A global, diversified portfolio of high quality infrastructure assets

Description and investment rationale

Zenobe is a battery storage and electric vehicle fleet specialist, providing essential infrastructure that contributes to international power and transport sector decarbonisation targets. In addition to providing electrification solutions for vehicle fleet owners, its batteries help balance the supply of renewable energy on the grid. At the end of their lifecycle Zenobe repurposes the batteries for further use, thus contributing to the building of a circular economy. Since the company was founded in 2017, it has delivered 435MW of grid-connected battery capacity, and has provided bus operators with c.1,000 electric vehicles under a leasing structure.

Description and investment rationale

GlobalConnect is a digital infrastructure company with the most extensive fibre network across the Nordics. The Company serves B2C and B2B customers across three complementary business segments: Fibre-To-The-Home, Fibre-To-The-Business (“FTTB”) and Hyperscalers (large cloud providers), operators (including Mobile Network Operators) and data centres. GlobalConnect has a large and diverse network across the Nordics and Germany consisting of c.149,000km of fibre cables, c.1,040,000 homes passed, c.34,500 sqm data centre estate and over 30,000 FTTB customers.

Description and investment rationale

GD Towers is one of the largest independent tower and telecommunications infrastructure operators in Western Europe with a portfolio of c.40,000 sites (at the time of announcement) across Germany and Austria, that provide the infrastructure for mobile network operators to offer telecoms services to end-customers.

Description and investment rationale

NBI is a Fibre-to-the-Premises network developer and operator working with the Irish government to support the rollout of the National Broadband Plan. This programme seeks to connect every premises in the country to high-speed broadband by 2027 and is the biggest investment in rural Ireland since electrification.

Description and investment rationale

Fudura is a Dutch market leading business-to-business owner and provider of medium-voltage electricity infrastructure, with a focus on transformers, metering devices and related data services. Fudura is active in offering services to companies seeking solutions for energy efficiency, security of energy supply and CO2 neutrality. Fudura currently has approximately 22,000 business customers, being a combination of larger companies, public institutions such as hospitals, and small-medium sized enterprises.

Description and investment rationale

Vantage is one of the leading providers of wholesale data centre infrastructure to large enterprises and hyperscale cloud providers. The company’s North American business has data centre campuses in Santa Clara, Quincy, Ashburn, Phoenix, Montreal and Quebec City, with a focus on the hyperscale business segment that offers a resilient commercial profile given long contract durations, limited historical customer churn, and customers with investment grade credit quality.

Description and investment rationale

Calpine is one of the largest generators of electricity from natural gas and geothermal resources in the US, with operations across CAISO (California), ERCOT (Texas), and PJM (13 states and the District of Columbia) power markets and current power generation capacity of 26 GW. This sector is benefitting from strong secular tailwinds, fuelled by a growing demand for electricity and sustainable sources of energy production.

Calpine has a strong renewables development pipeline of solar and battery projects, financeable through the cash flows generated by existing assets. The company is also a vital supplier to the US electricity grid, providing reliable power generation capacity and playing an important role in the energy transition as the US targets Net Zero by 2050.

Description and investment rationale

Cartier comprises eight district energy systems located across the Northeast, Mid-Atlantic, and Midwest of the US – Detroit Thermal Energy in Michigan; Montclair State University in New Jersey; Hartford Steam and Fuel Cell, Midtown Thermal in Atlantic City, New Jersey; Wilmington District Energy and Dover Energy in Delaware; and Industrial District Energy Assets in New Jersey and Massachusetts. It provides diversified energy services such as heat (steam, hot water), cooling (chilled water) and electricity to around 190 buildings across the higher education, healthcare, commercial, manufacturing, hospitality, government, and retail sectors.

These energy services offer a reliable, sustainable and cost-efficient solution to customers located in communities with high delivered-energy prices. District energy systems are also sustainable, resilient and energy efficient, and can be more environmentally friendly compared to conventional on-site energy systems due to the aggregation of diverse load profiles and economies of scale.

Description and investment rationale

Vertical Bridge is the largest private owner and operator of tower and wireless communication infrastructure in the US, with a portfolio of more than 8,000 towers and 300,000 total sites. Its portfolio, which spreads across all 50 states and in Puerto Rico, includes towers, rooftops, billboards, utility attachments and other locations that support wireless network connectivity. The company is certified as carbon neutral, becoming in 2020 the world’s first tower company to achieve net-zero emissions.