Credit
We provide tailored, flexible financing solutions to developers, energy service companies, and other project originators, addressing funding gaps in the underserved mid-market segment of the energy transition infrastructure space.
Leveraging over a decade of credit investment expertise, we source bilateral opportunities, conduct rigorous credit assessments, and actively manage our portfolio to deliver long-term value.
Characteristics
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Tailored, Flexible Financing Solutions
We offer developers, energy service companies, and other project originators bespoke, non-dilutive financing solutions that address prevalent funding gaps. Spanning credit instruments structured from super-senior to junior positions, our financing helps streamline capital structures and supports the efficient advancement of asset portfolios.
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Structural Growth Themes
We focus on energy transition themes supported by strong structural drivers, leveraging our deep understanding of energy markets and intrinsic asset values. Key themes we target are energy efficiency measures (such as industrial waste-heat recovery, efficient HVAC, lighting and cogeneration), distributed energy assets (such as rooftop solar PV, smart meters, electric vehicle charging networks), and development and construction financing of utility-scale renewable energy and battery storage projects.
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Proprietary, Mid-Market Deal Flow
As mid-market specialists, we focus on less saturated and often underfunded market segments, where much of the deal volume concentrates. We have an established track record as a trusted, value-adding capital partner and can leverage our extensive partner network to source attractive proprietary opportunities and avoid competitive processes.
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Rigorous Risk Management
We combine rigorous credit assessments with deep structuring expertise and proactive portfolio management. Our portfolios are built with strong downside protection and broad diversification across end customers, markets, business models, and technologies. ESG factors are fully integrated into our risk framework to identify and mitigate both direct and indirect risks.
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High Visibility of Future Cash Flows
Our financing structures are backed by counterparties benefiting from long-term contracted revenues or cash flows supported by inelastic demand, providing a high degree of return security.
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Dedicated Asset Management
A dedicated credit asset management team oversees our investments using a state-of-the-art, bespoke database system. The team has a proven track record in active loan management and restructuring.
Credit Strategies
Senior Infrastructure Credit | Europe
Senior-secured, asset-backed financing solutions for infrastructure-as-a-service business models with a defensive risk profile.
Higher Yielding Infrastructure Credit | Europe
Bespoke, non-dilutive financing solutions that address prevalent funding gaps for mid-market energy transition infrastructure, targeting a higher yield through a mix of senior, second lien, and junior credit instruments.
Sample Investments
On-site Solar PV System for a Leading Car Manufacturer
Through a framework agreement with a leading Iberian solar PV developer, we financed a sizeable on-site solar PV installation at the factory of a large car manufacturer in Northern Spain. Backed by a long-term power purchase agreement, the installation allowed the car manufacturer to significantly reduce energy costs and CO2 emissions.
LED Street Lighting Retrofits for Greek Municipalities
We partnered with a Greek energy service company to finance the replacement of conventional street lighting with highly efficient LEDs combined with a smart control system under multi-annual concession agreements. LEDs typically provide energy and cost savings of up to 80%, have a longer life, are less prone to defects, and thus lead to strongly reduced maintenance costs.
Energy Retrofit for the Facility of a Global Malt Producer
We financed a comprehensive energy efficiency retrofit in a Polish factory of one of the largest global malt producers. The waste-heat recovery installation was implemented by a local energy service company under a long-term framework agreement based on an energy performance contract with an 11-year tenor. The financed measures are estimated to deliver about 10,000 tons of CO2 in avoided emissions per year.
