Energy Archives - DIF Capital Partners

18 April 2024 | London

Global Insights Series: the Future of Renewable Energy

DIF Capital Partners recently hosted its Global Renewable Energy & Storage Industry Days. This two-day event brought together industry advisors, portfolio company leadership and DIF’s global team of in-house energy transition experts, to discuss industry trends, opportunities and challenges in the evolving renewable energy landscape.

This Global Insights Series publication summarizes the key takeaways of the event.

As a leading global mid-market infrastructure manager, DIF is proud to have a proven track record of investing in and scaling up companies that are enabling the energy transition.

The decarbonization of the global economy represents a large-scale and attractive investment opportunity – from renewable power generation, to more efficient heating and cooling of buildings via district heating and geothermal solutions, to conversion of waste into energy, to the electrification of transport.

The themes addressed in the report include:

The push to achieve science-based carbon reduction targets coupled with rising electricity use has led to accelerating demand for renewable energy from governments, utilities, corporates and individuals alike.
Providing renewable energy direct to corporates and industrials is a growing market for renewables providers, with many large businesses still unaware of how it can help them hit their net zero targets.
A significant amount of public and private capital will be required to execute the energy transition.
The influx of capital into building intermittent renewable generation, but without the commensurate investment into upgrading and reinforcing power grid infrastructure is resulting in widespread grid congestion and curtailment. However, colocation with storage or other technologies, and strategic siting of assets can help to mitigate this risk.
Geopolitical disruption in Europe (and the world) has further increased focus on security of supply and reducing reliance on fossil fuels. In North America, the Inflation Reduction Act represents the largest government incentive package for the renewable energy industry to date.

Read the report here: DIF Global Insight Series – The Future of Renewable Energy (April 2024).

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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

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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

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

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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

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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

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10 May 2023 | Toronto

DIF Capital Partners acquires leading Canadian geothermal company Diverso

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

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

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

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

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

About DIF Capital Partners

For more information, please visit www.dif.eu

About Diverso

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

For more information, please visit www.diversoenergy.com

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

DIF Capital Partners acquires leading Canadian geothermal company Diverso

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3 April 2023 | Toronto

DIF Capital Partners agrees to acquire majority interest in US-based solar platform Green Street Power Partners

DIF Capital Partners is pleased to announce that it has agreed to acquire a majority equity interest in US-based Green Street Power Partners (“Green Street”), a leading developer, financier, owner, and operator of distributed generation solar projects for various private and public clients across the US. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Since its inception in 2014, Green Street has experienced rapid year-over-year growth driven by its experienced executive management team and extensive network of industry relationships. Headquartered in Stamford, Connecticut, Green Street has developed a 300+ MW portfolio of operational and under-construction projects throughout the country.

Green Street has over 2 GW of solar projects in its pipeline in both existing and new markets, which it will look to execute over the near-to medium-term. Green Street is well positioned to accomplish its development goals, utilizing its vertically integrated capabilities across development, legal, project financing, engineering, and project and asset management functions.

In addition to existing and upcoming renewable energy goals, execution of the growing development pipeline is further supported by the recently passed Inflation Reduction Act, providing a long-term runway of supportive renewable energy legislation long awaited by developers, sponsors, and market participants alike.

In 2023, Green Street’s projects nationwide will produce over 275 million kWh of energy, displacing over 200 thousand tons of CO2.

The transaction is subject to customary conditions and approvals and is expected to close in early Q2 2023.

“Green Street is very excited to be partnering with DIF. As a leader in distributed generation in the US, the partnership will enable Green Street to continue its growth efforts and execute on its 2 gigawatts and growing of pipeline,” said Jason Kuflik, President of Green Street. “We are excited about what we will be able to accomplish together. As a leading global infrastructure fund, we could not have picked a better partner.”

Green Street was advised by Scotiabank and its legal counsel Orrick, Herrington & Sutcliffe LLP in connection with this transaction.

“The partnership with Green Street will further grow DIF’s North American renewable portfolio and marks our first distributed solar generation platform in the North American market”, said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners . “DIF is excited to work with the Green Street team to continue developing and operating distributed solar projects across the US to further advance the global clean energy transition, one of DIF’s responsibilities as a leading infrastructure investor. Supported by strong thematic tailwinds in the US, we see this as an excellent opportunity to support a strong team in their goals to become a leading distributed generation developer and asset owner.”

DIF was advised by Macquarie Capital and its legal counsel Stoel Rives LLP in connection with this transaction.

About DIF Capital Partners

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

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

For more information, please visit www.dif.eu.

About Green Street Power Partners

Founded in 2014, Green Street is a national developer, financier, owner, and operator of solar energy systems benefiting businesses and communities across the country. Green Street specializes in structured finance for solar assets, securing sponsor and tax equity alongside project-level debt financing to realize the highest value for its clients.

Green Street’s proven dependability, experience within the industry, and established portfolio of 300+ MW of operational and under-construction projects, underpin its success as one of the leading solar developers and owners in the country.

Green Street strives to continue this growth while staying committed to corporate social and environmental responsibility, as we sustain our environment for future generations through solar power. We view this responsibility as a fundamental part of our business, and we consistently work to inspire these values in our employees, partners, and customers. Green Street currently has 58 employees and is headquartered in Stamford, CT with a legal office in Tallahassee, FL.

For more information, please visit www.gspp.com.

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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.

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9 November 2022 | London

DIF invests EUR 150 million in Nordic solar developer Alight

DIF Capital Partners will acquire a majority stake in Stockholm-headquartered Alight, a leading developer of subsidy-free solar projects in the Nordics. The agreement includes an investment of EUR 150 million and a secondary buy-out of a number of existing shareholders. With the capital raised, Alight will accelerate the buildout of its near term pipeline of solar projects.

The company will do so by building out and retaining ownership of projects going forward and aiding the transition into an independent power producer. Alight built its foundation in the Nordic solar market by offering solar power purchase agreements (PPAs) to major commercial and industrial (C&I) power users, and has developed several of Sweden’s largest solar parks in addition to delivering multiple onsite solar solutions. The investment will enable Alight to accelerate its build-out of new solar projects in the Nordics and more broadly across Europe.

Commenting on the investment, Alight CEO Dr Harald Overholm said: “I am proud of Alight’s journey so far and this investment will accelerate our leadership in the subsidy-free solar build-out. Our delivery of solar-as-a-service to major power users makes us a natural partner to companies of all sizes and industries. We are excited to work closely with DIF on progressing the corporate transition to renewables; they share our vision for the industry and the urgency of our work to accelerate the energy transition. Corporate power usage accounts for up to 70% of global electricity consumption, so making a prompt and effective shift to renewable energy is crucial. Solar remains the cheapest and quickest energy source to scale, so building more to deliver energy security and reduce emissions is crucial.”

Nine years on from its founding in 2013, Alight is now a leader in Europe’s commercial solar roll-out through its subsidy-free approach to solar PPAs. In its native Nordics, Alight has over 1 GW pipeline of projects under development, much of which will be built out within the next 24 months. Alight also has an additional 170 MW pipeline under development across Europe.

Commenting on their investment in Alight, Gijs Voskuyl, Partner of DIF and Head of Investments for DIF Infrastructure VII, said: “We have been impressed by Alight’s track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts. We also share Alight’s vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment. Alight’s team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions.”

Having set an initial target to build 1 GW of solar assets by 2025, Alight now aims to have 5 GW of PPA-backed solar projects delivered across the Nordics and Europe by 2030. Alight’s PPAs protect major power users from price surges by offering fixed prices on 10-20 year contracts. Alight is also leading the Swedish market roll out of co-located battery storage, a key component of ensuring that grid stability copes with the solar roll-out.

In October this year, Alight announced Sweden’s largest co-located solar-plus-storage plant to be completed in December at a 12 MW solar park in Linköping. Alight developed and operates Sweden’s largest operational solar park, an 18 MW asset developed for Martin & Servera in Skurup. The company aims to bring forward co-location storage on future projects and retrofit existing assets to include storage.

Alight was advised by Newsec Infra (financial) and Mannheimer Swartling (legal adviser). DIF was advised by Augusta & Co (financial) and DLA Piper (legal).

About Alight
Alight is a leading Nordic solar developer and Independent Power Producer, co-founded in 2013 by Dr Harald Overholm, Richard Nicolin and Wilhelm Lowenhielm to usher in a new era of solar power to businesses seeking to go greener. With an entirely subsidy-free business model, Alight develops and operates solar projects, onsite and offsite, across Europe. By 2030 Alight is set to have an installed capacity of at least 5 GW backed with solar PPA contracts. Alight is the leading solar PPA provider in the Nordics – with customers including Swedbank, Nolato, Kingspan and Toyota – and is developing more than 1 GW of PPA-based projects across Sweden, with a further 170 MW under development across the rest of Europe. In 2021, Alight joined the United Nations Global Compact as part of its support of the UN Sustainable Development Goals.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than 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:

Traditional DIF funds, of which DIF Infrastructure VII 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 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: Diederik Heinink, d.heinink@dif.eu

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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).

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

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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)

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22 June 2022 | Schiphol

DIF Capital Partners joins forces with Virya Energy to acquire a strategic position in Dutch green hydrogen developer VoltH2

DIF Capital Partners (“DIF”), through DIF Infrastructure VI, has acquired an interest in green hydrogen production facilities developer VoltH2 (the “Company”). DIF entered into a strategic partnership with Virya Energy, a leading Belgian renewable energy company, in acquiring a majority stake in the Company, with VoltH2’s founder André Jurres, retaining a meaningful share as well.

The Netherlands based VoltH2 holds permits and secured land plots for two production sites in Vlissingen and Terneuzen, with advanced planning underway for an additional site in Delfzijl as well as a number of early phase development positions. The three most advanced facilities have a capacity of initially 75 MW which can be scaled up to 250 MW. DIF’s and Virya’s involvement enables VoltH2 to realise its first green hydrogen production facilities in the near future and further expand the pipeline.

André Jurres, Managing Director of VoltH2: “This investment attests to the confidence in green hydrogen and in the growth of VoltH2. With the involvement of DIF Capital Partners and Virya Energy, we can anchor VoltH2 locally as well as internationally, achieve our ambitions and play a crucial role in the European energy market and energy transition.”

Gijs Voskuyl, Partner at DIF Capital Partners, adds: “We expect a significant demand increase for green hydrogen in the short and medium term. As an investor with a strong footprint and ongoing focus within the energy transition space, we aim to play a role in this fast growing and capital intensive market and believe VoltH2 as well as Virya Energy are excellent partners to realise these ambitions.”

About VoltH2

VoltH2 focuses on the design, development, construction and operation of green hydrogen facilities in Europe. The first two production facilities are currently being developed in Vlissingen and Terneuzen (the Netherlands). Both are expected to be operational in 2025. At start-up, each facility will produce nearly 2 million kg (1,890 tonnes) of green hydrogen per year. In time, this production will grow with the hydrogen market and will be scaled up. Because of its strategic location within North Sea Port, the end product will be transportable by road, rail and waterways. Local industry will be able to purchase green hydrogen in order to meet its environmental objectives. Recently, the project for a third green hydrogen facility was started in Delfzijl (within Groningen Seaports). VoltH2 is a collaboration between Volt Energy (the company of founder André Jurres), Virya Energy and DIF Capital Partners. www.volth2.com

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 11 billion in assets under management across ten closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

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

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

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

About Virya Energy

Virya Energy was founded in late 2019 by Colruyt Group and Korys. The energy holding company has shares in Parkwind, Eurowatt, Eoly Energy, Sanchore and recently also in VoltH2.

Virya Energy focuses on the development, financing, construction, exploitation and storage of renewable energy. All of these companies possess a wealth of complementary expertise. By sharing knowledge and enabling them to work together, Virya Energy aims to create economies of scale and take a leading role in the rapidly evolving renewable energy sector. Virya Energy and its subsidiaries worldwide have a capacity of 1 GW of green energy. This includes onshore and offshore wind power and a number of initiatives for green hydrogen such as Hyoffwind.