View all news
21 November 2019  |  Paris

DIF Capital Partners invests in a portfolio of LNG assets

DIF Capital Partners, through its DIF Core Infrastructure Fund I (“DIF CIF I”), is pleased to announce that it has signed final documentation alongside ship-owner Geogas Maritime and Access Capital Partners for the acquisition of a 50% stake in a French incorporated company that will own and operate a fleet of five to-be-built LNG carriers. The remaining 50% will be held by Nippon Yusen Kabushiki Kaisha (NYK), a leading Japanese shipping and logistics company.

The five 174,000 cbm vessels will be built by leading South Korean shipyards and equipped with state-of-the-art LNG fuelled propulsion technology, resulting in best-in-class environmental performance. The first ship is expected to become operational in April 2020. All five ships will fly the French flag. The vessels will be chartered to a large French and a large European utility under long-term contracts and will be project financed under a customary French lease structure.

Thomas Vieillescazes, Head of France, said: “This is an excellent opportunity for DIF CIF I to invest in high quality assets and grow DIF’s footprint into the expanding LNG sector alongside strong and experienced counterparties. We’re also very proud to participate in a strategic project for the further development of the French LNG sector”.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF 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 energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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
Email: a.ruijs@dif.eu

View all news
20 November 2019  |  Toronto

DIF Capital Partners closes the acquisition of 100% of energy platform BluEarth Renewables

DIF Capital Partners, through its most recent fund DIF Infrastructure V (“DIF V”), is pleased to have closed the acquisition of 100% 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. In addition it has over 1,000 MW of projects under development. Headquartered in Calgary, Alberta, the company has been recognized as one of Alberta’s Top 75 Employers.

“We are very pleased to close this transaction,” said Paul Huebener, Partner and Head of DIF Americas. “BluEarth is an attractive investment that will provide attractive returns and stable cash flows to our investors. As we’ve been working together over the last several months, we also see strong growth potential ahead for BluEarth – particularly in the U.S. market.”

To support the company’s U.S. growth objectives, BluEarth recently established a commercial U.S. office located in Phoenix, Arizona.

DIF V was advised by Baker McKenzie, BMO Capital Markets, Agentis Capital, and KPMG. Financing is provided by BMO, Desjardins, and National Bank.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 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, 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 energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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
Email: a.ruijs@dif.eu

View all news
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.

View all news
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.

Solar panels
View all news
3 September 2018  |  Toronto

DIF Infrastructure III sells a 53 MW portfolio of Canadian solar plants

DIF Infrastructure III is pleased to announce that it has signed and closed the sale of a 100% stake in a portfolio of four Canadian solar plants (the “Portfolio”) to Ullico Inc.’s infrastructure investment business.

The Portfolio comprises four Canadian solar plants:
•  CSI Glenarm LP;
•  Goldlight LP;
•  Illumination LP; and
•  Stone Mills Solar Park LP.

The Portfolio plants achieved commercial operations between 2012 and 2015. Glenarm, Goldlight and Illumination were acquired at the start of construction, while Stone Mills was acquired two years after the start of operation.

Paul Huebener, Partner and Head of Americas says: “We are pleased with the completion of the sale of the Portfolio that was successfully optimized by acquiring individual projects, bringing them through construction, completing two refinancings in 2015 and 2017, recontracting and the exit via a competitive portfolio sales process.”

Andrew Freeman, Head of Exits says: “This is our first exit in North America. DIF will continue its successful strategy of proactively selling assets from its more mature funds thereby taking advantage of strong demand for high quality infrastructure projects.”

DIF was advised by Raymond James (Finance) and Osler (Legal).

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 over 100 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please see www.dif.eu for further information on DIF.

For more information about DIF Americas, please contact:

Paul Huebener
Partner, Head of Americas
Email: p.huebener@difamericas.com

For more information by press and investors, please contact:

Allard Ruijs
Partner, Investor Relations and Business Development
Email: a.ruijs@dif.eu

For more information about further exits, please contact:

Andrew Freeman
Managing Director, Head of Exits
Email: a.freeman@dif.eu

View all news
2 August 2018  |  London

DIF Infrastructure III sells Islip and Springhill solar plants

DIF Infrastructure III is pleased to announce that it has signed and closed the sale of a 100% stake in the Islip and Springhill solar plants to Greencoat Solar Assets II Limited.

Islip and Springhill are two 5MW solar plants located in UK. Both plants have been operational since 2011 and were acquired by DIF in 2013. The projects were refinanced in June 2017.

Andrew Freeman, Head of Exits, said: “This is an attractive exit for DIF III and continues DIF’s successful strategy of proactively targeting to sell assets from its more mature funds taking advantage of strong demand for high quality core infrastructure projects.

DIF were advised by Elgar Middleton (Finance) and Pinsent Masons (Legal).

Greencoat was advised by PWC (Tax), Eversheds Sutherland (Legal) and Evergy (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 over 100 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please see www.dif.eu for further information.

For more information please contact:

Andrew Freeman
Managing Director, Head of Exits
Email: a.freeman@dif.eu

Barend Bloemarts
Director, Investor Relations and Business Development
Email: b.bloemarts@dif.eu

solar panels in a field
View all news
10 April 2018  |  Sydney

DIF enters Australian renewable energy joint venture with Synergy and Cbus

DIF Infrastructure V (DIF V) is pleased to announce that it has entered into a joint venture with Synergy and Cbus Super to form Bright Energy Investments (BEI). BEI is to invest in a portfolio of utility scale wind and solar PV power projects located in Australia, with DIF V and Cbus Super to hold about 40% per cent equity interest in BEI, and Synergy to hold about 20%. Synergy is an electricity generator and retailer that is owned by the Western Australian Government.

Initially BEI is to acquire the operational 36MW Albany Grasmere Wind Farm, the 40MW Greenough River Solar Farm (10MW in operation and 30MW in construction) and the proposed 180MW Warradarge Wind Farm. All projects are located in Western Australia. A pipeline of additional projects have also been identified that BEI will look to acquire, subject to certain investment criteria being met.

This investment fits neatly within DIF’s mandate to acquire infrastructure and renewable energy assets that will deliver long-term stable cash flows for the fund. The investment adds to DIF’s existing portfolio of Australian renewable energy assets, including the Royalla, Clare and Bungala solar PV projects.

Marko Kremer, DIF’s Head of Australasia added: “”DIF is excited to enter into this joint venture with Cbus and Synergy, as well as adding a variety of wind and solar farms to its existing investment portfolio. We are excited to be part of the growing Australian renewable energy market, which supports the nation’s commitment to a greener economy, as well as creating job opportunities in Western Australia.””

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €5.1 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds, including DIF Infrastructure V, target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities.

Both strategies targets both greenfield and brownfield projects in Europe, North America and Australasia.
DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

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

View all news
30 May 2017  |  Sydney

DIF acquires 125 MW solar project in Australia

DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 125 MW Clare Solar PV project from Fotowatio Renewable Ventures (FRV), via a 50 – 50 joint venture with Lighthouse Infrastructure.

Developed by FRV, the Clare Solar Farm is located around 35 km south-west of Ayr in Northern Queensland. The 125MW (DC) photovoltaic solar farm is currently under construction and is scheduled to commence operations in late 2017. The project will create up to 200 jobs during construction and when completed will generate enough electricity to power approximately 42,000 Queensland homes, abating nearly 200,000 tonnes of CO2e emissions annually.

Origin Energy, a major Australian energy company, has entered into a long-term contract to purchase 100% of the electricity output and large-scale renewable energy certificates (LGCs) generated by the project.

Project finance has been provided to the project by NAB and SMBC.

RBC Capital Markets and Société Générale were financial advisers to Lighthouse and DIF in relation to the acquisition and King Wood Mallesons acted as legal adviser.

Marko Kremer, DIF’s Head of Australasia added: “This acquisition represents DIF’s third large scale solar PV project in Australia, and we are delighted to further extend our relationship with FRV following the acquisition of the Royalla Solar Farm in 2016”.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner, Head of Renewable Energy
Email: c.mansfield@dif.eu

Allard Ruijs, Partner, Head of Investor Relations & Business Development
Email: a.ruijs@dif.eu

Solar panels
View all news
10 April 2017  |  Sydney

DIF acquires 275 MW solar project in Australia

DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 275 MW (dc) Bungala Solar PV project from Reach Solar Energy, via an equal joint venture with Enel Green Power.

Developed by Reach Solar Energy, the Bungala Solar Project will be one of the largest solar PV plants in Australia. The utility-scale solar power project is located near Port Augusta, South Australia and covers approximately 700 hectares of land. The project will produce enough electricity to power approximately 82,000 homes, avoiding the emission of about 520,000 tonnes of CO2.

Origin Energy, a major Australian utility will purchase all electricity and renewable certificates from the project. The project is split into two equal solar farms of 137.5 MW, located on two adjacent plots of land. Construction works at Bungala Solar One are expected to begin by mid-2017, followed by Bungala Solar Two, whose construction will start by the end of this year. The overall 275 MW project will be fully operational by the third quarter of 2018.

Marko Kremer, DIF’s Head of Australasia added: “DIF is delighted to add Bungala solar farm to its existing investment portfolio. It represents DIF’s second solar PV project in Australia, following the acquisition of Royalla in 2016. We are excited to be part of the Australian renewable energy landscape which supports the nation’s commitment to a greener economy as well as creating significant job opportunities in the Port Augusta region. This investment represents an attractive, large scale solar PV energy investment, underpinned by stable, long term contracted cash flows.”

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3 and renewable energy assets in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner, Head of Renewable Energy
Email: c.mansfield@dif.eu

Allard Ruijs, Partner, Head of Investor Relations & Business Development
Email: a.ruijs@dif.eu

View all news
20 March 2017  |  Paris

DIF and co-shareholders complete refinancing of French solar portfolio

DIF and its co-shareholders Caisse des Dépôts and Solairedirect complete refinancing of a 34MWp ground-mounted solar PV portfolio.

DIF, Caisse des Dépôts (“CDC”) and Solairedirect (together the “Sponsors”) have completed the refinancing of a portfolio of 4 operational ground-mounted solar PV projects located in the south-east of France, taking advantage of their strong operational track record since inception as well as the prevailing competitive debt markets. The projects, originally developed by Solairedirect were later partly sold to CDC and DIF as part of a portfolio. The portfolio is 35.25% owned by the DIF Infrastructure III fund, with CDC owning 49.75% and Solairedirect the remaining 15%. All 4 projects have been operational for more than 5 years.

Auxifip (part of the Crédit Agricole group), The Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation acting as co-MLAs, together with BPIFrance Financement as participant, provided approximately EUR 145 million of senior debt facilities to refinance the existing debt. The refinancing provides for an extraordinary distribution to the shareholders in the portfolio, while still allowing for a strong cash yield from the projects over their remaining life.

The Sponsors were advised by Astris Finance (financial), Clifford Chance (legal – tax structure and financing) LPA-CGR (legal – corporate and project DD) and Noveo Finance (hedging).

The lenders were advised by Herbert Smith Freehills (legal), OST (technical), Deloitte (model audit) and MARSH (insurance).

For DIF in France, this follows the refinancing in 2016 of 2 portfolios of solar PV assets of 31.2MWp and 20.1MWp.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately EUR 3.5 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP/ P3, renewable energy and other core infrastructure assets in Europe, North America and Australia.
DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

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

solar panels in a field
View all news
9 January 2017  |  Toronto

DIF completes the refinancing of a 30 MWac ground mounted solar PV portfolio

DIF has completed the refinancing of a portfolio of 3 operational, ground-mounted solar PV projects located in Ontario, Canada. The DIF Infrastructure III fund owns 100% of the projects, which commenced operations in 2014 and 2015. The projects sell power pursuant to 20 year feed-in-tariff contracts with the Independent Electricity System Operator (formerly known as the Ontario Power Authority).

Natixis New York Branch, acting as the sole mandated lead arranger, together with Samsung Life Insurance Co. Ltd., Migdal Insurance Company Ltd., Migdal Makefet Pension and Provident Funds Ltd., and Raymond James Banks, NA as lenders, provided approximately CAD$180 million of senior debt facilities to refinance the existing debt.

The lenders were advised by McCarthy Tetrault LLP (legal), DNV KEMA Renewables Inc. (technical), and Intech Risk Management Inc. (insurance). DIF was advised by Torys LLP (legal), KPMG (tax), Riverside Risk Advisors (hedging), Mazars (model audit) and LCN Legal (UK legal).

For more information, please contact:

Christopher Mansfield, Partner
Email: c.mansfield@dif.eu

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

View all news