View all news
5 March 2024  |  Schiphol

DIF Capital Partners raises EUR 6.8 billion for its latest infrastructure funds

The successful fund raisings for DIF VII and CIF III represent a 50% increase compared to the prior funds.

DIF Capital Partners (DIF), a leading global infrastructure fund manager, is pleased to announce it has raised EUR 6.8 billion for its latest infrastructure funds with final closes across DIF Infrastructure VII (DIF VII) EUR 4.4 billion, DIF Core-Plus Infrastructure Fund III (CIF III) EUR 1.6 billion, and certain Co-investment vehicles EUR 0.8 billion.

DIF experienced strong investor demand from both existing and new institutional investors across the globe, enabling both DIF VII and CIF III to exceed their target fund sizes of EUR 4.0 billion and EUR 1.5 billion respectively. Total commitments for the predecessor funds (DIF VI and CIF II) equaled EUR 3.0 billion and EUR 1.0 billion.

DIF VII targets infrastructure investments, often concession-based or with long-term offtake agreements offering stable and predictable cash flows as well as attractive risk-adjusted returns. Sectors covered are transportation, (renewable) energy, digital infrastructure as well as utilities.

CIF III targets investment opportunities with strong growth potential. It focuses on a broad range of infrastructure sectors including digital infrastructure (specifically datacenters and fibre), energy transition as well as sustainable transportation.

Both fund strategies target a mix of operational and greenfield investments and predominantly focus on Europe and North America.

The funds received commitments from a diverse institutional investor base of more than 110 investors across Europe, the Americas, Asia, and the Middle East, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, foundations, and private wealth investors.

Wim Blaasse, CEO at DIF Capital Partners, said: “We are extremely grateful to our investors for their trust and support, and this successful fundraising reinforces DIF’s leading position in the infrastructure market.

In addition, we are excited by the journey ahead as we team up with CVC, and accelerate the growth of our investment capabilities, our geographic reach, and lever the CVC network”.

Gijs Voskuyl, Deputy CEO at DIF Capital Partners, said: “An ever growing demand for infrastructure capital provides an exciting investment opportunity for us, and with our investment track record and experienced teams on the ground across our network of offices in eleven countries, we are confident we can use this capital to take advantage of attractive investment opportunities.”

To date, both funds have invested or committed to nine investments each, thereby deploying around 50% of total commitments. For DIF VII this includes investments in Saur, a global water solutions provider, Fjord1, a Norwegian electric ferry concessions operator and Green Street Power Partners, a US distributed solar developer/IPP. For CIF III this includes investments in metrofibre, a German urban fibre roll-out platform, Tonaquint, a US datacenter platform and Rail First, an Australian rail leasing business.

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

Press contact:

DIF Capital Partners: press@dif.eu

DIF Capital Partners raises EUR 6.8 billion
View all news
10 May 2023  |  Toronto

DIF Capital Partners acquires leading Canadian geothermal company Diverso

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

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

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

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

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

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

About Diverso

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

For more information, please visit www.diversoenergy.com

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

DIF Capital Partners acquires leading Canadian geothermal company Diverso
View all news
5 April 2023  |  London

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

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

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

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

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

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

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

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

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 210 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

About Pinnacle Power

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

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

About Pinnacle Group

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

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

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

 

Contacts:

DIF Capital Partners:

Diederik Heinink, d.heinink@dif.eu

Pinnacle Power:

enquires@pinnaclepower.co.uk

Pinnacle Group:

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

PinnaclePress@headlandconsultancy.com

 

View all news
6 September 2022  |  Schiphol

Willem Jansonius in Mid Market Roundtable | Infrastructure Investor September 2022

The magic of the mid-market.

In the 2022 edition of the Infrastructure Investor Mid Market Roundtable DIF’s Head of CIF Willem Jansonius explains why the mid market is such an interesting part of the infrastructure space, continuing to offer highly attractive investment opportunities for the DIF strategies.

To read the complete article, please open Willem Jansonius in Mid Market Roundtable (September 2022)

View all news
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.

 

View all news
6 May 2022  |  London

Keynote Interview Caine Bouwmeester in II Energy Transition Report 2022

Infra managers need to take an agile approach to seize the best opportunities in the renewables as well as broader energy transition market.

In the 2022 edition of Infrastructure Investor’s Energy Transition Report, DIF’s Head of Renewable Energy Caine Bouwmeester explains why the renewable energy and energy transition market will continue to show strong growth and what DIF’s approach is to this highly attractive market, offering a wide variety of investment opportunities.

To read the complete article open II Key Note Interview with Caine Bouwmeester

View all news
24 April 2020  |  Schiphol

DIF Capital Partners closes refinancing Finnish district heating network

DIF Capital Partners is pleased to announce the closing of the refinancing of Loimua’s (formerly known as Elenia Heat) acquisition debt facilities.

DIF Capital Partners, together with its partners LPP Infrastructure and Aberdeen Standard Investments, 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 640 MW of heat production capacity across 16 networks, covering circa 500 kilometers and circa 4,600 supply points (85,000 end-users).

Through the refinancing of the acquisition facilities Loimua established a common terms multi tenor debt platform including long term bank debt and 10, 12, and 14 year private placement tranches from institutional debt providers, alongside working capital facilities for general and capex financing purposes. The refinancing further de-risks the company’s long term capital structure and provides operational flexibility to deliver growth in line with the business plan. The transaction was concluded at favourable terms and covenants, emphasizing that there is still strong support from debt providers for stable and sustainable businesses such as Loimua despite the recent capital market developments.

DIF Capital Partners and its partners were advised by DC Advisory (financial) and Shearman& Sterling (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €6.7 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.

DIF has a team of over 140 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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