Tag Archives: Renewable energy

Echandia Closes a €19.6mn Financing Round Led by Alantra’s €210mn Energy Transition Fund, Klima

Alantra

• The investment will support Echandia, a leading Swedish supplier of maritime battery systems, in its global expansion, including a new production facility in the U.S., to meet the growing demand for maritime battery solutions

• Echandia joins Klima’s diverse portfolio of eight high-growth companies driving innovation in energy transition

• Klima is supported by Alantra, Enagás, the European Investment Fund, the Canadian Pension Fund, and Axis ICO, reinforcing its role in financing sustainable energy solutions

 

Stockholm, 3 March 2025 – Alantra’s energy transition fund, Klima, has led a €19.6mn financing round for Echandia, a leading Swedish supplier of maritime battery systems. The round also attracted new investors, including Swedish funds Industrifonden and SEB Greentech VC, as well as Japanese venture capital firm EEI.

The capital raised will support Echandia’s global expansion and enhance its production capabilities in Sweden and the U.S. As part of this growth, the company is establishing a new production facility in Washington State, where it will manufacture its advanced maritime battery systems.

The funding will allow Echandia to scale its operations more rapidly and take on larger projects to meet the increasing demand for maritime battery solutions. With shipping accounting for 3% of global CO₂ emissions, decarbonization is a key challenge. Echandia’s technology is particularly well-suited for ferries and navy vessels, where safety and resilience are critical.

Torbjörn Bäck, CEO of Echandia, said: “Echandia is at the forefront of maritime electrification globally, helping customers reduce emissions with clear customer values such as safe, resilient and long-lasting maritime battery systems. We are proud to have closed this large funding round with well-known investors, marking a major milestone for us. Our revenues grew fourfold in 2024 compared to 2023, and with our current sales pipeline, we expect our revenues to triple in 2025. We look forward to continuing Echandia’s scale-up and expansion with our new, highly experienced investors on board.”

Manuel Alamillo, Partner at Alantra’s Energy Transition fund, Klima, added: “Decarbonizing hard-to-abate sectors like shipping, aviation, and heavy industry is critical to achieving our global climate goals. These sectors represent a significant portion of global emissions, accounting for about 30% of global GHG emissions and they lack readily available solutions. Investing in these sectors isn’t just an environmental imperative, it’s an economic one. By investing in and supporting Echandia’s energy storage solutions, we are excited to accelerate the decarbonization of the maritime sector.”

Anna Ljungdahl, Head of Sustainable Investments and Senior Investment Director at Industrifonden, concluded: “Echandia is at the forefront of innovation, meeting the demanding requirements of sectors like military and defense, making its solution truly remarkable. We look forward to commercializing the product globally alongside the team and a strong international investor base, providing financial stability and industry expertise.”

The financing round brings Echandia into Klima’s portfolio, which now includes eight companies: MainSpring Energy, Meteomatics, Sunroof, Enmacc, Eturnity, GridBeyond, and SWTCH Energy. The investment follows Klima’s recent participation in Meteomatics’ Series C funding round last month, aimed at scaling the company’s high-resolution weather technology and expanding into the U.S.

Alantra’s €210mn energy transition fund, Klima, invests in high-growth companies across key energy transition sectors. Supported by Alantra and Enagás as sponsors, Klima also counts the European Investment Fund, the Canadian Pension Fund, and Axis ICO among its key investors.

 

 

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Innergex Enters into Definitive Agreement to be Acquired by CDPQ for $13.75 per share

Cdpq
  • With the financial and strategic backing of CDPQ, the Transaction establishes a Québec-based renewable power leader that is positioned to accelerate its growth trajectory for years to come
  • Innergex’s common shareholders to receive $13.75 in cash per share, representing a premium of 58% over Innergex’s current share price of $8.71, and an 80% premium over the 30-day volume weighted average price of $7.66 on the TSX as of February 24, 2025
  • The Transaction represents a total enterprise value of $10.0 billion, inclusive of project-level indebtedness and assuming the repayment of Innergex’s outstanding corporate-level debt and the retirement of all outstanding Preferred Shares and Convertible Debentures
  • Hydro-Québec, Innergex’s largest shareholder with approximately 19.9% of the outstanding Common Shares , has entered into a support and voting agreement with CDPQ pursuant to which it has agreed to vote all of its Common Shares in favour of the Transaction
  • The Transaction has been unanimously approved by Innergex’s Board of Directors
  • The Transaction provides immediate liquidity and certainty of value to Innergex shareholders
  • The Transaction is expected to close by Q4 2025, subject to the receipt of the required approvals from Innergex’s common shareholders and certain regulatory approvals, as well as the satisfaction of other customary closing conditions

All amounts are in Canadian dollars, unless otherwise indicated.

Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) and CDPQ announced today they have entered into a definitive agreement dated as of February 24, 2025 (the “Arrangement Agreement”), pursuant to which CDPQ will acquire all of the issued and outstanding common shares of Innergex (the “Common Shares”) (other than those held by CDPQ and certain members of senior management rolling over (the “Rollover Shareholders”)) for a price of $13.75 per share in cash. Pursuant to the Arrangement Agreement, CDPQ will also acquire all of the issued and outstanding preferred shares Series A and C of Innergex (the “Preferred Shares”) for $25.00 per share in cash (plus all accrued and unpaid dividends and, in the case of the Series A preferred shares, an amount in cash per Series A preferred share equal to the dividends that would have been payable in respect of such share until January 15, 2026, which is the next available redemption date) (the “Transaction”).

The Transaction is subject to approval by Innergex’s common shareholders and other customary closing conditions (including regulatory approvals).

“We are proud to support Innergex as it embarks on this new chapter, guided by a long-term vision, access to capital, and readiness to seize growth opportunities. This investment perfectly illustrates our constructive capital and dual mandate in action: while we strive for optimal returns, we are committed to supporting essential businesses headquartered in Québec, such as Innergex, which plays a key role in the energy transition and autonomy”, said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “Innergex has been a leader in renewable energy across North America, with strong development capabilities and a long history of collaboration and partnership with Indigenous communities.”

From now until the closing of the Transaction, CDPQ will seek to syndicate up to 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth. The Transaction is not conditional upon such syndication.

“Today’s announcement represents a pivotal moment for our company” said Monique Mercier, Chair of the Special Committee and of the Board of Innergex. “After extensive work and careful deliberation, the Special Committee and the Board of Directors have unanimously concluded that the Transaction is in the best interests of Innergex and fair to its shareholders. We are pleased to be announcing a transaction which not only provides our shareholders with immediate liquidity at an attractive premium, but also positions Innergex for long-term success under the private ownership of CDPQ, an important Québec institution with a strong balance sheet and desire to continue developing renewable energy and maintaining deep relationships with the various communities and other stakeholders with which Innergex does business.”

“As we transition from being a publicly traded company to a privately held entity, this change marks an exciting new chapter in our journey,” said Michel Letellier, President and Chief Executive Officer of Innergex. “CDPQ shares our commitment to sustainability, growth as well as long-term value, hence together, we will be able to achieve even greater success. This move allows us to leverage their resources and expertise, while continuing to operate from our Longueuil headquarters, which will remain central to our global operations. This is great news for everyone involved, as it provides the stability and flexibility to pursue our goals without the distractions of market volatility. Our core mission to build a better world with renewable energy remains unchanged, including our shared prosperity approach with Indigenous and local communities. The strength of our team and values will continue to drive us forward. We are excited for the future as we continue to grow and innovate.”

Transaction Highlights

  • Attractive premium for common shareholders: Consideration of $13.75 per issued and outstanding Common Share, payable entirely in cash, representing a premium of approximately 58% to the closing price of the Common Shares on the Toronto Stock Exchange (“TSX”) on February 24, 2025 of $8.71 per Common Share and approximately 80% to the 30-day volume weighted average share price on the TSX for the period ending on February 24, 2025 of $7.66 per Common Share;
  • Premium for preferred shareholders: Holders of preferred shares will receive repayment in full of their subscription price of $25.00 per share, representing a premium to the 30-day volume weighted average share price on the TSX for the period ending on February 24, 2025 of approximately 24% in the case of Series C preferred shares and 58% in the case of Series A preferred shares, in addition to the payment of accrued and unpaid dividends (running until January 15, 2026 in the case of Series A preferred shares to take into account the fact that such shares are not redeemable prior to such date);
  • Certainty of value and immediate liquidity: The shareholders of Innergex will receive their consideration entirely in cash, which provides certainty of value and immediate liquidity;
  • Unanimous Innergex Board recommendation: The board of directors of Innergex (the “Board of Directors”) unanimously recommends that Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) and Series A preferred shareholders vote in favour of the Transaction;
  • Long-term investor: CDPQ has a long-standing relationship with Innergex, with its first investments dating back to 1995. Over the years, CDPQ has made multiple investments and is now Innergex’s second-largest shareholder after Hydro-Québec. This deep understanding of Innergex’s potential and its strong development capabilities led CDPQ to believe that Innergex would be better suited under this new ownership, benefiting from access to capital to unlock its full potential, making this a strategic decision for the Corporation;
  • Strategic alignment going forward: CDPQ is closely aligned with Innergex’s management in a shared vision for the future of Innergex and will leverage the expertise of Innergex’s existing management team led by two 20+-year tenure executives, Michel Letellier, President and Chief Executive Officer and Jean Trudel, Chief Financial Officer, to continue to support Innergex’s growth strategy and to build a global leader headquartered in Québec;
  • Transaction has the support of Innergex’s largest shareholder and Innergex’s directors and executive officers: Hydro-Québec, Innergex’s largest shareholder with approximately 19.9% of the outstanding Common Shares, and each of the directors who are shareholders and certain executive officers of Innergex (collectively, the “Supporting Shareholders”) have entered into support and voting agreements pursuant to which they have all agreed to, among other things, vote all of the shares they own in favour of the Transaction. In addition, Innergex’s President and Chief Executive Officer and Chief Financial Officer have undertaken to roll a portion of their Common Shares and reinvest in the privatized Innergex an amount of not less than $15 million in the aggregate (on the basis of an amount per share equal to the per share consideration received by Innergex’s common shareholders under the Transaction), and other members of management and key employees will be invited to proceed similarly; and
  • Value supported by several fairness opinions: BMO Capital Markets (“BMO”), CIBC Capital Markets (“CIBC”) and Greenhill & Co. Canada Ltd., a Mizuho affiliate (“Greenhill”) have all provided the Board of Directors and the Special Committee with verbal opinions stating that, as at February 24, 2025, subject to the assumptions, limitations and qualifications set out in their respective opinions, the consideration to be received by the common shareholders of Innergex (other than CDPQ and the Rollover Shareholders) pursuant to the Transaction is fair, from a financial point of view, to such shareholders. Greenhill also provided a fairness opinion to the Special Committee and at its direction to the Board of Directors stating that, as at February 24, 2025, subject to the assumptions, limitations and qualifications set out in such opinion, the consideration to be received by the Series A preferred shareholders pursuant to the Transaction is fair, from a financial point of view, to such shareholders.

Board of Directors’ Recommendations

The Transaction was the result of a comprehensive negotiation process with CDPQ that was undertaken with the supervision and involvement of a special committee comprised solely of independent directors, namely Monique Mercier, Marc-André Aubé and Richard Gagnon (the “Special Committee”), advised by independent and highly qualified legal and financial advisors. The Special Committee, after receiving the fairness opinions of BMO, CIBC and Greenhill, as well as legal and financial advice, and upon the consideration of a number of other factors, has unanimously recommended that the Board of Directors approve the Transaction and recommend to Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) and Series A preferred shareholders to vote in favour of the Transaction at the meeting of shareholders to be called by Innergex to approve the Transaction (the “Meeting”).

The Board of Directors has also evaluated the Transaction with Innergex’s management and its legal and financial advisors and after receiving the fairness opinions, the unanimous recommendation from the Special Committee and legal and financial advice, has unanimously (Mr. Jean-Hugues Lafleur, Mr. Patrick Loulou and Mr. Michel Letellier having recused themselves from the meeting) determined that the Transaction is in the best interests of Innergex and is fair to its shareholders (other than CDPQ and the Rollover Shareholders). The Board of Directors, after receiving the fairness opinions and upon the unanimous recommendation of the Special Committee, in consultation with its financial and legal advisors, and following the consideration of a number of factors, also recommends unanimously (Mr. Jean-Hugues Lafleur, Mr. Patrick Loulou and Mr. Michel Letellier having recused themselves from the meeting) that Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) and Series A preferred shareholders vote in favour of the Transaction at the Meeting.

Fairness Opinions

In connection with their review and consideration of the Transaction, the Board of Directors engaged CIBC and BMO as its financial advisors. The Special Committee retained Greenhill to provide independent financial advice and fairness opinions to the Special Committee, and, at the request of the Special Committee, to the Board of Directors. CIBC, BMO and Greenhill all provided a verbal opinion to the Board of Directors and the Special Committee that, as at February 24, 2025, subject to the assumptions, limitations and qualifications set out in their respective opinions, the consideration to be received by Innergex’s common shareholders (other than CDPQ and the Rollover Shareholders) pursuant to the Transaction is fair from a financial point of view to such shareholders. The Special Committee and the Board of Directors also received a verbal opinion from Greenhill that the consideration to be received by Innergex’s Series A preferred shareholders pursuant to the Transaction is fair from a financial point of view to such shareholders.

Each fairness opinion provided to the Special Committee and the Board of Directors will be included in the management information circular (the “Circular”) to be mailed to Innergex’s securityholders in connection with the Meeting and to be filed by Innergex under its profile on SEDAR+ at www.sedarplus.ca and to be made available on Innergex’s website at www.innergex.com.

Additional Transaction Details

The Transaction will be implemented by way of a plan of arrangement under the Canada Business Corporations Act and is subject to approval by certain regulatory bodies and court approval, after considering the procedural and substantive fairness of the Transaction. The Transaction is not subject to any financing condition.

The Transaction is subject to the approval by at least two-thirds of the votes cast by common shareholders voting in person or by proxy at the Meeting. The acquisition of the Series A preferred shares is conditional upon the approval of at least two-thirds of the votes cast by Series A preferred shareholders voting in person or by proxy at the Meeting. However, completion of the Transaction is not conditional upon such approval. If the requisite approval from the Series A preferred shareholders is not obtained, such Series A preferred shares will remain outstanding in accordance with their terms. Further details regarding the applicable voting requirements will be contained in the Circular.

The Arrangement Agreement contains customary non-solicitation covenants on the part of Innergex, subject to customary “fiduciary out” provisions, as well as “right to match” provisions in favour of CDPQ. A termination fee of approximately $83.9 million would be payable by Innergex to CDPQ in certain circumstances, including in the context of a superior proposal supported by Innergex. A reverse termination fee of approximately $83.9 million would be payable by CDPQ to Infinity in certain circumstances where key regulatory approvals are not obtained prior to the outside date.

In connection with the Transaction, the Supporting Shareholders have agreed to support and vote all of their shares in favour of the Transaction, subject to customary exceptions.

Mr. Michel Letellier, Innergex’s President and Chief Executive Officer and Mr. Jean Trudel, Innergex’s Chief Financial Officer, have undertaken to roll a portion of their Common Shares and reinvest in the privatized Innergex an amount of not less than $15 million in the aggregate (on the basis of an amount per share equal to the per share consideration received by Innergex’s common shareholders under the Transaction) and other members of management and key employees will be invited to proceed similarly.

The Transaction also contemplates all the outstanding convertible debentures of Innergex will be repaid in full upon closing of the Transaction, including as to principal and accrued and unpaid interest thereon (including the 4.75% convertible unsecured subordinated due June 30, 2025, to the extent closing of the Transaction occurs prior to the maturity date for such debentures).

CDPQ intends to fund the acquisition and the repayment of existing Innergex indebtedness under its credit facility and convertible debentures with cash on hand and a new fully underwritten $1.2 billion senior financing that will be put in place at closing of the Transaction.

Upon the completion of the Transaction, Innergex intends to cause the Common Shares, the convertible debentures, the Series C preferred shares, and to the extent the Transaction is approved by the Series A preferred shareholders, the Series A preferred shares, to be delisted from the TSX. If the Transaction is approved by the Series A preferred shareholders, following closing, CDPQ intends to cause Innergex to submit an application to cease to be a reporting issuer under applicable Canadian securities laws.

Additional information regarding the terms and conditions of the Transaction, the rationale for the recommendations made by the Board of Directors and the Special Committee, the fairness opinions, the applicable voting requirements for the Transaction, and how shareholders can participate in and vote at the Meeting, will be set out in the Circular. Innergex intends to mail to Circular in the coming weeks and to hold the Meeting no later than on May 1, 2025. Copies of the Arrangement Agreement, the support and voting agreements, the Circular and proxy materials in respect of the Meeting will be available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca.

Advisors

BMO Capital Markets and CIBC Capital Markets are acting as financial advisors and McCarthy Tétrault LLP is acting as legal counsel to Innergex. Greenhill & Co. Canada Ltd., a Mizuho affiliate, is acting as independent financial advisor, and Norton Rose Fulbright Canada LLP is acting as legal counsel, to the Special Committee.

TD Securities and Moelis & Company LLC are acting as financial advisors and Fasken Martineau DuMoulin LLP is acting as legal counsel to CDPQ. TD Securities acted as sole underwriter, sole lead arranger and sole bookrunner for the new C$1.2 billion senior bank financing.

Cautionary Statement Regarding Forward-Looking Information

To inform readers of the Corporation’s future prospects, this press release contains forward-looking information within the meaning of applicable securities laws (“Forward-Looking Information”), including statements relating to the Transaction, the ability to complete the transactions contemplated by the Arrangement Agreement and the timing thereof, including the parties’ ability to satisfy the conditions to the consummation of the Transaction, the receipt of the required shareholder approvals, regulatory approvals and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Corporation and its shareholders of the Transaction, and other statements that are not historical facts. Forward-Looking Information can generally be identified by the use of words such as “approximately”, “may”, “will”, “could”, “believes”, “expects”, “intends”, “should”, “would”, “plans”, “potential”, “project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Corporation relating to future events or results as of the date of this press release.

Risks and uncertainties related to the transactions contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the closing of the Transaction or for other reasons; the negative impact that the failure to complete the Transaction for any reason could have on the price of the Corporation’s securities or on its business; CDPQ’s failure to pay the consideration at closing of the Transaction; the failure to realize the expected benefits of the Transaction; the restrictions imposed on the Corporation while the Transaction is pending; the business of the Corporation may experience significant disruptions, including loss of clients or employees due to Transaction-related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of the Corporation; the risk that legal proceedings may be instituted against the Corporation; significant transaction costs or unknown liabilities; and risks related to the diversion of management’s attention from the Corporation’s ongoing business operations while the Transaction is pending; and other risks and uncertainties affecting the Corporation. For more information on the risks and uncertainties, please refer to the “Forward-Looking Information” section of the Management’s Discussion and Analysis for the year ended December 31, 2024.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in Forward-Looking Information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such Forward-Looking Information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on Forward-Looking Information, which speaks only as of the date made. The Forward-Looking Information contained in this press release represents the Corporation’s expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Corporation disclaims any intention or obligation or undertaking to update or revise any Forward-Looking Information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the Forward-Looking Information contained in this press release is expressly qualified by the foregoing cautionary statements.

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Aquila Capital launches Energy Transition Fund I in collaboration with shareholder Commerzbank

Aquila Capital

Article 9 fund driving Europe’s decarbonisation through investments in energy storage, decentralised renewable energy systems and enabling infrastructure

— First investment secured in the form of a 56 MW/112 MWh grid-connected battery storage system in Germany

— Targeting a EUR 600 million fund size with 14–16% gross returns, including annual cash distributions of 6–7%

Hamburg, 17 February 2025 – Aquila Capital, an asset manager specialising in sustainable real asset investments, announces the launch of the Aquila Capital Energy Transition Fund I (“ETF I” or “Fund”). Backed by shareholder Commerzbank, the Fund marks its inception by committing EUR 50 million to a ready-to-build grid-connected battery energy storage system in Germany, with a power capacity of 56 MW and an energy capacity of 112 MWh, expected to become operational in 2026. Aquila Clean Energy EMEA, a company of Aquila Group, will support the project in the construction and operation phases with its extensive expertise in the battery segment. The Fund’s first investment reflects Aquila Capital’s commitment to unlocking value in the increasing demand for grid flexibility driven by Germany’s growing clean energy market.

ETF I, classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation (SFDR), is designed to drive Europe’s stringent decarbonisation efforts by targeting valueadd infrastructure investments. In addition to grid-scale battery storage systems, the ETF I also invests in Behind-the-Meter solutions for decentralised renewable energy generation, such as home energy systems as well as Enabling Infrastructure, where, amongst others, charging networks for electric vehicles and industrial heating solutions are target sectors. Aimed at professional investors, ETF I targets a size of EUR 600 million and a gross return of 14–16% p.a., combining 6–7% annual cash distributions with long-term capital appreciation.1 The Fund has a closed-end structure and will typically hold its assets for between five and seven years.

With over EUR 500 billion in annual expected investment required to achieve Europe’s energy transition goals, ETF I contributes to bridging the gap by directing private capital into critical infrastructure projects. Aquila Capital’s proprietary pipeline, including 2.9 GW of battery storage projects, ensures access to high-quality investment opportunities. The Fund leverages Aquila Group’s extensive market expertise in clean energy investments and adjacent segments.

Christian Holste, Head of Client Advisory and Business Development at Aquila Capital, stated: “Aquila Capital’s ETF I offers professional investors an unparalleled opportunity through which they can achieve strong financial returns while actively contributing to Europe’s sustainable future. By focusing on value-add infrastructure, the Fund aims to fill a critical gap in the market and combine economic benefits with a measurable climate impact.”

Markus Wandt, Chief Investment Officer Aquila Capital: “At Aquila Capital, we are leading the way in tapping into value-add infrastructure on the back of our strong track record in utility scale clean energy generation. ETF I is a logical next step in our product offering to professional investors looking for higher returns than in infra-core and core-plus strategies. This first investment supported by Commerzbank confirms our investment and capital raising ambitions. Our experienced investment team members not only know this asset class in and out but also have preferred access to a deal flow in the various regional markets they serve.”

1 The target gross returns and annual cash distributions (forecast) set forth herein is for illustrative and informational purposes only. It is not guaranteed that the target gross returns and annual cash distributions will be achieved.

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Ardian Clean Energy Evergreen Fund (ACEEF) Expands Finnish Battery Energy Storage Portfolio with Second Investment

Ardian

The investment forms part of Ardian Clean Evergreen Fund’s (ACEEF) wind power and battery storage strategy in Finland
• Investment and project execution led by Ardian’s operating platform, eNordic
• Follows investment in Mertaniemi battery storage energy project in February 2024, expected to start operations in Q2 2025

Ardian, a world-leading private investment house, in partnership with its operating platform eNordic, today announces it has taken Final Investment Decision to build its second battery energy storage system (BESS) in Finland. This new 30 MW/30MWh BESS project further strengthens Ardian’s commitment to advancing energy infrastructure in the Nordics.

The investment, made through the Ardian Clean Energy Evergreen Fund, marks the fund’s second investment in the BESS asset class, with the first investment made in February last year. The existing project, located in the city of Riihimäki, is scheduled to be completed by Q2 2026 and takes ACEEF’s total BESS capacity to 68.5 MW.

The battery storage project is developed by Merus Power plc, a Finnish power technology company. Merus is responsible for the EPC of the project and will provide operation and maintenance services to the plant.

The projects will benefit from integration to OPTA, Ardian’s proprietary data analysis platform, designed to optimize the management of renewable energy portfolio and support new investments. Ardian now tracks over 3GW of renewable assets through OPTA.

As Finland’s weather dependent renewable energy share continues to grow, driven largely by wind power, battery storage is crucial for ensuring grid stability. This project is a key step in managing grid stability and strengthening long-term system reliability.

To date, key acquisitions as part of Ardian’s Nordic strategy include: Nevel, the district heating and industrial energy solutions company; Verne, a leading green data center platform; and Míla, Iceland’s largest telecoms infrastructure company.  Ardian plans to continue building its clean energy portfolio in Finland, with plans for ACEEF to continue to acquire and integrate renewables projects to improve grid efficiency and energy security.

Ardian’s Nordic clean energy portfolio now totals over 500 MW, with renewable energy company Nevel active in district heating, industrial utilities and biogas across Finland, Sweden and Estonia.

“Our first investment in Finnish battery storage was a significant milestone, and this second project further demonstrates Ardian’s commitment to clean energy expansion. Our experienced team, combined with deep local market expertise, enables us to successfully navigate the complexities of these projects and deliver long-term sustainable value for our investors. We have identified a significant opportunity in the Nordics for battery storage and have ambitious plans to continue to build out our platform.” Benjamin Kennedy, Managing Director Infrastructure – Renewables, Ardian

“This battery storage project has diversified revenue sources and provides essential grid services to enhance grid stability. Additionally, it can mitigate short-term volatility associated with growing wind and solar power generation. This makes it a highly complementary asset to the ACEEF Nordic portfolio.” Eero Auranne, CEO, eNordic

ACEEF will continue to focus on core renewable assets including solar, wind and hydro, as well as emerging technologies across biogas, biomass, storage and energy efficiency.

Ardian is a pioneer in the energy transition, having started investing in renewable assets in 2007. Across all Infrastructure Funds, the team manages a renewable energy portfolio of more than 8GW of heat and renewable energy capacity in Europe and the Americas, and over $35bn assets under management across the globe.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

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HEADLAND

ardian@headlandconsultancy.com

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CVC DIF agrees the sale of 1GW+ portfolio of renewable energy projects to Potentia Energy

DIF

Fnijulqveaat OO

CVC DIF agrees the sale of 1GW+ portfolio of Australian renewable energy projects to Potentia Energy

  • The portfolio consists of 609MW1 of operational wind and solar projects and 433MW of late stage wind and battery energy storage system (BESS) development projects.
  • Under CVC DIF ownership, three projects were successfully brought into operations, and the portfolio has grown significantly through the addition of new development projects, including BESS.

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that DIF Infrastructure IV and DIF Infrastructure V have signed agreements to divest a combined portfolio of renewable energy projects in Australia to Potentia Energy (formerly Enel Green Power Australia).  

The geographically and technologically diverse portfolio includes:

  • Bright Energy Investments (BEI), the largest operational renewable platform in Western Australia with three operating projects and one wind farm which recently reached financial close, with a total capacity of 367MW. Cbus Super, who are a co-shareholder in BEI, have sold their stake alongside CVC DIF.
  • A portfolio of three operational solar farms and two adjacent BESS development projects in Queensland, South Australia, and Australian Capital Territory with a total capacity of 675 MW.

Andrew Freeman, Partner and Head of Divestments at CVC DIF, said: “At CVC DIF, we are focused on uncovering opportunities that enhance financial performance and drive sustainable growth in the businesses we invest in, while at the same time delivering strong returns for our investors and supporting the energy transition.”

CVC DIF were advised on the transaction by Macquarie Capital (financial) and White & Case (legal).

1 All capacity figures refer to AC capacity

About CVC DIF

CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.

Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c. €19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.

With over 240 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.

CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.

Press contacts

CVC DIF

Renate Klöters

press@dif.eu

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MCK and CDPQ partner to finance renewable energy infrastructure projects

Cdpq

The Mohawk Council of Kahnawà:ke (MCK) and CDPQ are pleased to announce the creation of a financial and strategic partnership to jointly invest in renewable energy infrastructure projects. The partnership aims to facilitate access to funding for the MCK and other Indigenous communities interested in taking part in the implementation of these projects in Québec.

In addition to easing access to funding and contributing to the success of projects, the MCK and CDPQ will seek to position communities at the heart of project development by promoting their long-term participation. As co-investors, the two organizations will also provide close oversight to foster a sustainable and inclusive development approach.

Together, the two organizations plan to:

  • Establish and strengthen partnerships based on trust and an alignment of interests, as well as the social acceptability of projects
  • Provide the technical capacity communities need to negotiate complex agreements and analyze the financial terms of large-scale projects
  • Propose an innovative solution that allows communities to participate and gives them access to sufficient capital to hold a stake in projects

“For over a century, major energy infrastructure projects have impacted Indigenous peoples’ rights and lands. We believe the time is right for our communities to participate in the energy transition by owning and benefiting from energy infrastructure on our ancestral lands,” said Ohén:ton Í:rate ne Ratitsénhaienhs (Grand Chief) Cody Diabo, Grand Chief of the MCK. “We have developed this partnership to provide the economic opportunity for First Nations and Inuit communities to maximize their stake in large-scale energy infrastructure on their lands, and benefit from the revenues generated.”

“In Québec, numerous renewable energy projects will cross traditional Indigenous territories, which presents an opportunity to foster the financial participation of the communities involved and ensure that the partners’ priorities are well aligned,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “We are delighted to be working with the Mohawk Council of Kahnawà:ke in this partnership to fund renewable energy infrastructure projects, which reflects our commitment to supporting sustainable and inclusive development initiatives while contributing to Québec’s energy transition.”

The MCK will engage with interested Indigenous communities that wish to explore this opportunity to meet their capital needs. The MCK and CDPQ are collaborating to identify projects where this investment solution can be implemented.

ABOUT THE MOHAWK COUNCIL OF KAHNAWÀ:KE

The MCK is the First Nations governing body for the Mohawks of Kahnawà:ke. In addition to providing essential services within the Mohawk Territory of Kahnawà:ke, the MCK engages in socioeconomic initiatives that reflect the community’s rights and environmental values. The MCK is actively involved in renewable energy investments, including the 24 MW Des Cultures wind farm, the 147 MW Les Jardins wind farm, and the 58 km Hertel-New York Interconnection Line, reinforcing its commitment to sustainable development and economic self-determination.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

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MESPAC Secures €1.5M Investment to Transform Offshore Wind Energy Data Solutions

Axon

The Seed round was led by Galaxia and Axon Partners Group, along with COREangels Climate and Piemonte Next. The investment will enable MESPAC to complete the development of its artificial intelligence algorithms and finalize its cloud platform to provide data and analytics as a service.

MESPAC, a spin-off from the Politecnico di Torino specializing in integrating satellite and in-situ data through advanced artificial intelligence algorithms, has successfully closed a new investment round. The round was led by Galaxia, the National Technology Transfer Hub of CDP Venture Capital, focused on the aerospace sector, and Axon Partners Group, an international investment and consulting firm specializing in technology and innovation through its NTV fund, focused on climate tech and deep tech. Other participants in the round include COREangels Climate and Piemonte Next, a fund managed by CDP Venture Capital and financed by regional financial institution FinPiemonte, aimed at driving innovation in the region.

This transaction reinforces Axon Partners Group’s strategy through its Next Technology Ventures II (NTV II) fund, designed to support disruptive and technology-driven companies in various energy transition verticals. Since its launch in 2023, NTV II has invested in companies developing technologies for industrial decarbonization, long-term energy storage, green hydrogen, carbon capture, smart grids, and new molecule discovery.

With this investment, MESPAC will complete the development of its artificial intelligence algorithms and launch its cloud platform. This milestone will be validated in real-world environments in collaboration with leading industry partners, ensuring a strong foundation for large-scale solution adoption.

MESPAC is redefining the way metocean data is collected and analyzed by eliminating the exclusive reliance on costly physical sensors and improving the speed and accuracy of data available to offshore wind farm developers. Its technology combines the reliability of field measurements with the scalability of a digital approach, delivering high-quality data in significantly reduced timeframes.

Álvaro Pascual, Senior Investment Associate at Axon Partners Group, stated: `MESPAC’s solution represents the kind of disruptive technology we aim to invest in, combining deep tech and sustainability to deliver real-world impact. We are excited to support Andrea and his team during this growth phase and look forward to seeing how they will revolutionize the sector.

This investment allows us to realize our vision of making metocean data accessible, reliable, and essential to accelerating the global energy transition,said Andrea Gulisano, CEO and co-founder of MESPAC. ;We are thrilled to partner with investors who share our commitment to sustainability and the adoption of innovative solutions. The success of offshore projects depends on the availability of fast, accurate, and historically reliable meteorological data, which enables developers to design and plan more precisely, reducing risks and optimizing construction timelines. Traditional campaigns often involve high costs and delays due to fragmented or late-arriving information. MESPAC overcomes these challenges with a faster, more reliable, and scalable approach, supporting the energy transition and the development of offshore renewable energy

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NextDecade Announces $175 Million Senior Secured Loan

Fsn Capital

Proceeds Will be Used to Repay Existing $50 Million Revolving Credit Facility and $12.5 Million Interest Term Loan and for Working Capital and General Corporate Purposes

HOUSTON–(BUSINESS WIRE) –January 6, 2025– NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that its wholly owned subsidiary, Rio Grande LNG Super Holdings, LLC, has entered into a credit agreement with General Atlantic Credit’s (“GA Credit”) Atlantic Park Fund that provides for a $175 million senior secured loan (the “Senior Loan”).

Proceeds from the Senior Loan were disbursed at closing on December 31, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the Company’s existing $50 million revolving credit facility and $12.5 million interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility.

The Senior Loan matures six years from the closing date. Borrowings under the Senior Loan bear interest at 12.0%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter.

On the closing date, NextDecade issued to GA Credit approximately 7.16 million warrants. The warrants are each exercisable for one share of NextDecade common stock at the option of GA Credit, and are exercisable for five years after the closing date. 50% of the warrants are exercisable at $7.15 per share, which represents the 30-day volume weighted average trading price for the 30 trading-day period immediately preceding the closing date, and the remaining 50% of the warrants are exercisable at $9.30 per share.

Santander acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to NextDecade. Akin Gump Strauss Hauer & Feld LLP and Baker Botts L.L.P. acted as legal advisors to GA Credit.

About NextDecade Corporation

NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest proposed carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

About General Atlantic Credit

General Atlantic Credit (“GA Credit”) is the dedicated credit investment platform within General Atlantic, a leading global growth investor. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic’s more than 40 years of domain expertise and company-building capabilities. GA Credit’s Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company’s specific capital needs. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and “target,” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade’s periodic reports that are filed with and available from the Securities and Exchange Commission. Additionally, any development of subsequent trains at the Rio Grande LNG Facility or CCS projects remains contingent upon execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

Contacts

NextDecade

Investors
Megan Light
mlight@next-decade.com
832-981-6583

Media
Susan Richardson
srichardson@next-decade.com
832-413-6400

General Atlantic
Emily Japlon / Sara Widmann
media@generalatlantic.comRe

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European Energy and Novo Holdings announce joint venture to triple renewable energy capacity of German onshore wind parks

Novo Holdings

A partnership between Novo Holdings and European Energy will repower 17 operational wind parks in Germany with new and more efficient wind turbines.

Photo: European Energy

The respective wind parks went operational between 2002 and 2008, and since then, significant advances have been made in wind turbine technology, resulting in more efficient, higher-capacity turbines that can generate substantially more energy from the same wind resources.

Novo Holdings and European Energy aim to replace these outdated wind turbines in the 17 German wind parks with modern turbines capable of generating significantly more renewable energy.

Currently, the wind parks have a combined capacity of 151.9 MW, which is expected to more than triple following repowering. Once operational, the updated wind parks are projected to generate over 1,100 GWh of electricity annually – equivalent to the energy consumption of around 290,000 European households.

The projects have already secured most rights and are in advanced stages of development. They are expected to achieve ready-to-build status between 2025 and 2027 and are forecast to become operational between 2027 and 2030.

Novo Holdings and European Energy have previously partnered in 2021, when they launched a collaboration with Sampension to develop solar and wind farms in Denmark and Sweden. The partnership focuses on purchasing land for renewable energy projects while exploring ways to combine energy production with biodiversity and climate benefits.

The new repowering projects in Germany mark a continuation of this collaboration, reinforcing a shared commitment to drive the energy transition and thereby contributing to a more sustainable future.

Jens Peter Zink, Deputy CEO of European Energy, said: “We are delighted to expand our excellent collaboration with Novo Holdings on so many renewable energy projects in Germany. With the increasing demand for electricity driven by the electrification of German society, it is only natural to commission more efficient wind turbines in existing wind farms. European Energy has extensive experience in repowering existing wind farms in Germany, and we intend to bring that expertise to these new projects.”

Morten Beck Jørgensen, Managing Partner, Capital Investments, Novo Holdings, said: “We are pleased to announce this investment in the onshore wind industry, further emphasising our commitment to supporting the transition towards renewable energy sources. European Energy’s expertise in repowering projects and Germany’s support for onshore wind create an attractive investment case that advances the renewable energy agenda and showcases the impact of strategic partnerships.”

About European Energy A/S
European Energy is a renewable energy developer founded in 2004. The company develops and constructs renewable energy projects around the world. Based in Copenhagen, Denmark, the company has a strong track record developing projects in 17 countries. European Energy has a development pipeline of more than 65 GW of renewable energy projects. European Energy is an international organisation with employees from 43 different national backgrounds. By 2024, the European Energy Group has expanded to 800 highly skilled professionals. www.europeanenergy.com

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.

Further information

Novo Holdings
Marie-Louise Jersin, Senior Communications Partner, maj@novo.dk

European Energy
Ming Ou Lü, PR Manager,
miol@europeanenergy.com

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Tikehau Capital completes the sale of ENSO to Igneo Infrastructure Partners

Tikehau

ENSO is Spain’s leading bioenergy platform, dedicated to decarbonising industrial customers. It currently operates 200MWth of installed thermal capacity and has a scalable pipeline to develop additional 400MWth over the next three years.

• The transaction demonstrates Tikehau Capital’s value creation strategy through its Private Equity Decarbonisation Strategy, transforming an asset carve-out from Gestamp Renewables into Spain’s leading industrial decarbonisation platform. • Under Igneo’s ownership, ENSO is expected to continue to deliver top-tier services to existing clients such as García Carrión, Solvay, Acor and International Paper, among others.

• The scope of the transaction is 100% of the shareholding in ENSO. Tikehau Capital, the global alternative asset management group, and Igneo Infrastructure Partners (Igneo), today announced the completion of the sale of ENSO to Igneo. Headquartered in Madrid, ENSO is Spain’s leading integrated bioenergy platform, specialising in the engineering, development, financing, construction, operation and supply of electric, thermal and cogeneration biomass plants. These facilities are designed for large thermalintensive industrial clients aiming to decarbonise onsite heat and/or electricity generation, replacing natural gas or other fossil fuels. ENSO’s ambitious growth strategy targets the development of approximately 400MWth in biomass projects over the next three years, supported by an initial investment programme of approximately €450 million. The platform currently operates five assets and manages a robust pipeline of projects at various stages of development, with several now entering the construction phase. This initiative aims to offset up to 500,000 tonnes of CO2 emissions, reflecting ENSO’s mission to deliver sustainable thermal energy solutions to top-tier industrial clients across the Iberian Peninsula. The company is also actively seeking to contribute to the renewable fuels transition by capturing and supplying biogenic CO2, leveraging the experience gained in the first carbon capture unit (CCU) already operational in its portfolio. This project is being carried out in partnership with Carburos Metálicos under the LIFE granting scheme.

Tikehau Capital invested in ENSO in 2020 through the carve-out of Acek Renewables’ biomass businesses from the Gestamp Group. In response to rising demand for renewable thermal energy to reduce CO2 emissions, ENSO has become a trusted partner for corporates in sectors such as food & beverage, paper and chemicals, supporting their transition to lowcarbon operations. The acquisition of ENSO further expands Igneo’s renewables footprint in the Iberian Peninsula, highlighting its long-term commitment to driving the global energy transition. Other assets in Igneo’s European renewables sector include DAH Group, an integrated renewable energy company in Germany, and Finerge, Portugal’s second-largest renewable energy producer. 1 2 PRESS RELEASE  MADRID, 18 DECEMBER 2024

David Martín, Co-Head of Iberia at Tikehau Capital, declared: “ENSO’s growth under Tikehau Capital’s stewardship embodies our core mission: identifying and empowering companies that drive meaningful, transformative change. Since our investment in 2020, ENSO has established itself as a key player in the decarbonisation and reindustrialisation of critical sectors across Spain and Portugal. We are proud to have supported ENSO in reaching this significant milestone and are confident that, under Igneo’s ownership, the company will continue to play a pivotal role in the energy transition.”

Hamish Lea-Wilson, Partner and Head of Europe at Igneo Infrastructure Partners, commented: “We are delighted to support ENSO in its mission to decarbonise leading Spanish industrial players, provide the financial support to deliver its current project pipeline, and to contribute to both Spain’s energy independence and net zero targets. Our proactive and long-term approach to investing is fully aligned with ENSO’s strategy. With its impressive track record, ENSO is an ideal platform to further grow and support circular solutions for the Spanish economy while actively driving role the biofuels transition.” Elías Hernández, CEO of ENSO, said: “ENSO’s success has been an exciting journey with Tikehau Capital, and I believe Igneo is the right partner to further accelerate our progress. I also want to acknowledge the value generated by ENSO’s team, who have transformed the company from an industrial conglomerate’s business unit into Spain’s leading industrial decarbonisation platform. Together with Igneo, we remain committed to diving innovation and sustainability in the industry.” PRESS RELEASE  MADRID, 18 DECEMBER 2024 PRESS

CONTACTS: Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30 Spain – Kreab: Borja Miquel – +34 635 58 54 41 UK – Prosek Partners: Philip Walters – +44 (0)7773331589 US – Prosek Partners: Trevor Gibbons – +1 646 818 9238 press@tikehaucapital.com Igneo Group: MHP Group – igneo@mhpgroup.com SHAREHOLDER AND INVESTOR CONTACTS (Tikehau Capital): Louis Igonet – +33 1 40 06 11 11 Théodora Xu – +33 1 40 06 18 56 shareholders@tikehaucapital.com

ABOUT TIKEHAU CAPITAL Tikehau Capital is a global alternative asset management Group with €47.1 billion of assets under management (as of 30 September 2024). Tikehau Capital has developed a wide range of expertise across four asset classes (credit, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders’ equity as of 30 June 2024), the Group invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 767 employees (as of 30 September 2024) across its 17 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.

ABOUT IGNEO INFRASTRUCTURE PARTNERS Igneo is an autonomous investment team in the First Sentier Investors Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation/logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on responsible investment and proactive asset management. Igneo manages €17.9bn worth of assets (as at 30 September 2024) on behalf of more than 200 institutional investors around the world. For more information, visit www.Igneoip.com. 3 PRESS RELEASE  MADRID, 18 DECEMBER 2024

 

DISCLAIMER The strategy mentioned in this press release is reserved for professional investors and is managed by Tikehau Investment Management SAS, a portfolio management company approved by the AMF since 19/01/ 2007 under the number GP-07000006. Non-contractual document intended exclusively for journalists and media professionals. The information is provided for the sole purpose of enabling them to have an overview of the transactions, whatever the use they make of it, which is exclusively a matter of their editorial independence, for which Tikehau Capital declines all responsibility. This document does not constitute an offer to sell securities or investment advisory services. This document contains only general information and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Owing to various risks and uncertainties actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. Tikehau Capital accepts no liability, direct or indirect, arising from the 4 information contained in this document. Tikehau Capital shall not be liable for any decision taken on the basis of any information contained in this document. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America

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