

Credit
Our Credit strategy focuses on senior-secured, asset-backed financing solutions for infrastructure-as-a-service business models with a defensive risk profile.
We offer bespoke, long-term funding solutions to energy service companies and other project originators, thereby building attractive exposures to fragmented and often underserved segments of the energy transition.


Characteristics
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Infrastructure-as-a-Service
Our partners offer industrial, commercial, and public end customers the provision and operation of capital-intensive energy infrastructure against regular service payments that generate long-term, contractual cash flows. Our financing solutions allow our partners to develop new projects by freeing up capital while end customers can avoid high upfront investments and cover their long-term, regular payment obligations with the achieved energy and cost savings.
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Fragmented Energy Transition Segments
Our financing solutions are geared towards a wide array of energy transition applications which – due to smaller associated project sizes – are often underserved. Relevant energy solutions include energy efficiency measures such as LED street- and industrial lighting retrofits, energetic refurbishments of industrial processes and public buildings, and smart metering. We also finance solar PV installations for self-consumption by commercial and industrial customers as well as electric vehicle charging networks.
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Efficient Project Origination and Aggregation
We invest institutional capital at scale by establishing mutually beneficial long-term relationships with energy service companies and other partner firms that originate and aggregate individual projects into larger project portfolios. Long-term framework agreements allow for serial investments in portfolios of projects that meet pre-agreed underwriting criteria.
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Rigorous Risk Management
Diverse, smaller projects allow for a high degree of risk diversification across end customers, markets, business models, and technological solutions. We target a defensive risk profile based on an advanced, proprietary credit risk underwriting process supported by a reputable credit ratings provider. We use our deep structuring expertise to achieve strong collateral packages and other credit protection mechanisms, while providing valuable capital to our investment partners. We factor in ESG considerations to identify, account for, and mitigate a wider range of direct and indirect risks.
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Long-Term-Contracted, Amortising Exposures
Our typical financing structures provide capital against long-term contracted cash flows which deliver attractive returns and repay invested capital typically within the tenor of the underlying contracts. This leads to a high degree of return visibility and low to no back-ended repayment risk.
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Dedicated Asset Management
Our investments are monitored through a state-of-the-art bespoke database system and managed by a dedicated credit asset management team with a successful loan restructuring track record.


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.