8 March 2022  |  Schiphol

Keynote Interview Wim Blaasse in Annual Review Infrastructure Investor 2022

Infrastructure as an asset class has grown very quickly in the past years and opportunities for growth remain significant.

In the 2022 edition of the Infrastructure Investor Annual Review DIF Managing Partner Wim Blaasse explains why infrastructure as an asset class is so attractive, what’s the DIF approach towards tapping opportunities in the midmarket segment of the global infrastructure market and what’s his outlook for 2022 and beyond.

To read the complete article open Keynote Interview Wim Blaasse – Infrastructure Investor Annual Review (March 2022)

23 February 2022  |  Paris

DIF Capital Partners acquires 80% stake in French waste-to-energy project Dombasle Énergie

DIF Capital Partners (“DIF”) is pleased to announce the acquisition of an 80% stake in Dombasle Énergie, a French greenfield waste-to-energy project, located in Dombasle-sur-Meurthe in the North-East of France. The investment is made through DIF Infrastructure VI, alongside Solvay (10%) and Veolia (10%).

The project comprises the replacement of three coal-fired boilers with a new boiler room equipped with two furnaces running on 350,000 tonnes per year of refuse-derived fuel (“RDF”) produced from various types of nonhazardous waste that cannot be recycled.

The EUR 225 million capex project is scheduled to become operational before the end of 2024 and will directly and indirectly employ over 1,000 people. The project will combust 344kt per annum and has a capacity of 181 MW thermal power and 17.5 MW electrical power from a steam turbine, which will be reused for the industrial process. As the first project of its kind in France, Dombasle Énergie will (i) cut the site’s carbon footprint by about 50% (240,000 tonnes of CO2 reduction) per year and (ii) create a new outlet for waste (primarily from the Grand Est and neighbouring regions) that was initially non-recyclable and which will now be transformed into green energy.

Gijs Voskuyl, Partner and head of DIF’s core infra investment strategies: “With increasing pressure on landfill capacity and concerted community efforts to reduce landfill levels, waste-to-energy represents a significant opportunity for the generation of affordable green power across the globe. We are delighted to partner with Solvay as well as Veolia in this ambitious project which will significantly reduce Solvay’s carbon footprint as well as reuse 350,000 tonnes of non-recyclable waste, of which otherwise the majority would have been landfilled. Renewable energy investments are an essential part of DIF’s investment mandate, evidencing the company’s desire to positively contribute to a more sustainable future”.

The project secured long term non-recourse debt financing from Credit Agricole Leasing & Factoring’s subsidiary Unifergie and Bpifrance. Dombasle Énergie also benefited from the support of the Grand Est region and French environmental authority ADEME, as well as other private partners.

Advisors on the transaction included De Pardieu Brocas Maffei (legal) and H3P (financial) for the sponsors. The lenders were advised by Herbert Smith Freehills (legal), SETEC (technical) and Marsh (insurance). Other advisors included Sigée Finance (model audit), Willkie Farr & Gallagher (tax audit) and ESTER (hedging).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with more than €9.8 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:

  • Traditional DIF funds, of which DIF Infrastructure 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 transition, and transportation sectors.

DIF Capital Partners has a team of over 180 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.

More information:

Jorda Zuurendonk, Marketing & Communication Manager

j.zuurendonk@dif.eu

29 October 2021  |  Frankfurt

DIF Capital Partners and EDF INVEST sell German regulated utility company Thyssengas

DIF Capital Partners (“DIF”), a leading global independent infrastructure investment fund manager, through its fund DIF Infrastructure IV, together with EDF INVEST, are pleased to announce an agreement to sell their joint 100% ownership stake in Thyssengas Holding GmbH (“Thyssengas”), one of the largest German gas Transmission System Operators (“TSO”), to Macquarie Asset Management (“MAM”), via its fund Macquarie Super Core Infrastructure Fund SCSp (“MSCIF”).

Thyssengas is Germany’s second largest gas TSO, headquartered in Dortmund. Using its 4,400-kilometre-long underground transmission system, the company annually transports around six billion cubic metres of natural gas – one-tenth of Germany’s entire consumption. The gas is delivered to more than 1,000 exit points leading to subsequent networks, industrial customers and power stations.

During DIF’s and EDF INVEST’s joint ownership, Thyssengas has seen significant RAB growth and has developed a sizable future capex project pipeline with more than €500 million of planned projects from 2021 to 2027. One of the largest expansion projects during DIF’s and EDF INVEST’s joint ownership of the company has been “ZEELINK”, a pipeline construction project at the German-Belgian border which was commissioned in May 2021, owned together by Thyssengas and Open Grid Europe (OGE) via a joint venture. Despite significant expansion of the grid, the company has managed to maintain a highly reliable network and an outstanding HSE track record. The implementation of a new digital management system for maintenance processes further helped management to deliver operational efficiencies.

Thyssengas is an industry thought leader and works at the forefront of innovation in the TSO space. In particular, the company is a frontrunner for the rollout of hydrogen in Germany and is actively engaged in hydrogen-related initiatives.

The transaction is expected to be finalised in Q1 2022, subject to customary merger control clearance and foreign investment approval requirements.

RBC Capital Markets served as DIF’s and EDF INVEST’s financial advisor, and Linklaters provided legal advice. Furthermore, DIF and EDF INVEST were supported by Ernst & Young, AFRY Management Consulting, and Willis Towers Watson.

About Thyssengas

Thyssengas is one of 16 German gas TSOs. Founded in 1921, when its predecessor company built the first gas transmission system in Germany, Thyssengas can look back on a 100-year history, during which it has developed great expertise. Thyssengas currently employs an engaged and motivated team of around 390 employees, across seven locations in Northern Germany. As a TSO, Thyssengas is certified as an Independent Transmission Operator (ITO) by Bundesnetzagentur (BNetzA), the German Federal Network Agency.

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, of which DIF CIF II is the latest vintage, 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

valve and meter reading
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

9 June 2021  |  Toronto

DIF Capital Partners invests in 298 MW Kingfisher Wind project in the US

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure VI has executed a definitive agreement to acquire 100% of the equity interests of Kingfisher Wind (the “Project”), a 298 MW operating wind project located in Oklahoma, US. DIF will acquire the Project from an infrastructure fund managed by BlackRock. The final closing is expected to be completed in Q3 2021, following the required regulatory approvals and consents.

The Project is equipped with 149 Vestas V100 2.0 MW turbines, situated across approximately 19,000 acres of land. The turbine O&M is completed by Vestas, and the asset management & balance of plant, operation and maintenance work is performed by APEX Clean Energy. The Project has been operating since 2016 and benefits from contracted cash flows and selling electricity into the Southwest Power Pool.

The total production is about 1,100 GWh per year, which is the equivalent to the annual power consumption of around 100,000 households; thereby avoiding around 600,000 tonnes of CO2 emissions per year from alternate generation sources.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “DIF is pleased to increase our operating onshore wind holdings. We also see interesting synergies with earlier investments such as our DIF Infrastructure IV investment in the neighbouring Canadian Hills project. Clean energy is a key focus for DIF, and we look forward to continuing to provide clean reliable power to the Project’s customers and support the North American clean energy transition. The investment underlines DIF’s strong position in and commitment to the renewable energy market globally.”

DIF was advised by Agentis Capital (financial), Nixon Peabody LLP (legal and tax), Leo Berwick (tax and accounting), Black & Veatch (technical), and Basho Energy & PA Consulting (commercial).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

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

1 June 2021  |  Frankfurt

DIF Capital Partners invests in 108 MW onshore wind project portfolio in Poland

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure Fund VI has acquired 100% of four onshore wind projects in Poland, with a total capacity of 108 MW. DIF acquired the projects from German wind project developer Sabowind. As the projects are ready to build, DIF will invest throughout the construction of the projects.

The wind projects, which will be equipped with 54 Vestas V100 / V90 turbines, will be constructed under a turbine supply agreement by Vestas and under a tailored EPC contract by Sabowind. The projects are located across Poland. Construction commenced upon closing of the transaction and the projects are expected to become operational by Q3 2022 (two projects) and Q1 2023 (two projects). Once commissioned, Sabowind will be responsible for the technical and commercial management. The projects benefit from contracts-for-difference with the Polish state, providing fixed price tariffs for the power offtake for a period of 15 years.

The total production is estimated to be c. 300 GWh per year, which is the equivalent to the annual power consumption of around 75,000 households; thereby avoiding around c. 100,000 tonnes of CO2 emissions per year from fossil fuels. The projects will support Poland’s energy transition by expanding the country’s renewable energy capacity and reducing dependency on power production from fossil fuels.

Christopher Mansfield, Partner at DIF Capital Partners, said: “DIF is delighted to enter into its second onshore wind transaction in the Polish renewables market and to support Poland’s ongoing energy transition. The projects fit well within the investment strategy of DIF Infrastructure Fund VI and with the earlier acquired Polish projects form an attractive wind portfolio with a total capacity of 171 MW, which is expected to be fully operational within the next 24 months. The transaction once again underlines DIF’s strong position in and commitment to the renewable energy market.”

DIF was advised by DNB (financial), Allen & Overy (legal), PwC (tax and accounting) and DNV (technical).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

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

27 May 2021  |  Schiphol

DIF CIF II reaches final close above €1.0 billion target size

DIF Capital Partners (“DIF”) is pleased to announce the final close of DIF Core Infrastructure Fund II (“DIF CIF II”) at €1,012 million, exceeding its €1,000 million target.

DIF CIF II targets equity investments in the small- and mid-sized economic infrastructure market in pre-dominantly telecom, transportation and energy. DIF CIF II focuses on resilient companies and platforms that have a clear buy-and-build strategy – all with an asset-heavy business model. Its investments typically have medium-term contract cover and strong value enhancement potential. The fund targets both greenfield and operational investments, with a key focus on Europe and North America.

DIF CIF II is the successor fund of DIF CIF I, which held its final close in November 2017 at €450 million and invested in 13 companies and platforms in the telecom, energy and transportation sectors. DIF CIF II has seen strong backing from existing (both CIF and Traditional DIF funds) and new investors to the DIF platform, receiving commitments from leading institutional investors from EMEA and North America.

Allard Ruijs, Partner at DIF Capital Partners said: “We are thankful for the strong support received from investors for the DIF CIF II partnership. The CIF strategy is a relatively young strategy for DIF and the success of the fundraising of this second fund, especially during unprecedented and challenging Covid-19 times, shows the strength of the DIF platform and the attractiveness of the DIF CIF II proposition. The fact that many of our existing investors, from both DIF CIF I and the Traditional DIF funds, have backed this strategy proves that our investors value the complementarities of the two strategies. The fund will be leveraging DIF’s large global office network and dedicated local teams to source and manage attractive investment opportunities and build a resilient and diversified portfolio.”

DIF CIF II has made a strong start, having committed to five investments to date thereby deploying ca. 35% of the fund. This includes investments in (i) Valley Fiber, a Canadian telecom infrastructure platform, (ii) IELO, a French B2B wholesale fiber operator and developer, (iii) Touax Rail, a French railcar leasing company, (iv) 4th Utility, a UK fiber developer, and (v) Bartolomeo, an Irish container leasing platform. Furthermore, the fund has a strong pipeline of investments across its target sectors and geographies.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of 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:

  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy 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 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

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

2 April 2021  |  Santiago

DIF Capital Partners acquires a 117MW wind project in Uruguay

DIF Capital Partners (“DIF”) and Enercon GmbH (“ENERCON”) are pleased to announce that DIF, through its DIF Infrastructure Fund VI, has acquired 100% of the ownership of the 117MW Peralta I/II onshore wind projects in Uruguay.

The project, comprising 50 ENERCON E-92 2.35MW turbines, has been operational since October 2015 and benefits from a 20-year 100MW power purchase agreement with UTE, Uruguay’s state-owned utility. The project will continue to be maintained by ENERCON under a long-term agreement and asset management services will continue to be delivered by SEG-Heliotec. Following the acquisition of the 50MW Cerro Grande project in 2019, this is the second Uruguayan ENERCON project that DIF has acquired.

Christopher Mansfield, Partner and Head of Renewable Energy, said: “We are very pleased to have acquired our second renewable energy project in South America, which is the result of our strong relationship with ENERCON. We believe this investment is attractive for DIF’s investors due to the long-term project agreements that provide a high degree of predictability of future cash flows.”

DIF has been advised by Voltiq (transaction), Hughes & Hughes and Gómez-Acebo & Pombo (legal), DNV (technical) and Mazars (financial and tax & accounting). ENERCON was advised by FICUS Advisory.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

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

 

1 April 2021  |  Schiphol

DIF Capital Partners sells portfolio of wind and solar projects in France and Germany

DIF Capital Partners, through its DIF Infrastructure Yield I fund (“DIF Yield”), is pleased to announce the sale of a renewable energy portfolio, totalling 180MW, to Kallista Energy, a French independent producer of renewable energy.

The sold portfolio comprises 15 wind and solar parks, of which five operational wind parks and three solar parks (total of 90.2 MW) are located in France and seven operational wind parks in Germany (89.5 MW).

Christopher Mansfield, Head of Renewable Energy, said: “This transaction represents a good result for DIF Yield and we believe that Kallista Energy is well placed to further optimise the residual value of this renewable energy portfolio. DIF Capital Partners will continue to manage the West European PPP/PFI and operational solar PV portfolios that remain in DIF Yield.”

DIF Capital Partners was advised by Augusta & Co (transactional) and Watson Farley & Williams (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

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

 

19 March 2021  |  Schiphol

DIF Capital Partners and OX2 sign 63 MW wind power deal

DIF Capital Partners (“DIF”) and OX2 AB (“OX2”) are pleased to announce that DIF, through DIF Infrastructure Fund VI, will acquire 100% of two onshore wind projects in the Podlaskie and Łódź regions of Poland, with a total capacity of 63 MW. As the projects are ready to build, DIF will invest through the construction of the projects.

The wind projects, which will be equipped with Vestas V126 turbines, have been developed and will be constructed under a tailored EPC contract by OX2. Construction commenced upon closing of the transaction and the projects are expected to become operational by end of 2022. Once commissioned, OX2 will be responsible for the technical and commercial management of the projects, which benefit from contracts-for-difference with the Polish state, providing fixed price tariffs for the power offtake for a period of 15 years.

The total production is estimated to be c. 200 GWh per year, which is the equivalent to the annual power consumption of around 50,000 households; thereby avoiding around c. 70,000 tonnes of CO2 emissions per year from fossil fuels. The projects will support Poland’s energy transition by expanding the country’s renewable energy capacity and reducing dependency on power production from fossil fuels.

Christopher Mansfield, Partner at DIF Capital Partners, said: “DIF is delighted to enter the Polish renewables market through this new partnership with OX2 and to support Poland’s ongoing energy transition. The projects fit well within the investment strategy of DIF Infrastructure Fund VI and adds to the track record of DIF-managed funds, which have invested in c. 2.3GW of wind and solar power projects in Europe, North and South America and Australia.

Paul Stormoen, CEO, OX2, said: “I am very happy to welcome DIF Capital Partners as a new partner with its extensive experience from long-term investments in renewable energy projects. Our partnership is a significant step in OX2’s ongoing expansion in Poland. It more than quadruples the amount of green energy that will be produced from the wind farms in Poland built by OX2.”

DIF was advised by PWC (financial), Allen & Overy (legal) and DNV (technical). OX2 was advised by DNB Markets (financial) and DLA Piper (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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 Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

About OX2

OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having developed and constructed more than 2.4 GW of wind power in Europe. OX2 currently has contracted asset management services for 44 wind farms 2.25 GW). OX2’s mission is to lead the ongoing energy transition and promote a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania and France. Its head office is in Stockholm, Sweden. Sales revenue in 2020 amounted to €510 million. For more information, please visit: http://www.ox2.com.

For further questions, please contact:

DIF Capital Partners
Allard Ruijs, Partner
a.ruijs@dif.eu

OX2 Poland
Katarzyna Suchcicka
Country Manager
katarzyna.suchcicka@ox2.com
Mobile: +48 507 701 903

OX2 Group
Head of Communications
Mikael Östlund
mikael.ostlund@ox2.com
Phone: +46 709 100 159

13 January 2021  |  London

DIF Capital Partners acquires additional stake in Dublin Waste to Energy PPP project

Following its initial investment in May 2019, DIF Capital Partners, through DIF Infrastructure V (“DIF”), is pleased to announce it has closed the acquisition of an additional 10% stake in the Dublin Waste to Energy PPP project (the “Project”). Together with its partner MEAG, DIF acquired the stake from the Green Investment Group (“GIG”). Following this transaction, DIF and MEAG together now hold 50% of the Project, with DIF holding the majority thereof. The Project is an operational waste to energy facility supported by a 45 year contract with Dublin City Council.

Located in Poolbeg, Dublin Port, the Project processes 600,000 tonnes of residual waste annually and generates electricity which is exported to Ireland’s national grid – sufficient to power 80,000 homes. The facility has been designed to provide highly efficient incineration and is classified as energy recovery in line with EU policy on waste. The Project is part of a wider Dublin regional waste management plan, which is aimed at reducing waste, maximizing recycling and generating energy from waste. The Project benefits from the Irish renewable energy feed-in tariff. The facility was constructed by Covanta who are also its long term operator.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), 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 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

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

14 December 2020  |  Toronto

DIF Capital Partners sells its 50% stake in US solar project Lone Valley to Munich Re

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has signed an agreement to sell its 50% stake in Lone Valley to Munich Re, represented by Munich Re’s global asset manager MEAG. Closing of the transaction is expected to take place in Q1 2021.

Lone Valley consists of two single-axis tracking utility scale solar photovoltaic projects: Lone Valley I, which is a 10 MWac facility, and Lone Valley II, which is a 20 MWac facility, both located next to each other in San Bernardino County, California, USA.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the successful exit of DIF’s first renewable energy investment in the USA and are confident that MEAG will be a strong steward of the project going forward.”

Holger Kerzel, Member of MEAG’s Management Board, said: “By further expanding our renewable energy portfolio, we contribute to avoiding climate-damaging emissions near one of the world’s largest conurbations. With the solar energy produced in these plants, around 10,000 households can be supplied with electricity.“

DIF was advised by Fifth Third Securities (financial) and Stoel Rives LLP (legal). MEAG was advised by Ballard Spahr (legal).

 

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of 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:

  • DIF Infrastructure funds target equity investments with long-term contracted or regulated income streams including public-private partnerships (PPP/PFI/P3), 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 150 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and offers its extensive know-how to institutional and private customers. MEAG currently manages assets to the value of around €334 billion, around €67 billion of which in its business with institutional investors and private customers.

MEAG invests in alternative assets in North America on behalf of investors from the Group and institutional investors. MEAG’s most recent investments in the US comprise a timberland investment in Oregon, the infrastructure investment Astoria Energy Partners in N.Y.C. and the real estate investment 330 Madison Av. in Manhattan.

 

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

Contact MEAG: Josef Wild, Spokesperson j.wild@meag.com.