Energy transition Archives - DIF Capital Partners

11 March 2024 | London

DIF Capital Partners sells UK onshore wind farm project to TfL Pension Fund

DIF Capital Partners is pleased to announce that DIF Infrastructure IV (DIF IV) has signed an agreement to sell a UK onshore wind farm project to the Transport for London Pension Fund. Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

The Wadlow wind farm project, located close to Cambridge, has an installed capacity of 26MW and comprises 13 Vestas V90 2MW turbines. The wind farm has been operational since September 2012 and was acquired by DIF IV in 2016.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “We are very pleased with the successful exit of this project. Our proactive approach to divestments helps to deliver attractive risk-adjusted returns for our investors, with this sale further demonstrating the strong track record of our investment strategies.”

“The success of this investment since 2016 demonstrates how financing the energy transition can deliver strong returns for our investors as well as drive the transition to net zero. DIF will be continuing to look for investment opportunities in the UK renewables sector in the coming years.”

DIF IV was advised on the transaction by PKF Francis Clark (financial), Osborne Clarke (legal) and Natural Power (technical).

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

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

21 November 2023 | Schiphol

DIF Capital Partners to acquire a majority interest in Novar, leading Dutch developer of green energy systems

DIF Capital Partners (via its DIF Infrastructure VI fund) has signed an agreement to acquire 60% of Novar, the leading developer of large-scale sustainable energy systems in the Netherlands.

The transaction marks the start of a long-term collaboration to deliver sustainable and innovative renewable energy solutions. As part of the investment, DIF will provide growth capital to among others support the expansion of Novar’s utility-scale solar, rooftop solar and Battery Energy Storage Systems (BESS) portfolio.

Headquartered in Groningen, Novar owns and operates 440MW of utility-scale solar PV, rooftop solar and BESS projects. It has a development project pipeline of more than 15GW. Novar is a front-runner in integrated energy solutions, currently developing the largest private grid project in the Netherlands, which will provide grid connection for several of its large-scale solar and BESS projects, as well as the first Dutch solar thermal and green hydrogen projects.

The company operates a fully integrated Independent Power Producer model, providing operation & maintenance, technical & commercial asset management and consultancy & flex services to its own portfolio and to third parties.

Gijs Voskuyl, Partner at DIF, said: “The investment in Novar presents an opportunity for DIF to support the Dutch solar energy market leader with a long track record of successfully delivering ground-mounted and rooftop projects. Its existing 440MW contracted portfolio offers a robust investment proposition and with the extensive pipeline in solar and storage projects, we can continue to invest in energy transition investment opportunities going forward. We’re looking forward to working with Novar’s management team to continue to jointly grow the company in the years ahead.”

Gerben Smit, CEO of Novar Holding, expressed his enthusiasm, stating, “Thanks to this strategic partnership, Novar has the opportunity to shape further growth, expand internationally and achieve the target of 4GW of operating capacity by 2030.”

DIF was advised by KPMG (financial advisor), McKinsey (commercial advisor), Arup (technical advisor) and NautaDutilh (legal advisor). Novar was advised by Voltiq (financial advisor), Eversheds Sutherland and Hogan Lovells (legal advisors).

The transaction is subject to regulatory and other approvals and is expected to close in the fourth quarter of 2023.

About Novar Holding:

Novar Holding, formerly Solarfields, was founded in 2014 and specializes in the development of large-scale sustainable energy systems. For more information, please visit www.novar.nl.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has 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 infrastructure, energy transition and sustainable transportation sector.

With a team of over 225 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.

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

Press contacts:

DIF Capital Partners: press@dif.eu

Novar: David de Jong, david.dejong@novar.nl, +31 6 27971111

31 October 2023 | Schiphol

DIF Capital Partners and EDF Invest to acquire leading Norwegian electric ferry operator Fjord1

DIF Capital Partners (via its DIF Infrastructure VII fund), and EDF Invest (the investment arm of the EDF Group in real assets) have entered into a definitive agreement to acquire Fjord1, the largest owner and operator of ferries in Norway.

The company will be acquired from Vision Ridge Partners, a global sustainable real assets investor, and Havila Holding, an investment company owned by the Sævik family in Norway. Vision Ridge and Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively. Terms of the transaction were not disclosed.

Operating under long term concessions and with a fleet of 81 vessels, Fjord1 is Norway’s largest ferry operator and the nation’s leading owner and operator of electrified ferry transportation. Ferries are an integral part of the Norwegian transportation infrastructure, with the company serving approximately 50% of all Norwegian passengers and providing critical high-frequency boat services between the mainland and islands, as well as across fjords that facilitate commuting, leisure, tourism, and goods transportation across the country.

Gijs Voskuyl, Partner at DIF, says: “We’re very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway. We look forward to working with our partner EDF Invest and the company’s management team to continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry.”

Alexandre Pieyre, Head of EDF Invest, adds: “EDF Invest is thrilled to invest in Norway and become a shareholder of Fjord1, a company at the forefront of innovation and decarbonization. Alongside our partner DIF and with an experienced management team, we look forward to supporting the company and its employees to pursue this low carbon strategy and to bring even more innovation to the transportation industry.”

Following the close of the transaction, which is expected in early 2024, Fjord1 will continue to be led by CEO Dagfinn Neteland, supported by his current team of over 1,000 employees.

“Management is pleased that the sales process has been completed, which has been a long and thorough process, where we experienced significant interest in the company from a number of parties. The management team is excited and looking forward to working with the new owners of the company and jointly build on the strong position that Fjord1 has in the market to make the company even stronger in the years ahead.” says Dagfinn Neteland, CEO of Fjord1.

Under Vision Ridge’s and Havila Holding’s ownership, the proportion of vessels within Fjord1’s fleet that operate on electricity has increased by over 50%. As a result, Fjord1’s operating fleet today is approximately 60% electric – the highest proportion in Norway – and comprises approximately half of all electric ferries currently operating in Norway, serving 44 routes across 16 contracts in the Norwegian market.

“Having been part of a transitional period for Fjord1, where the company has been at the forefront of implementing electric ferries, we are happy to have found a new owner for Fjord1 who can help develop the company further. The last tender win where Fjord1 is to deliver autonomous operations is a testament to the competence in the company. There is no doubt in my mind that Fjord1 will continue to be a world leader in zero emission transportation and operational excellence,” comments Vegard Sævik, Chairman of Fjord1 AS & Board of Director at Havila Holding.

“Since investing in Fjord1 in 2019, we have worked closely with Havila Holding to strategically scale the company’s operations and increase fleet electrification to help cement its position as the nation’s leading owner and operator of electrified ferry transportation. Vision Ridge is proud to have executed our mission of mobilizing capital to address climate change and the tremendous progress Fjord1 has made over the last five years as a result. We are confident that DIF and EDF Invest are the ideal partners to help further grow Fjord1’s market share of the Norwegian fleet sector and look forward to the company’s continued success,” concludes Reuben Munger, Managing Partner and Chief Investment Officer of Vision Ridge.

Rothschild & Co. served as financial advisor, and Ropes & Gray LLP and Schjødt served as legal advisors, to Vision Ridge and Havila Holding. DIF and EDF Invest are advised by Deutsche Bank and Cantor Fitzgerald (financial advisors), Jefferies and Cantor Fitzgerald (debt advisors), Wikborg Rein (legal advisor), Allen & Overy (legal advisor – financing), Roland Berger (commercial advisor), Arup (technical advisor), PWC (financial and tax advisor) and Deloitte (operational advisor).

Press contacts:

For DIF Capital Partners

press@dif.eu

For EDF Invest

jessica.goncalves@edf.fr

For Havila

Vegard Sævik

vegard@havila.no

For Vision Ridge Partners

Amanda Shpiner/Sara Widmann

Gasthalter & Co.

(212) 257-4170

Vision-Ridge@gasthalter.com

About Fjord1

Fjord1 is the leading floating bridge operator in Norway, providing critical high-frequency ferry and express boat services with a large fleet of modern and electric ferries. Since starting operations in 1858 in Florø, Fjord1 has extended its fleet to 81 vessels (including 39 electric projected as of end of year) and now operates 44 routes across 16 contracts. Revenues are underpinned by long-term availability-based contracts which have no volume risk and Fjord1 is leading the shift to zero-emission ferry connections. For more information, please visit: www.fjord1.no/eng.

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has 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 infrastructure, energy transition and sustainable transportation sector.

With a team of over 225 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.

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

About EDF Invest

EDF Invest, the investment arm of EDF for non-listed Dedicated Assets, currently manages around €9bn of equity and is targeting around €12 billion in the next few years. EDF Invest contributes to the funding of the decommissioning of EDF’s power plants in France. Its mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting three non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds. For more information, please visit www.edfinvest.com or follow us on Linkedin.

About Havila Holding

Havila Holding is a family-owned, industrial investment company located in the west coast of Norway. Based on the family’s background in fishing vessels Havila Holding has utilized the generational know-how of safe and efficient operations to establish a portfolio of companies with a main focus in the maritime sector. The company is owned by the Sævik-family. For more information, please visit: https://en.havila.no/.

About Vision Ridge Partners

By seeking to deliver superior investment returns, Vision Ridge mobilizes capital to address humanity’s greatest challenge: climate change. The Vision Ridge team seeks to leverage its diverse, complementary skillsets, deep industry experience, and strong network of relationships to execute investments across sustainable real assets with a focus on energy, transportation and agriculture. Vision Ridge manages approximately $3.25 billion on behalf of institutional investors globally, as of September 30, 2023. For more information, please visit: https://vision-ridge.com.

25 July 2023 | London

DIF Capital Partners to invest £200 million in UK battery storage developer and operator Field

DIF Capital Partners (via its DIF Infrastructure VII fund) is pleased to announce a £200m investment into Field, a London-headquartered dedicated developer and operator of battery energy storage systems.

The investment will allow Field to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe as it seeks to contribute to the renewable energy infrastructure needed to reach Net Zero.

Field’s battery energy storage systems allow energy generated during times of lower demand to be stored and released to the grid during times of higher demand.

Field is already operating its first site in the UK, a 20 MWh battery project in Oldham, Greater Manchester. It has another four sites totalling 210 MWh in or near construction in the UK: Newport in South Wales, Blackburn in Lancashire, Gerrards Cross in Buckinghamshire and Auchteraw in the Scottish Highlands.

Gijs Voskuyl, Partner and Deputy CEO at DIF, said: “We’re very excited to make a second investment in the battery storage sector which we see as a critical component for the UK energy industry to reach Net Zero and which we see as highly complementary to DIF’s extensive renewable energy portfolio. We are looking forward to working with the Field management team.”

Commenting on the investment, Amit Gudka, Field CEO said: “We will not be able to meet net zero targets without significant investment in new energy infrastructure. Battery storage is a critical part of that infrastructure. The more we can build, the more effective mass-usage of wind and solar power will become.

“Our partnership with DIF Capital Partners will enable Field to accelerate the buildout of battery storage in the UK and across Europe. And it will help us build, develop and operate the storage we need to create a more reliable, flexible and greener grid.”

DIF was advised by PwC (financial) and Herbert Smith Freehills (legal). Field was advised by Nomura Greentech (financial) and Dentons (legal adviser).

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 Field

Field develops, builds and operates the renewable infrastructure we need to reach net zero, starting with battery storage. Our battery storage sites provide clean energy when and where it’s needed most. This creates a more reliable, flexible and greener energy system that provides greater energy security and helps countries across Europe move on from expensive fossil fuels.

In the UK, our portfolio of battery sites are already helping to decarbonise the electricity grid, and we are already developing further projects across Europe.

For more information, please visit www.field.energy

Contact DIF Capital Partners: press@dif.eu

15 June 2023 | London

DIF Capital Partners achieves financial close on 540MW co-location solar and battery portfolio

DIF Capital Partners (via its DIF Infrastructure VII fund) is pleased to announce that it has reached a close on financing co-located solar generation and battery storage portfolio in the UK.

DIF, together with 10% co-shareholder ib vogt, acquired the portfolio in November 2022. The portfolio consists of seven ready-to-build sites with a total capacity of 720MW (380MW solar and 340MW Battery Energy Storage Systems (BESS).

The financing structure covers the first 540MW of projects in the portfolio and comprises of fully committed senior debt facilities. It also includes an equity bridge loan provided by a club of senior lenders comprising ABN AMRO, ING, Rabobank, NAB, KFW and Lloyds, with Lloyds acting as agent. There is a further uncommitted accordion facility to expand the financing for the final 180MW of projects in the portfolio.

DIF is also pleased to announce significant progress on the commercialisation of the portfolio since acquisition. The first two projects in the portfolio have commenced construction, with an expectation that all projects will be operational between 2024 and 2025.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We are delighted to announce this major milestone in the commercialization of a landmark UK solar and battery portfolio. These assets will play a significant role in the UK’s energy transition.

We’re particularly happy to have secured an innovative, market leading portfolio financing agreement – the first of its kind for such a portfolio in the UK.

DIF is grateful to the strong club of lenders supporting the portfolio, many of whom represent key relationships for DIF. We look forward to bringing this landmark portfolio into operation and make a significant contribution to the UK’s efforts to achieve net zero by 2050.”

DIF was advised by Elgar Middleton, Lazard, CMS, DNV and Natural Power.

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

Contact DIF Capital Partners: press@dif.eu

13 December 2022 | Schiphol

Infrastructure investors must see the wood for the trees when it comes to ESG impact | blog

There is no doubt that the environmental, social and governance (ESG) impacts of infrastructure investments are of increasing interest to regulators, investors and civil society. That is good news, but it’s also important this impact is understood in a holistic way, telling the full story of the infrastructure project we fund.

Currently, much of the debate with LPs on ESG impact is focused on managing and minimising the adverse impacts that all infrastructure projects have. New rules such as the EU’s Sustainable Finance Disclosure Regulations (SFDR), rightly, demand transparency and accountability in areas such as reducing emissions, improving health and safety or decreasing biodiversity loss.

That is much needed, but focusing on the minimisation of harm also risks failing to see the wood for the trees.

Intrinsic benefits

For those who work in our sector the connection between infrastructure investment, economic growth and societal benefits is very clear.

The hospital and school investments we make improve health and enrich education. Fiber networks get thousands online to close the digital divide. Clean energy assets are laying the foundations for the low-carbon economy and roadbuilding enables millions of drivers to travel more quickly, safely and efficiently.

Across the world, infrastructure is helping in achieve the challenges of the UN Sustainable Development Goals (SDGs).

So just as we should not solely use a traditional cost/benefit analysis to narrowly focus on just the financial viability of an asset; we should not use ESG analysis to solely focus on reducing harm. That risks overlooking the wider inherent benefits our sector creates.

Measuring positive outcomes

To address this challenge and showcase promising practices my firm, DIF Capital Partners, has worked with specialist sustainability consultants to develop an ‘Intrinsic Benefits Tool’.

The aim of the tool is to provide both a sector- and country-level analysis for each sector we invest in that identifies the intrinsic benefits an investment might provide.

It is based on impact metrics developed by UNEP-FI and its scores measure both positive and negative impacts that can be linked back to the SDGs. It also considers each country’s specific needs or issues. A school investment in a country lacking teaching capabilities, for instance, would score higher than a similar investment in a country with abundant education facilities.

For example, we used the tool when considering our investment in Airtower, a US wireless company providing the next generation wifi networks. It helped show how these networks enable first responders such as ambulance drivers to deal with emergencies, contributing to SDG 3 (Good Health & Well-being), build smart, sustainable cities (SDG 11) and use cloud migration to reduce the need for emissions-intensive local servers (SDG 13).

It provided a similar role for our investment in Greener, a market leader in mobile battery solutions in the Netherlands, showing that Greener contributes positively to SDG 9 (Industry, innovation, and infrastructure), SDG 11 (Sustainable cities and communities), and SDG 13 (Climate action) by supplying clean energy and mitigating the impacts of climate change.

The tool is part of a holistic attempt to understand ESG risks and opportunities in our investment process which also includes a screening mechanism during pre-investment, and active monitoring and management of an investee’s potential negative impacts throughout our ownership.

A brighter infrastructure investing picture

We live in a world where megatrends such as digitisation, energy transition, urbanisation and consumption continue to foster demand for infrastructure investing. But it is also a world where projects must continuously report on their environmental and social impacts, and show they align with public policy goals such as the SDGs.

As the sector beds in systems and standards to allow that to happen we must strike an appropriate balance between how we are generating and reporting financial returns, the action we are taking to minimize negative impacts, but also the wider long-term public benefits that are being delivered by our hospitals, schools, networks and other infrastructure too.

Frank Siblesz is Head of ESG at DIF Capital Partners

24 November 2022 | Schiphol

Annual DIF ESG event: net zero and cyber security

“How Finland moves to sustainable heating” and “Why ransomware gangs gain access to your company on a Friday afternoon”.

These were just some of the fascinating topics discussed during our engaging and thought-provoking annual DIF ESG Event. It was held in hybrid format on 22^ndNovember 2022, with an audience of just under 200 people.

A well-diversified mix of management teams, investee companies and DIF employees joining either in-person or via livestream. The event covered two important ESG themes: net zero and cyber security.

A big thank you to our exceptional external speakers: Simon Mundy (FT Journalist and author of “The Race for Tomorrow”), Matti Tynjala (CEO, Loimua Oy), Erik Westhovens (Cyber Security Expert and author of “13.Ransomwared”) and to our own ESG Team: Angela Roshier, Frank Siblesz and Hanah Chang for putting together such an insightful event.

10 November 2022 | Schiphol

COP27: our commitment to net zero

The world is gathering in Sharm El-Sheikh for COP27 to discuss climate change and it has probably never felt as urgent as it does now. At the same time, a lot has happened already and important steps are being taken.

DIF Capital Partners joined the Net Zero Asset Managers initiative in 2021 and we committed our firm to being a net zero investor by 2050 or sooner.

But, we wanted to stretch this ambition. So we’ve set an interim target of 70% of our AUM to be aligning with net zero by 2030. We have already started collecting our portfolio’s carbon footprint and are developing decarbonisation plans for individual investments.

The title of our recently published 2022 ESG-report is ‘Accelerating the transition’. That’s not just a title. It is what we truly stand for and what we’re putting a lot of effort in every day.

Download our ESG report here.

5 October 2022 | Paris

DIF Capital Partners invests in leading global renewable energy platform Qair

Qair, a fast growing renewable energy platform company, and DIF Capital Partners, a leading global independent investment manager, are pleased to announce that they have signed a partnership agreement whereby DIF, through DIF Infrastructure VII, will invest in the company to accelerate its growth and portfolio build out.

Qair is an independent power producer that develops, owns, and operates multi-technology renewable energy projects. The platform is focused on a wide range of technologies including onshore and offshore wind, utility scale solar, energy from waste, hydroelectricity, (battery) storage, hydrogen production, as well as tidal energy. Qair is a global player with a presence in 20 countries. The majority of its activities are based in France, Poland, Germany, Italy, Spain and Brazil. The company has 550 employees and is headquartered in Paris, France.

Qair has an operational portfolio of c. 1 GW, which is mainly comprised of (onshore) wind (c. 75%) and solar projects, as well as a development pipeline of 25 GW. The company benefits from strong development capabilities and foresees to add around 4 GW of renewable projects over the next five years.

Louis Blanchard, CEO of Qair: “With my partners Jean Marc Bouchet and RGreen, and the broader Qair team, we are happy to welcome DIF Capital Partners and join forces to pursue the development of our group’s strategy. We are confident that with the entrepreneurial spirit that drives us both, DIF will offer us the best support in our mission to accelerate the energy transition, especially within the current complex energy market.”

Gijs Voskuyl, Partner at DIF and Head of Investments for DIF Infrastructure VII adds: “DIF is delighted to partner with Qair and its management team and support them in their next phase of growth. We believe the company has built up an excellent track record and an impressive pipeline across a wide range of renewable energy sectors and countries and is very well positioned to play a leading role in the continuous decarbonization of the global economy”.

Qair was advised by August Debouzy, PSP Avocats, NM Advisory, 8 Advisory, PwC, Niddam-Drouas and Drooms. DIF was advised by Astris Finance, KPMG, H3P, Clifford Chance, UL, DNV, Baringa and Marsh.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven 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 VII is the latest vintage, target core and build-to-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 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

22 September 2022 | Paris

DIF Capital Partners acquires a majority stake in French EV charging operator Bump

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core-plus Infrastructure Fund III has closed the acquisition of a 55% stake in Bump SAS (“Bump” or the “Company”), a Paris-headquartered Charge Point Operator (“CPO”) that designs, installs, operates and owns Electric Vehicle (“EV”) charging infrastructure.

The Company has a unique positioning by securing mid to long term contracts primarily with EV fleet operators, both in fleet depots and in third party car parks mostly in Paris and Lyon. Founding shareholders include the management team, as well as Otoqi, a mobility services platform, and Firalp, a building contractor specialized in electrical & digital networks. All founding shareholders will remain invested in the Company.

Since inception Bump managed to develop a fast growing existing EV charging infrastructure base, with an expected portfolio of over 1,700 charge points installed or signed by the end of 2022. DIF’s investment will support the Company in significantly growing the portfolio of charge points with the ambition to be one of France’s market leaders in the fast growing B2B segment.

France is a key target market for DIF and is served locally by its 13-person strong team in Paris. The investment in Bump is DIF’s second investment in the sector after the acquisition of a majority stake in Plugit Oy, a leading Finnish EV charging infrastructure company, last year.

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 impressed by the management team of Bump and what the Company has realised to date. We are excited to invest alongside the existing shareholders to speed up the rollout of charging infrastructure across France, which is expected to become the second largest EV charging market in Europe”.

François Oudot, CEO of Bump, adds: “We are excited about this opportunity to accelerate our growth and tap the booming French EV market. Partnering with DIF will enable us to secure long term financial resources and benefit from their experience in supporting large capex roll out programs”.

Bump was advised by Celsius Avocats (legal), Finergreen (M&A) and E-Cube (commercial). DIF was advised by Gide (legal and tax), H3P (M&A), Boston Consulting Group (commercial), DNV (technical), Marsh (insurance) and PwC (finance and model audit).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven 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 VII is the latest vintage, target core and build-to-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.

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)