Toronto Archives - DIF Capital Partners

10 May 2023 | Toronto

DIF Capital Partners acquires leading Canadian geothermal company Diverso

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

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

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

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

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

About DIF Capital Partners

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

About Diverso

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

For more information, please visit www.diversoenergy.com

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

DIF Capital Partners acquires leading Canadian geothermal company Diverso

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3 April 2023 | Toronto

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

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

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

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

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

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

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

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

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

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

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

About DIF Capital Partners

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

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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24 January 2023 | Toronto

DIF Capital Partners invests in Canadian fiber platform RFNOW

DIF Capital Partners is pleased to announce that it has closed an investment in Canadian internet service provider RFNOW Inc. to fund the further growth of its telecommunications network. RFNOW currently provides enterprise fiber, residential fiber, fixed wireless internet and phone services over its 1,500 km fiber optic network and tower portfolio in Manitoba and Saskatchewan, Canada. DIF made the investment through its CIF III fund.

The company will enhance telecommunications services for residents, businesses, and public services. RFNOW’s high-speed fiber network will increase economic and societal opportunities to local communities in historically underserved areas.

This investment follows prior successfully developed fiber investments by DIF Capital Partners in rural Canada.

“This investment will provide immediate and long-term benefits to RFNOW customers and employees,” said Chris Kennedy, CEO of RFNOW. “We are extremely proud of what our team has accomplished to get us here. Now, with this new partnership, we are well-positioned to enhance our existing operations and accelerate investment in new communities and regions.”

Willem Jansonius, partner and Head of CIF at DIF Capital Partners commented: “RFNOW is offering a tremendously important internet service connecting relatively remote areas with its state-of-the-art fiber technology. The management has done a great job in bringing the company to where it is now and we are very much looking forward to growing it further together. The addition to our existing investments offers a gateway to unlock even bigger parts of Canada.”

DIF was advised by Agentis Capital, Davies Ward Phillips & Vineberg LLP, and KPMG in connection with this transaction.

About RFNOW Inc.

Founded in 2000, RFNOW Inc. is an independent internet service provider serving communities across Manitoba and Southeastern Saskatchewan. RFNOW specializes in the development, construction, and operation of fiber and wireless infrastructure. Based in Virden, Manitoba, RFNOW provides internet services to residential and commercial customers in more than 170 communities within 72 municipalities. The company provides high-speed internet and voice services to thousands of residential and business clients over a 1,500 kilometer network of owned fiber and tower portfolio. Today, RFNOW employs over 120 staff members and continues to grow and service more areas in Manitoba and Saskatchewan.

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

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: Diederik Heinink, d.heinink@dif.eu

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10 January 2023 | Toronto

DIF Capital Partners acquires US-based data center provider Tonaquint

DIF Capital Partners is pleased to announce that it has signed an agreement to acquire Tonaquint Data Centers, a leading data center provider in the Mountain West region in the United States, headquartered in St. George, Utah. Tonaquint’s management continues to hold a minority stake. The investment will be done through DIF’s core-plus CIF III fund.

Tonaquint is a colocation and cloud service provider with operations in St. George, Utah and Boise, Idaho. The company offers a comprehensive set of critical infrastructure products and services and is active in a fast-growing segment of the digital industry. The acquisition will enable Tonaquint to continue its growth, enhancing its existing facilities and expanding its service offering.

Tonaquint is mainly focusing on high growth smaller markets, which are not as well serviced by other major data center operators. It serves a well-diversified and growing client base in the technology, healthcare, financial services, and industrial sectors.

DIF data center operating advisor Michael DeVito will be joining the Tonaquint management team to further build out the company in North America.

Willem Jansonius, partner and Head of CIF at DIF Capital Partners, commented: “Given the rapid growth of the private cloud market, Tonaquint’s product offering is right where the opportunities are. Now and in the years to come. Our investment will enable Tonaquint to further build towards a leading North American data center platform. The acquisition fits DIF’s ambition to further grow in the digital infrastructure space in North America and beyond by investing in small to medium-sized businesses. That’s exactly why we already started expanding our capabilities and expertise in the sector a few years ago.”

Matt Hamlin, co-founder and CEO of Tonaquint said: “Working with the DIF team has been such a great experience. A very experienced team and a good strategic fit as they will be able to help our management team grow Tonaquint as we have envisioned in our overall business strategy. Our goals still remain the same: provide our customers with the best infrastructure and match it with the best client experience. That’s who we are.”

Philip Daley, co-founder and COO of Tonaquint added: “Tonaquint’s ability to build and maintain quality data centers and cloud services is now enhanced by DIF’s ability to bring additional capital and expertise in digital infrastructure. We look forward to expanding our footprint and services throughout the United States.”

Bank Street Group LLC served as exclusive financial advisor to Tonaquint in connection with this transaction. Agentis Capital served as an exclusive financial advisor to DIF.

About Tonaquint

Tonaquint is a leading data center provider which operates two data center facilities in St. George, Utah and Boise, Idaho. Tonaquint was founded in 2008, and entered into the Boise market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. The company provides data center services to over 250 customers across its two facilities. Tonaquint provides a robust product suite including colocation, cloud services (including secure and compliant hosting for infrastructure), disaster recovery, and backup as a service, as well as ancillary network and managed services. Tonaquint has achieved strong success within its existing markets, leveraging a sales strategy focused on developing local relationships to build to a longstanding customer base.

For more information please visit www.tonaquint.com.

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: Diederik Heinink, d.heinink@dif.eu

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1 November 2021 | Toronto

DIF Capital Partners makes senior IR hire to cover North America

Continuing to build on the firm’s growing North American investor base and in anticipation of upcoming fundraisings initiatives, DIF Capital Partners (“DIF”) is excited to announce the expansion of its investor relations & business development team with a senior hire in North America.

Toms Lokmanis is joining as a Senior Director, based in Toronto, and will be responsible for covering the North American institutional market, including DIF’s existing investors and investment consulting firms. Toms brings over 12 years of industry experience. Prior to joining DIF, Toms worked at CBRE Caledon, now CBRE Investment Management (“CBRE”), out of the Toronto office, where he focused on growing the firm’s managed infrastructure and real estate strategies. Before CBRE he worked at Manulife Investment Management and Industrial Alliance in senior institutional sales roles. Toms is a CFA Charterholder and Chartered Alternative Investment Analyst (CAIA) and holds a B.A. Honours in Economics from McMaster University.

Allard Ruijs, Partner and Head of Investor Relations & Business Development: “I am very happy to welcome Toms to DIF Capital Partners. We believe he is a great first local hire for the IRBD team contributing his strong personal North American reputation, a relevant investor network as well as significant capital raising experience. Toms will lead in further developing DIF’s investor network and strengthening of the DIF brand positioning in North America.”

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

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4 October 2021 | Toronto

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

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

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

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

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

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

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

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

About Bernhard

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

About DIF Capital Partners

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

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

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

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

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9 August 2021 | Toronto

DIF Capital Partners signs agreement with Canada Infrastructure Bank for further investments in rural Manitoba in partnership with Valley Fiber

DIF Capital Partners (“DIF”), is pleased to announce that DIF Core Infrastructure Fund II (“DIF CIF II”) and its portfolio company Valley Fiber Ltd. (“Valley Fiber”) have formalized the agreement to invest in the Manitoba Fiber Project together with the Canada Infrastructure Bank (“CIB”). This agreement will significantly grow DIF CIF II’s investment in Manitoban rural communities and Valley Fiber.

Valley Fiber is a telecommunications infrastructure company and internet services provider that specializes in the development, construction, and operations of fiber and fixed wireless infrastructure for residential and commercial use. Valley Fiber was incorporated in 2016 and has successfully built a presence in Manitoba, constructing high-quality telecommunications infrastructure to service historically underserved rural Manitoban communities. Based in Winkler, Manitoba, Valley Fiber operates in more than 20 municipalities.

In April 2020, DIF CIF II completed a majority investment into Valley Fiber. Since this investment, Valley Fiber has expanded and enhanced its product offering and further grown its geographical footprint. The agreement with CIB will enable a broadband infrastructure project that supports the economic growth for the benefit of Canadians. Furthermore, this project will expand Valley Fiber’s reach by targeting to connect 48,500 households with dedicated fiber-to-the-home in Manitoban rural municipalities over the coming years.

Willem Jansonius, Head of DIF CIF, said: “The collaboration with Valley Fiber and CIB have proven to be very successful and this investment represents our next step into the fast-growing telecom infrastructure sector.”

In addition, DIF CIF II has extended its capital commitment to Valley Fiber to fund future organic growth and add-on opportunities in the near term. Valley Fiber and DIF are committed to the partnership of bringing broadband to underserved communities in Canada.

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 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

Email: a.ruijs@dif.eu

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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.

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27 April 2021 | Toronto

DIF Capital Partners and PERENfra announce North American water infrastructure partnership

DIF Infrastructure Fund VI, managed by DIF Capital Partners (“DIF”) and PERENfra LLC (“PERENfra”) are pleased to announce the signing of a partnership agreement to develop and acquire water infrastructure opportunities in North America. The partnership will focus on all areas of water for municipal and industrial uses, targeting large scale investments towards development of a significant portfolio of over USD $1.5 billion.

PERENfra is led by an experienced management team with a strong network in the water sector and has several investment opportunities already in process. DIF’s complementary expertise in development and infrastructure investment as well as access to capital through its DIF Infrastructure Fund VI will help accelerate growth of the portfolio. The partnership’s investment strategy focuses on both acquisitions of operational projects and late-stage development projects targeting water efficiency and reliability while providing positive social and environmental impacts.

Jeff Nelson, Founder and CEO of PERENfra said “We are proud and excited to partner with DIF to provide essential water infrastructure in North America and beyond. There is a transition coming in water infrastructure, and as the needs for water continue to become more complex, we have built an industry leading team with the right partners to provide safe, sustainable, efficient solutions for the long-term.”

“Significant capital is required for necessary upgrades in water infrastructure systems across North America. DIF is pleased to be partnering with the experienced specialist team at PERENfra in pursuit of critical investments in essential water infrastructure.” said Marko Kremer, Head of DIF North America.

DIF was advised by Allen & Overy (legal). PERENfra was advised by Davis Graham & Stubbs (legal) and Mount Vernon Partners (transactional).

About DIF Capital Partners:

DIF Capital Partners is a global independent investment fund management company with approximately €8.5 billion of funds under management. Through nine investment funds, DIF Capital Partners invests in high-quality infrastructure assets that generate long-term and stable cash flows, including water, transportation, renewable energy, regulated utilities, and other infrastructure projects in North America, Europe, South America and Australia.

https://www.dif.eu/

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

About PERENfra:

PERENfra is a United States based infrastructure company focused on operational and development opportunities in the water sector across various geographies. PERENfra takes a long-term approach to owning and operating essential assets and our team has a reputation of providing efficiency and certainty for our clients and partners. PERENfra currently owns and operates assets providing municipal water supply and environmental conservation.

https://www.perenfra.com/

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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.

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28 August 2020 | Toronto

DIF Capital Partners invests in 900 MW Canadian power project

DIF Capital Partners, through DIF Infrastructure VI (“DIF”), is pleased to announce its investment in the 900-megawatt Cascade Power Project (“Cascade” or the “Project”) in Canada. Together with joint equity sponsors OPTrust and Axium Infrastructure, DIF will invest in the construction of Cascade. The equity sponsors and its development sponsors Kineticor and Macquarie Capital, successfully closed financing of the CAD 1.5 billion Project today, including securing non-recourse project financing.

Cascade is a 900-megawatt combined cycle natural gas-fired generating facility to be located near Edson, Alberta. Siemens Energy will provide two highly efficient single shaft SCC6-8000H power trains and provide maintenance support under a long-term service agreement. Cascade is strategically situated in proximity to significant gas production as well as the NGTL System and high voltage electrical transmission lines, an important competitive advantage for Cascade. Construction will start immediately with commercial operations commencing in 2023. Cascade is contracted and benefits from long-term gas netback agreements which provide cashflow stability and downside protection once the project is commissioned.

Cascade will lead the transition to a lower carbon intensive power grid in Alberta by supporting the province’s transition off coal-fired power, generating low emissions electricity that is expected to supply over 8 percent of the province’s average demand. With Alberta contributing over 50 percent of Canada’s greenhouse gas emissions from electricity generation, Cascade is expected to result in one of the largest emissions reduction opportunities in the country’s electricity sector.

BPC, a joint venture between affiliates of PCL Construction and Overland Contracting Canada, Inc., a Black & Veatch Company, will construct the facility under an Engineering, Procurement and Construction Services contract with Kineticor acting as construction and asset manager. Cascade will additionally benefit the local community with over 3 million work hours of labour required for construction, creating approximately 600 jobs during peak construction as well as 25 long-term jobs during operation.

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.6 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 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 economic infrastructure assets in the telecom, energy and transportation sectors.

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

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20 April 2020 | Toronto

DIF Capital Partners invests in Canadian fiber optic networks build out

DIF Capital Partners, through its DIF Core Infrastructure Fund II (“DIF CIF II”), is pleased to announce that it has completed a majority investment into Valley Fiber Ltd (“Valley Fiber”) to build fiber-to-the-home (“FttH”) and fiber-to-the-business (“FttB”) networks in Manitoba, Canada.

Based in Winkler, Manitoba, Valley Fiber is a telecommunications infrastructure company that specializes in the development, construction and operations of fiber and fixed-wireless infrastructure for residential and commercial use. Valley Fiber has received support from municipal and federal levels of government in Canada. DIF Capital Partners’ investment will allow Valley Fiber to connect more than 15,000 homes and businesses to fiber over the next two years. The transaction contemplates a conservative capital structure which provides additional financial resiliency in the current environment.

Valley Fiber was incorporated in 2016 and has successfully built a presence in Southern Manitoba, constructing high quality telecommunications infrastructure to service the historically underserved communities. Valley Fiber currently operates in more than 20 municipalities in Manitoba. The transaction also includes the acquisition of 40 operating fixed-wireless towers.

“The Valley Fiber team is extremely excited to have found a long-term partner that shares the same values and vision of how to bring the best-in-class fiber and telecommunication infrastructure to the region. With the support from the Canadian government and our financial partner DIF Capital Partners, we look forward to usher in a new generation of economic development and diversity to Southern Manitoba” comments Hank Wall, CEO of Valley Fiber.

The transaction is the first investment for DIF CIF II and underlines the key strategic focus to invest in digital infrastructure. “We are pleased with our long-term investment into the Valley Fiber platform for the roll out of fiber in rural Canada. This is an excellent opportunity for DIF CIF II to invest in a high growth company with a strong management team and to further expand our presence into the fast-growing telecom infrastructure sector” comments Willem Jansonius, Head of DIF CIF.

DIF Capital Partners was advised by Agentis Capital (financial) and Davies Ward Phillips & Vineberg (legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €6.7 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and brownfield 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 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:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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