Investments
Our Approach
We invest in energy transition assets and companies by building long-term partnerships with experienced partners and teams and providing them with flexible and valuable capital, thereby gaining access to continuous, proprietary investment opportunities.
Our longstanding track record and singular focus on the energy transition translate into a deep understanding of the intricacies of energy markets, business models, required investments and their drivers, which allows us to provide valuable insights to our partners and to recognise emerging risks and opportunities early on.
Themes we cover
The energy sector is complex, of strategic importance, global, and interconnected. We are convinced that a broad and deep understanding of energy transition sectors and themes is required to successfully invest into individual opportunities and to construct well-diversified portfolios. Key themes we currently focus on are:
Producing clean energy
Shifting energy generation towards renewable, zero-carbon energy sources such as solar PV and onshore wind is a core element of the energy transition. Our investments cover larger, utility-scale generators and mid-sized, distributed assets down to self-consumption installations for commercial and industrial end customers.
Enabling clean energy integration
As renewable energy represents an ever-increasing share of overall supply mix, ensuring a reliable and affordable access to it requires a comprehensive adaptation of energy storage, distribution, and consumption. Our investments in energy storage and other, often overlooked, smart energy solutions make the energy transition work – for investors, producers, and consumers alike.
Increasing energy efficiency
Energy efficiency, in the context of commercial real estate, public infrastructure, and industrial operations, is still a largely untapped source of both decarbonisation and investment opportunities. Through our bespoke investment solutions focused on infrastructure-as-a-service business models, we have invested at scale in this crucial segment of the energy transition.
Electrifying energy use
Electricity as an energy vector is becoming ever more sustainable, which enables decarbonisation efforts through electrifying sectors and applications currently still reliant on fossil fuels. These include end-use sectors such as transport and heat for commercial, industrial, and individual end customers.
Investment Philosophy
We analyse investment opportunities in depth, always drawing on our deep understanding of energy markets and longstanding energy transition expertise. Our focus is on proactively managing identified risks and creating value for our clients and other stakeholders.
Criteria
Infrastructure
Our current strategies are focused on investments with infrastructure characteristics, i.e. they are underpinned by capital-intensive, real assets providing essential energy services. They generate long-term, visible cash flows with low correlation to the business cycle and benefit from high downside protection based on high operating margins and inherent asset values.
Geographic focus
We focus on investments across Europe (EEA, UK, Switzerland) and other OECD countries in North America and Australasia, as well as the emerging markets of Southeast Asia.
Technologies
Our investments apply proven technologies. We do not invest in companies and assets applying unproven technologies, nor the development or manufacturing of new technologies.
Active value creation
We look for investments to which we can apply our longstanding expertise and capital flexibility to create attractive risk-adjusted returns and value for all stakeholders. We work closely with experienced, performance-driven, and like-minded partners to sustainably grow businesses and asset bases, ensuring adherence to best-practice ESG standards, seizing on value creation opportunities, and unlocking synergies with other firms across our partner network.
Impact
Our investments deliver objectively measured reductions in greenhouse gas emissions.
Strategies
We currently invest through three distinct strategies that each cover all key energy transition themes but are differentiated by risk-return characteristics and geographic focus.
Equity
We invest in platforms built on close relationships and long-term alignment of interests with experienced, local clean energy companies. We provide expertise and capital for organic and inorganic growth opportunities across development, construction, and add-on acquisitions to build out substantial energy transition asset portfolios and businesses, taking a targeted approach to value creation through active ownership with commensurate governance.
Credit
Our Credit strategy focuses on providing senior-secured, asset-backed financing solutions for infrastructure-as-a-service business models in the energy efficiency, industrial decarbonisation, and wider energy transition opportunity set. We are the partner of choice for a wide array of energy service companies, technology providers, and other project originators with whom we form bespoke long-term framework agreements that generate proprietary deal flow and provide our partners with bespoke funding visibility. The strategy currently focuses mainly on opportunities in Europe but is expanding into other OECD markets.
Asia
Through our Asia strategy, led out of our Singapore office, we help drive forward the energy transition in Southeast Asia. The rapidly advancing economic and demographic development in this region requires clean, reliable, and affordable energy. We focus on sustainable greenfield infrastructure projects and use our local expertise and strict risk-management protocols to ensure best-in-class technical, ESG, and compliance standards from the onset of every investment.
