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14 July 2022  |  Schiphol

Dutch Climate Action Fund aims to reduce CO2 emissions in the Netherlands

DIF Capital Partners (“DIF”) and NN Group have launched the Dutch Climate Action Fund. NN Group is a cornerstone investor with an initial commitment of EUR 125 million, and DIF will manage the fund.

The Dutch Climate Action Fund will invest in projects and companies active in climate change solutions that envisage to support the Dutch energy transition. The fund is rising to this challenge by targeting investments that aim to support the reduction of carbon emissions in the Netherlands. These investments are targeted to be pioneers in their markets as well as investments in more traditional clean energy sectors. The fund may invest in energy efficiency, e-mobility, energy storage and hydrogen, as well as in renewable energy generation such as onshore wind and solar farms. Renewable energy generation is expected to be a catalyst for electrification of industries, buildings and transportation, driving a significant part of emission reduction and therefore investment needs. The Dutch Climate Action Fund focuses on equity investments of up to EUR 25 million per investment.

Specifically, the fund’s investments target to support and promote the United Nations Sustainable Development Goals number 7 (affordable and clean energy), number 11 (sustainable cities and communities) as well as number 13 (climate action). Actual contribution to these SDGs, as well as reporting against the progress of achieving selected KPIs in relation to these SDGs, are targeted to be assessed for each investment opportunity.

Allard Ruijs, Partner of DIF Capital Partners: ‘We are honored to partner with NN Group on this Dutch initiative to further drive the energy transition and the reduction of carbon emissions in our home market through a focused investment strategy and leveraging on DIF’s long standing track record in the global energy infrastructure markets.’

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘Climate change is one of the biggest challenges of today; weather extremes due to climate change in the form of heat waves, drought and storms are only increasing. In addition to decarbonising our investment portfolio, NN Group has a clear commitment to double our investments in climate solutions by 2030. Companies and households may be able to reduce their carbon footprint, but still need energy. As long as this energy is derived from fossil fuels, we as a society will face difficulties achieving net-zero. Our investments in the Dutch Climate Action Fund will support and accelerate the Dutch energy transition, essential to ultimately reach net-zero.’

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:

  • 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 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.

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.

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12 July 2022  |  Schiphol

DIF Capital Partners supports further growth of Greener, a leading Dutch mobile battery solution provider

DIF Capital Partners (“DIF”) is pleased to announce that through DIF CIF III (the “Fund”) it has signed an agreement to partner with Greener Power Solutions B.V. (“Greener”), a leading mobile battery solution provider, headquartered in Amsterdam, the Netherlands. The Fund will acquire a majority stake and provide capital that will enable Greener to rapidly grow its battery fleet in order to expand its service offering and achieve its ambitious growth plans in the Netherlands and abroad.

Greener is a market leader in mobile battery solutions in the Netherlands with a portfolio of 60 containerized mobile batteries. Through its mobile batteries the company provides contracted mobile green power solutions to customers who have insufficient or no grid connection capacity available. Greener supplies off- and on-grid power solutions to among others construction sites, customers awaiting grid upgrades, large scale events and temporary EV charging locations.

Demand for mobile battery solutions is growing rapidly due to tightening emission regulations, pushing construction companies to use more environmentally friendly power solutions, and growing grid constraints leading to an increased demand for temporary power. Greener is strongly positioned due to its sizeable fleet of high-quality mobile batteries, experience in installing and operating batteries and in-house developed software platform, which offers customers convenience and cost savings tailored to their specific applications.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the ongoing push to decarbonize the economy and reduce nitrogen emissions will continue to increase pressure on companies to utilize clean energy solutions, as evidenced by the ongoing nitrogen crisis in the Netherlands. Moreover, Greener is expected to benefit from the constraints to enlarge grid capacity in the Netherlands. Greener’s mobile power solutions offers a material reduction in emissions and thereby supports the energy transition. We are excited to on-board on this journey together with management to realize Greener’s ambitious growth and decarbonization plans”.

Dieter Castelein, CEO of Greener: “The investment of DIF Capital Partners enables us to achieve new goals and pursue great opportunities to further improve and expand our power solutions. We believe that temporary power supply will play a great role in the energy transition and we aim to make a significant contributions to the acceleration of this transition.”

Closing of the transaction is expected to take place in July 2022.

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:

  • 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 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.

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.

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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

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24 March 2022  |  Schiphol

PGGM Infrastructure Fund and DIF Capital Partners reach agreement for intended acquisition of Enexis-subsidiary Fudura

Proposed new owners announce substantial investments in company with key role in Dutch energy transition

A consortium of DIF Capital Partners, through its DIF Infrastructure VI fund (“DIF”), and PGGM Infrastructure Fund (“PGGM”) has entered into an agreement for the acquisition of Fudura B.V., a subsidiary of Enexis Groep. PGGM and DIF will both acquire 50 percent of the shares. PGGM invests pension capital from, among others, Pensioenfonds Zorg en Welzijn for its three million participants, while DIF’s investment fund is supported by a large number of Dutch and international pension funds and insurance companies.

Fudura is the market leading B2B provider of medium-voltage electricity infrastructure (mainly transformers), metering devices and related data services in the Netherlands. With the intended acquisition, the new investors add a company to their investment portfolios that plays an important role in the Dutch energy transition. Fudura is active in offering services to companies seeking solutions for energy efficiency, security of energy supply and CO2 neutrality. Fudura currently has 22,000 business customers, being a combination of larger companies, public institutions such as hospitals, and SMEs. Within all these client segments there is a great urgency for a more sustainable energy consumption.

Fudura’s strategy to broaden its services within the energy transition is fully endorsed by the new intended shareholders. Various solutions will be offered, such as the delivery of solar panels, batteries, EV chargers and electric heating solutions. With this, Fudura wants to meet the increased demand from business customers to reduce their CO2 footprint, reduce dependence on natural gas and guarantee energy security.

René Pruijssers, director of Fudura: ,,As director of Fudura I am very pleased with selecting DIF and PGGM. With these partners Fudura can further develop as the energy transition platform for business customers. Fudura’s customers, employees and partners will benefit from the knowledge and ambition of DIF and PGGM to make the Netherlands more sustainable.’’

Erik van de Brake, head of Infrastructure at PGGM: ,,Fudura fits perfectly into PGGM’s strategy to make long-term investments for our clients, including Pensioenfonds Zorg en Welzijn, which are not only financially attractive, but also have a positive impact on our society. We are faced with the enormous task of making the Netherlands CO2 neutral within a few decades, and companies such as Fudura play a very important role in this. Fudura will become part of our investment portfolio, which, in addition to Fudura, also contains a number of other investments that play a key role in realizing the energy transition and will help to accelerate it.’’

Gijs Voskuyl, head of Core Infrastructure at DIF: ,,We are delighted with the acquisition of a 50% stake in Fudura. The company’s leading role in the energy transition in the Netherlands fits seamlessly with DIF’s own ambitions including having a CO2-neutral investment portfolio by 2050 the latest. In addition, we expect that DIF’s expertise in previous energy transition investments will contribute to a fruitful collaboration with both Fudura and co-shareholder PGGM.’’

Enexis and the consortium of DIF and PGGM have also made agreements about employment, sustainability and continuity of Fudura. The consortium of DIF and PGGM sees Fudura as a platform for the energy transition and commits itself to Fudura for a long period of time. The employment and working conditions of Fudura’s employees are guaranteed and there is support for Fudura’s strategy and its role in the energy transition. These agreements are laid down in the signed document and are an integral part of this intended transaction.

About Fudura

Fudura B.V. is a wholly owned subsidiary of Enexis Groep and is active in the non-regulated part of the energy market. Fudura focuses on business services to optimize and make the energy supply of more than 22,000 business customers in the Netherlands more sustainable. Fudura provides advice, measures, designs and realizes infrastructures and manages and maintains meters, charging stations, transformers and switchgear. Fudura is the market leader in its segment.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 10 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • 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 CIF funds target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 180 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.

About PGGM

PGGM is a not-for-profit cooperative pension fund service provider. As a pensions administrator, asset manager and advisor to pension fund boards, it executes its social mandate: to provide for good old-age incomes for 4.4 million participants in the Netherlands. On December 31, 2021 PGGM managed long-term pension capital of EUR 291 billion worldwide. Rooted firmly in the Dutch healthcare sector, PGGM develops innovative provisions for labour market issues in this sector, alone or with strategic partners. Our member organisation PGGM&CO supports 764,000 workers and pensioners with a background in healthcare. www.pggm.nl.

For more information:

DIF Capital Partners

Allard Ruijs, a.ruijs@dif.eu, +31 (0)20 655 47 05

PGGM Corporate Communications

Maurice Wilbrink, maurice.wilbrink@pggm.nl, +31 (0)30 277 97 35

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24 November 2021  |  Helsinki

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

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

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

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

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

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

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

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

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

About DIF Capital Partners

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

  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:

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

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19 October 2021  |  Frankfurt

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

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

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

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

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

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

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

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

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

About ib vogt

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

About DIF Capital Partners

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

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

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

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

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

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4 October 2021  |  Toronto

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

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

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

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

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

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

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

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

About Bernhard

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

About DIF Capital Partners

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

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

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