Utilities



Calvin Capital

Calvin Capital is the owner and supplier of gas and electricity meters to electricity utilities across England. 

The business offers contracted, low risk cash flows with the potential for growth through enlarging the meter portfolio with new contracts and extensions.

Recognising early the smart meter opportunity, Infracapital was able to drive significant business expansion during ownership.

Realised: Jan 2017

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Kelda

Kelda Group owns Yorkshire Water, at the point of realisation was the 5th largest UK water and sewerage company ("WaSC") with assets of over £4.5 billion. Kelda provided clean water and waste water services to 4.7 million customers within the licensed area of Yorkshire and Humberside and to clients throughout the rest of the UK as part of its unregulated business.

The business provides stable inflation-linked yield underpinned by a regulatory pricing regime.

Infracapital focused on improving regulatory performance and customer service and during ownership significantly increased Regulated Capital Value.

Realised: May 2017

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Affinity water

Affinity Water is a UK regulated water business, providing water services, at the point of realisation, to a population of over 3.5 million people in three distinct regions of northwest London and southeast England. The businesses own above- and below-ground assets and manage the supply of water to their customers on an integrated basis.

The business provides strong inflation-linked yield underpinned by a regulatory pricing regime.

Infracapital carved the business out from a large utility company and established Affinity Water as a standalone company that achieved Ofwat “enhanced status” under our ownership.

Realised: May 2017

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Falbygdens Energi AB (FEAB)

FEAB operates primarily within the Swedish municipality of Falköping. The business operations comprise mainly of the production and distribution of district heating and the distribution of electricity in the area. The electricity distribution network comprises 522 kilometres of overhead lines and 1,690 kilometres of underground cables. FEAB also operates a broadband business in the municipality.

The business offers predictable low risk, long term cash flows with a strong inflation linked component.

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Adven

Adven provides environmentally friendly and business critical tailored corporate energy solutions and district heating in Finland, Sweden and Estonia, helping to reduce fossil fuel consumption in a market where heat consumption is among the highest in Europe. The platform delivers  sustainable industrial energy solutions, district heating and geothermal capabilities.

The business offers a stable growth platform underpinned by existing long-term contractual revenues with a strong inflation linked component.

Realised: September 2020

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GGE

GGE a.s. (“GGE”) produces and distributes heat and electricity to residential and non-residential customers in Slovakia, Poland, Czech Republic and Serbia.

The business benefits from long-term, stable revenues backed by regulatory framework guaranteeing a regulated margin.

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Eteck

Eteck provides a sustainable energy solution supporting the EU agenda to reduce fossil fuel consumption. Eteck is one of the largest owners and operators of collective heating systems (“SCHS”) in the Netherlands that supply central heating, cooling and tap water to residential and commercial customers. The company is an established scalable platform with a proven track record of growth capturing the market opportunity. Eteck is optimally positioned to benefit from current energy market trends in Europe, focused on the need for environmentally friendly generation from sustainable sources.

The business offers long-term, predictable cash flows with a strong inflation linked component.

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Last Mile

Last Mile is a leading multi utility business in the UK which designs, owns and operates ‘last mile’ electricity, gas and water connections servicing residential and commercial customers. Last Mile is the third largest Independent Network Operator in the UK and provides a well established platform for growth to capture the market opportunity.

The investment is expected to deliver stable inflation-linked cashflows over the long term, benefiting from a well-established regime and long-life assets.

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Cogenio Italia

A portfolio of Combined Heat and Power (‘CHP’) projects at operational and construction stage in Italy.  Italy is forecasting significant growth in the Industrial Energy Solutions market which Cogenio is well positioned to deliver.  Initially representing a total of 27.5MW of power production annually. The aim is to capitalise on growth in non-traditional energy assets such as alternative energy efficiency technologies and electric vehicle charging infrastructure.

The business benefits from reduced revenue risk and government support through White Certificates, a government scheme to incentivise energy efficiency.

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Cogenio Iberia

A portfolio of Combined Heat and Power (‘CHP’) projects at operational and construction stage in Spain, where there is substantial scope for growth in the Industrial Energy Solutions market. The aim is to capitalise on growth in non-traditional energy assets such as alternative energy efficiency technologies and electric vehicle charging infrastructure.

The business benefits from reduced revenue risk and government support through White Certificates, a government scheme to incentivise energy efficiency.

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The value of investments will fluctuate and investors may not get back the original amount they invested.