-aways from the conference are:

  • Infrastructure asset managers are convinced of the added value of sound ESG management for the long-term value and resilience of their assets and are already actively working on ESG topics;
  • Every single asset, small or large, in construction or in operation, has the potential to realise ESG initiatives.

The conference fits well into our conviction that sound ESG management is synonymous with good business and will enhance the ultimate returns from our investments.

As part of its ESG strategy DIF is committed to:

  • Being a responsible company that respects the interests of its environment and its stakeholders, including the investors in its funds, shareholders, business counterparties, employees, workers on and users of the assets in which its funds invest and the surrounding local communities;
  • Promoting organizational behaviour, in line with our ethical beliefs and best industry practice;
  • Adopting a transparent and pro-active approach to ESG and its implementation.

For more information regarding ESG and/or to indicate your interest in participating in future events, please contact Frank Siblesz, Head of ESG (f.siblesz@dif.eu).

 

About DIF

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

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

DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

13 March 2019  |  Schiphol

DIF consortium reaches financial close on Walloon street lighting PPP

DIF is pleased to announce that, as part of the LuWa consortium, it has reached financial close on Plan Lumiere 4.0, an availability PPP project involving the modernisation and maintenance of the street lighting network across the Walloon region’s main roads.

The consortium consists of DIF Infrastructure V (70% equity stake), together with its partners Citelum, CFE and Luminus. The authority partner is the Société de Financement Complémentaire des Infrastructures (SOFICO), the public company established to finance the maintenance and upgrade of motorways and other main roads in the Walloon region.

The 20 year DBFM contract covers 2,700 km of roads and interchanges. The project includes the replacement of approximately 100,000 street lights by modern LEDs with dimming capability, as well as the installation of a remote monitoring and management system.

The modernisation program will reduce the energy consumption of the network by 76%, equivalent to a reduction in CO2 emissions of 166,000 tons over the life of the project, as well reduce the light pollution generated by the network. Furthermore, the project will enhance regional employment opportunities: 400 new jobs will be created and 100,000 professional training hours will be organized together with the regional employment agency.

Gijs Voskuyl, partner at DIF, added: “DIF is proud to invest in this innovative project, which incorporates significant technological and ESG improvements, to the benefit of road users, local communities and the environment.”

Total debt funding for the project amounts to €230 million secured from BBVA, Belfius, BNP Paribas, KBC, SMBC and Société Générale.

Advisers to the consortium are Belfius/BDO (financial), DLA Piper (legal), Tiberghien (tax & accounting) and Operis (model audit). Advisors to the lenders are Jones Day (legal), AECOM (technical) and Willis Towers Watson (insurance).

 

About DIF

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

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

DIF has a team of over 110 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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