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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

Novar
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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

Energy transition
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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.

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 sectors.

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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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).

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

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

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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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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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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.

 

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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.