A global, diversified portfolio of high quality infrastructure assets

Description and investment rationale

Terra-Gen is one of the US’ leading renewables platforms, operating approximately 4 GW of utility-scale solar, wind and battery storage capacity to support the electrification and decarbonisation of the US power grid. The company has contracted with more than 30 customers including utilities and power co-operatives under long-term power purchase agreements. With an average remaining contract life of approximately 11 years across the operating portfolio and a 15+ GW development pipeline primarily in California, Texas and New York, the platform offers stable, inflation-linked cash flows.

Description and investment rationale

Intersect, headquartered in California, develops and operates utility-scale and industrial power infrastructure to meet the growing demands and complexity of electrification, digitalisation, and decarbonisation trends. The Company’s model is built on the co-location of industrial demand with rapid deployment of dedicated gas and renewable power generation for data centre infrastructure and utilities. Intersect is one of the US’s largest and fastest growing renewables platforms with 2.2GWp solar and 1.4GWh battery operational. The Company also has a strong pipeline of projects under-construction with c.3GW of solar and >15GWh of battery storage.

Description and investment rationale

Zenobē 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 Zenobē repurposes the batteries for further use, thus contributing to the building of a circular economy. The company has over 1GW of battery storage assets either in operation or under construction, and has provided bus operators with c.2,000 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 244,000km of fibre cables, 1,100,000 total homes passed, over 900,000 total homes connected and c.35,000 sqm data centre space.

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 25,000 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 27 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.