Paris Archives - DIF Capital Partners

18 April 2024 | Paris

DIF Capital Partners enters into exclusive negotiations to acquire TDF fibre business

DIF Capital Partners, a leading global infrastructure fund manager, has entered into exclusive negotiations with TDF and La Banque des Territoires to acquire the fibre business of the TDF Group, the operator of infrastructure and digital networks.

TDF Fibre is a French fibre business owned by TDF (79.5%) and Banque des Territoires (20.5%). The company owns four public-initiative networks under concession agreements that are all fully operational: Val d’Oise Fibre, Val de Loire Fibre, Anjou Fibre and Faucigny Glières Fibre, and one wholly-owned network: Yvelines Fibre. Its expertise in operating very high-speed networks with quality of service ranks among the best in France according to recent ARCEP studies.

DIF Capital Partners, via its DIF Infrastructure VII fund, is negotiating to invest in TDF Group’s fibre business by acquiring the entire share capital in (i) TDF Fibre and (ii) Lumière Fibre, a newly incorporated vehicle entirely held by TDF and to which TDF is expected to contribute its engineering, maintenance, fibre roll-out and construction services business units. Following the planned transaction, the TDF Group will continue to support TDF Fibre, particularly in terms of network supervision.

The investment being considered by DIF Capital Partners will enable TDF Fibre to continue to bring its recognized expertise to the benefit of local authorities, individuals and businesses, as well as to pursue development opportunities in existing and new territories.

This transaction, which is being negotiated, will require the implementation of the information and consultation process with the relevant French employee representative bodies, and could be completed by the end of 2024, subject to satisfaction of the customary conditions precedent.

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 12 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, Milan, 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.

About TDF

As a transparent and impartial operator, TDF helps digital firms in mainland France and French overseas territories meet their strategic transmission goals. For radio and DTT broadcasting, mobile ultra high-speed broadband coverage and rolling out optical fibre, TDF brings clients in-depth operational expertise, a mix of unique and ground-breaking technology and an exceptionally widespread local presence. In an ever more connected world, over the last four decades or more TDF has enabled telecoms and media companies to connect the French regions and people, backed by its 8,600 sites, everywhere and faster. www.tdf.fr

About Banque des Territoires

Banque des Territoires is one of the entities of the Caisse des Dépôts. Banque des Territoires brings together in-house expertise for local areas. As a one-stop shop for customers, it acts alongside all local stakeholders: local authorities, local public-sector enterprises, social housing bodies, legal professions, businesses and financial players. Banque des Territoires assists them in the implementation of their public interest projects with a continuum of offers : advisory, loans, equity, bank services, consignments and special deposits. It has been set up to serve the interests of all local areas alike, from rural municipalities to large cities, with the ambition of maximizing its impact notably on ecological transformation and social and regional cohesion. The 37 territorial offices of Banque des Territoires ensure the implementation of its action across all metropolitan and overseas territories. www.banquedesterritoires.fr

Press contacts:

DIF Capital Partners: press@dif.eu

TDF: Pauline Mauger. Tel.: 07 70 01 18 27 – pauline.mauger@tdf.fr

Banque des Territoires – Groupe Caisse des Dépôts: Nathalie Police. Tel.: 06 07 58 65 19 – nathalie.police@caissedesdepots.fr

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28 December 2022 | Paris

DIF Capital Partners and PGGM enter exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur

A consortium composed of DIF Capital Partners and PGGM has entered exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur, a leading provider of water services management solutions in France and internationally
Saur plays an essential part in the societies it operates in, fueled by its mission to protect and preserve water availability and quality, while minimizing discharge through efficient wastewater recycling
The broadened shareholder base adds new resources and expertise to support the continued long-term development of Saur’s pure-play water infrastructure platform

DIF Capital Partners is pleased to announce to have formed a consortium with the Dutch pension fund service provider PGGM (together, “the Consortium”) to enter exclusive negotiations with EQT Infrastructure III and IV funds (together, “EQT Infrastructure”) to acquire 50 percent of its stake in Saur (the “Company”). The Consortium members will each acquire 25 percent of EQT Infrastructure’s shares.

Headquartered in Paris, France, Saur is a leading innovator and service provider in the global water sector, working alongside thousands of municipalities across the globe to deliver drinking water and collect wastewater for more than 20 million people. In addition, through its Industrial Water division, the Company provides integrated water infrastructure solutions to hundreds of international blue-chip customers. Saur is present in more than 20 countries and enjoys strong market positions with long-term contracts in France, Portugal, Spain, and the Middle East.

Since the acquisition by EQT Infrastructure in 2018, Saur has undergone a successful commercial and operational transformation along with a refocus on core activities and geographical growth. EQT Infrastructure has supported the launch of a new organizational structure, accelerated organic and inorganic growth through the completion of 15 add-on acquisitions, while supporting expansion to Portugal and North America. Moreover, EQT Infrastructure has helped develop the Company’s new Industrial Water division, while implementing an ambitious ESG strategy and digitalization roadmap.

EQT Infrastructure, DIF and PGGM are committed to investing in Saur’s long-term development, providing the necessary resources and expertise to secure stability and continuous growth over the coming years. Saur is set to continue its strategic 2030 agenda focused on reinforcing its core water infrastructure activities in France and Iberia, while accelerating organic and inorganic geographic expansion and further developing its Industrial Water Solution division.

For PGGM Infrastructure Fund this acquisition contributes to the overall ambition of PGGM to invest its client PFZW’s pension capital in such a way that good and stable financial returns are combined with positive social benefits that improve livability. At the end of Q3 2022, PGGM had invested EUR 44.9 billion in Sustainable Development Investments across different asset classes, of which EUR 1.52 billion has been in water-related investments (SDG 6) in different parts of the world.

Delivering returns responsibly is one of the goals of DIF’s investment and asset management strategy, and the envisaged investment in Saur perfectly fits in this approach. DIF already has a strong footprint in water and energy transition investments as part of the more than EUR 15 billion in assets that it manages.

Matthias Fackler, Partner within EQT Infrastructure’s Advisory Team, said, “In times of rising concerns around water scarcity, Saur is a critical pillar in the societies it operates in, providing local municipalities and their citizens with clean drinking water and efficient wastewater treatment. EQT Infrastructure is proud of Saur’s development so far and we now look forward to entering its next phase of growth journey together with our new partners PGGM and DIF Capital Partners”.

Patrick Blethon, Executive Chairman of Saur Group, said, “EQT Infrastructure has been and will continue to be our partner in the construction and execution of the group’s transformation and growth acceleration strategy, mobilizing its platform to serve our corporate project. Welcoming PGGM and DIF Capital Partners onboard alongside EQT Infrastructure represents a great opportunity for Saur to develop faster and stronger.”

Dennis van Alphen, Head of Infrastructure at PGGM, said, “In today’s investment environment it is more and more important that pension capital is invested not just for financial return but to make an active contribution to society’s challenges. The envisaged investment in Saur is a seamless fit with that strategy, providing communities and companies across the world with access to clean water. We are excited to embark on this journey with our partner DIF Capital Partners and EQT Infrastructure.”

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said, “DIF is very excited to partner with PGGM and EQT Infrastructure in this transaction in the water sector. Saur has a very sizable and largely concession-based position in the French and Iberian Peninsula water sector and has strong growth potential, especially in the industrial water space. DIF firmly believes in Saur’s management team and looks forward to jointly growing the company towards being a sustainable leader in the industry.”

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

EQT Infrastructure was advised by Rothschild & Co. PGGM and DIF were advised by UBS.

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, of which DIF VII is the latest fund in the series, 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 200 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: Thijs Verburg, t.verburg@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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22 September 2022 | Paris

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

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

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

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

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

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the electrification of transportation will play a critical role in reducing carbon emissions. We are impressed by the management team of Bump and what the Company has realised to date. We are excited to invest alongside the existing shareholders to speed up the rollout of charging infrastructure across France, which is expected to become the second largest EV charging market in Europe”.

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

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

About DIF Capital Partners

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

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

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

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19 May 2022 | Paris

DIF Capital Partners to sell French fibre company ADTIM

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core Infrastructure Fund I (“CIF I”) signed an agreement to sell its 55% ownership stake in ADTIM SAS (“ADTIM”), a French fibre company, to HICL Infrastructure PLC (“HICL”), the listed core infrastructure fund managed by InfraRed Capital Partners. This will be the first exit for CIF I.

ADTIM operates an independent wholesale broadband network that focuses on low-density areas in the Ardèche and Drôme departments. ADTIM was awarded two complementary concession contracts by the public local authority Syndicat mixte ADN, under the French PIN (Public Initiative Networks) scheme. The company operates two infrastructure networks providing broadband access to telecom operators serving both residential and business retail markets.

During DIF’s ownership, ADTIM has realised over 100,000 new rolled-out connections in the low density household areas of the Drôme and Ardèche departments, and established a very robust BtB platform with over 2,000 enterprises served by the ADTIM network. It has maintained its network to a high standard with an overall availability of its network reaching over 99%. DIF has exercised its oversight authority effectively as majority shareholder of ADTIM to ensure that ADTIM complies responsibly with its concession agreements with ADN as well as to its clients and end users.

Andrew Freeman, Head of Exits, said “This is the first exit for CIF I, an important milestone for our CIF strategy. Benefitting from the strong momentum in the European fibre market, this exit is expected to yield attractive returns to our CIF I investors. We believe InfraRed is an excellent counterparty and is very well placed to manage the company going forward.”

DIF was advised on the transaction by DC Advisory (financial), Orrick (legal), Analysys Mason (commercial), KPMG and Denjean & Associés (tax & accounting), Currie & Brown (technical), as well as Marsh (insurance).

Closing of the transaction is subject to the receipt of customary approvals and consents.

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).

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

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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

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17 August 2020 | Paris

DIF Capital Partners to acquire a stake in TTIA Container Terminal

DIF Capital Partners (“DIF”), through its DIF Core Infrastructure Fund I (“CIF I”), and French shipping giant CMA CGM, are pleased to announce that they have signed a sale and purchase agreement with HMM for the acquisition of a 50% less one share stake in the TTIA Container Terminal in Algeciras, which is located on the Spanish side of the Strait of Gibraltar. TTIA is currently 100% owned by HMM, the largest South Korean shipping line.

TTIA is a modern semi-automatic container terminal, strategically located in the bay of Algeciras, at the Strait of Gibraltar directly on the main shipping routes for containerized maritime traffic to Asia, Europe, the Mediterranean, North and West Africa as well as North and South America. Such a strategic location has allowed the terminal to maintain strong volumes despite the Covid-19 crisis. TTIA operates under a concession provided by the Port of Algeciras Bay Authority which runs until 2043.

TTIA will benefit from long-term support from both HMM and CMA CGM, who as major shipping companies and port operators, have decided to join forces to support and develop this strategic terminal.

Thomas Vieillescazes, partner of DIF, says: “We are delighted to initiate this partnership with CMA CGM, investing alongside world-leading shipping companies and port operators. TTIA is a modern and well-managed terminal, strategically located at the Strait of Gibraltar, with partners providing long-term volume support, making this an attractive investment for CIF I”.

The completion of the acquisition remains subject to certain conditions precedent, including antitrust and Algeciras Port Authority consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.5 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 CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.
DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF has a team of over 145 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: Thijs Verburg, IR & BD; t.verburg@dif.eu.

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21 July 2020 | Paris

DIF Capital Partners acquires a stake in French digital infrastructure company IELO

DIF Capital Partners (“DIF”), through its DIF Core Infrastructure Fund II (“DIF CIF II”), is pleased to announce that it will invest in the French independent fiber optic operator IELO with the aim of contributing to its network roll-out in the coming years. DIF will enable IELO to build a nationwide footprint and become a leading fiber optic infrastructure operator in France, while remaining fully independent and a pure infrastructure player.

Resulting from the merger between IELO and LIAZO in 2016, the IELO group is positioned as a key player in the telecommunications sector in France. IELO’s fiber network is the highest quality urban optical network equipped with the latest technologies. It currently represents nearly 2,000 km of fiber, covering 30 metropolitan areas and connects more than 1,000 companies. Due to the significantly growing digitalisation requirements of companies the market is rapidly expanding. DIF’s capital injections will further accelerate the strong development of the fiber network of IELO in France.

As a long-term shareholder, DIF and IELO founders plan to invest together €90 million over the next few years to triple the size of IELO’s network by deploying more than 4,500 km of fiber (increasing it to 6,500 km total) in 95 French cities and economic zones. This acquisition perfectly fits CIF II’s strategy to invest in high-quality telecom infrastructure businesses.

Arthur Fernandez IELO co-founder and CEO said: “IELO is now at a turning point in its development and the long-term support provided by DIF represents a tremendous accelerator to achieve our ambitions of scaling up the strategy we have been successfully implementing in recent years. We intend to consolidate our position as a key independent wholesale operator in the fiber optics business with the aim of expanding our French client base to further gain market share.”

Thomas Vieillescazes, partner and head of DIF France added: “DIF has been investing heavily in the telecommunications sector in Europe and North America for several years, particularly in projects related to data centers and fiber optics. This investment is therefore in line with our strategy of investing in the high-potential digital infrastructure market, especially in the growing B2B business. We believe IELO, being a dedicated wholesale infrastructure provider, and the only one with a nationwide development strategy, is a perfect fit for DIF CIF II: it’s a pure infrastructure play with a greenfield component, for which DIF will bring to bear its longstanding experience in the French market. We have particular trust in IELO’s managers and their teams and are delighted to support the group in its development to become a key player in a growing market.”

About IELO

The IELO group markets enterprise access products through offers exclusively for telecom operators (the so-called “wholesale only” market). Operating its own optical cable network, IELO has an extensive coverage area covering some thirty of France’s largest conurbations, i.e. 161 municipalities in 23 departments. Since 2014, IELO has been implementing a strong strategy of rolling out its own network through an investment plan and a sustained pace of deployment, in order to extend its position in France. To find out more: www.ielo.com

About DIF Capital Partners

DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.
DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF has a team of over 140 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: Thomas Vieillescazes, Partner; t.vieillescazes@dif.eu and Thijs Verburg, IR & BD; t.verburg@dif.eu.

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10 January 2020 | Paris

DIF Capital Partners agrees to sell a portfolio of French PPPs

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) has agreed to sell a portfolio of eight operational PPPs in France to 3i European Operational Projects Fund.

The portfolio consists of significant shareholdings in three educational facility projects, one multimodal train station project, one fire station project (consisting of 12 fire stations), two prison projects (consisting of three prison facilities each) and one sewer project. The projects are operational under availability-based and long term contracts, with the exception of the sewer concession project, and are all backed by strong public counterparties. Six of the eight projects were developed and acquired by DIF III as greenfield projects, and have been successfully managed into stable operational projects during DIF’s ownership.

Andrew Freeman, Head of Exits, said: “We are pleased with the sale of the portfolio that was successfully optimized throughout the life of the assets and exited via a competitive portfolio sales process. The sale represents a further underpinning of DIF’s long standing track record in the French infrastructure market and is an attractive exit for DIF III.”

DIF was advised by KPMG (M&A, Tax & Accounting), Allen & Overy (Legal) and Currie & Brown (Technical) and Egis (Technical for the sewer project).

Closing of the transaction is subject to receipt of certain customary project-counterparty approvals and antitrust consent.

About DIF Capital Partners

DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across eight closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 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
Email: a.ruijs@dif.eu

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21 November 2019 | Paris

DIF Capital Partners invests in a portfolio of LNG assets

DIF Capital Partners, through its DIF Core Infrastructure Fund I (“DIF CIF I”), is pleased to announce that it has signed final documentation alongside ship-owner Geogas Maritime and Access Capital Partners for the acquisition of a 50% stake in a French incorporated company that will own and operate a fleet of five to-be-built LNG carriers. The remaining 50% will be held by Nippon Yusen Kabushiki Kaisha (NYK), a leading Japanese shipping and logistics company.

The five 174,000 cbm vessels will be built by leading South Korean shipyards and equipped with state-of-the-art LNG fuelled propulsion technology, resulting in best-in-class environmental performance. The first ship is expected to become operational in April 2020. All five ships will fly the French flag. The vessels will be chartered to a large French and a large European utility under long-term contracts and will be project financed under a customary French lease structure.

Thomas Vieillescazes, Head of France, said: “This is an excellent opportunity for DIF CIF I to invest in high quality assets and grow DIF’s footprint into the expanding LNG sector alongside strong and experienced counterparties. We’re also very proud to participate in a strategic project for the further development of the French LNG sector”.

About DIF Capital Partners

DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.
DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

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

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3 April 2019 | Paris

DIF sells its stakes in 29 solar assets in France

DIF Infrastructure III and DIF Infrastructure IV are pleased to announce that they have completed the sale of their stakes in a portfolio of 29 French solar plants (the “Portfolio”) to Terres d’Energie, a company whose majority shareholder is Tenergie, a successful French Independent Power Producer that specialises in renewable energy. The Portfolio’s total capacity is 107.8 MW comprising of:

a DIF III owned shareholding in projects with total capacity amounted to 97.8 MW; and
a DIF IV owned shareholding in projects with total capacity amounted to 10 MW.

The Portfolio includes a mix of ground-mounted and rooftop assets (including a number of assets developed by GreenYellow on Casino supermarkets), which achieved commercial operations between 2009 and 2016. Most plants were acquired by DIF during construction. They all benefit from 20-year Feed-in-Tariffs.

Andrew Freeman, Head of Exits, said: “We are pleased with the completion of the sale of the Portfolio that was successfully optimized throughout the life of the assets, starting with acquiring individual projects or small portfolios, bringing some of them through construction, completing refinancings of two sub portfolios in 2016 and 2017, recontracting and then exiting via a competitive portfolio sales process.”

DIF was advised by Astris Finance (Financial), Clifford Chance and LPA-CGR (Legal) and RINA (Technical).

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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

About Tenergie

Tenergie is a French renewable energy operator, which operates over 600 solar power plants and wind farms and ranks as the fifth largest solar power producer in France. Created in 2008, Tenergie is an independent player. Our 80 employees share a strong team spirit and are deeply committed to foster the energy transition together with all stakeholders: industrial and commercial enterprises, farmers and local authorities in this common challenge. By producing local and clean energy, Tenergie contributes, with you, to the ongoing energy revolution.

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22 May 2018 | Paris

DIF Infrastructure V acquires a majority stake in the A150 toll road in France

Paris, 22 May 2018 – DIF Infrastructure V is pleased to announce the acquisition from Infravia and TIIC of a 66.7% stake in Albea SAS, a company which holds the concession to operate the A150 toll road in France.

The A150 is a 18-km dual two-lane motorway located in Normandy, France. It connects the city of Rouen with the A29 running to Le Havre. The project reached financial close in 2011 and opened to traffic in February 2015, with the concession running until December 2066. The project was refinanced in November 2017 with €130m of long term financing provided by an institutional investor.

DIF was advised by Depardieu Broccas Maffei (Legal), Mazars (Financial and tax), Leigh Fischer (Traffic), Infrata (Technical) and Gras Savoye (Insurance).

Thomas Vieillescazes, Partner and Head of DIF France, said: ”DIF is pleased to invest in this high-quality asset with attractive traffic growth potential and to expand its footprint in the road sector in France.”

About DIF
DIF is an independent and specialist infrastructure investor and fund manager, with €5.6 billion assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies:

DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects which have long-term contracted or regulated income streams that generate stable and predictable cash flows. The fund targets both greenfield and brownfield projects in primarily Europe, North America and Australasia.
DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in amongst others the energy, transportation and telecom sectors which generate stable and predictable cash flows that are protected through mid-term contracted income streams. The fund targets greenfield and brownfield investments in Europe, North America and Australasia.

DIF has a team of over 95 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto, through which it covers its target markets with dedicated local teams.

For more information, please contact:

Paul Nash
Partner, Head of PPP/Infrastructure
Email: p.nash@dif.eu

Allard Ruijs
Partner, Head of Investor Relations and Business Development
Email: a.ruijs@dif.eu
Website: www.dif.eu