Luxembourg, 04/12/2018 – Marguerite is pleased to announce the final close of Marguerite
II with total commitments reaching EUR745m, including a commitment from Pantheon.
Marguerite II reached first close in November 2017 with EUR705m commitments. The European Investment Bank provided EUR 200m, of which EUR 100m are guaranteed by the European Fund for Strategic Investments (EFSI), alongside EUR 100m each from five National Promotional Banks: Polish Bank Gospodarstwa Krajowego (BGK), the French Caisse des Dépôts Group (CDC), the Italian Cassa depositi e prestiti (CDP), the German Kreditanstalt für Wiederaufbau (KfW) and the Spanish Instituto de Crédito Oficial (ICO).
Like its predecessor, Marguerite II is as a pan-European equity fund which aims to act as a catalyst for new (“greenfield”) and expansion to existing (“brownfield”) infrastructure investments in renewables, energy, transport and digital infrastructure. These investments serve to implement key EU policies in the areas of climate change, energy security, digital agenda and trans-European networks.
With the additional EUR 40m commitments, including a commitment from Pantheon, Marguerite II will have a capacity to invest EUR745m in infrastructure-intensive projects across the EU and pre- accession countries. Marguerite II has a 10-year fund life (with 2 possible 1-year extensions) and is intended to be fully invested in 5 years.
Paris / Luxembourg, 30/11/2018 – Marguerite has acquired a 20% stake in Beo Čista Energija (“BCE”), a company delivering a 25-year waste management and resource recovery project in Belgrade under a Public-Private Partnership (“PPP”) scheme.
The consortium of SUEZ and Itochu established BCE in September 2017, following the award of the project in a competitive international tender organized by the City of Belgrade with the support of the International Finance Corporation (World Bank Group). The project is the first major PPP initiative in Serbia.
The project encompasses the design, construction, financing and operation of a greenfield Energy-from-Waste (“EfW”) facility, a recycling facility for Construction and Demolition Waste (“CDW”), the remediation of the existing dumpsite of Vinča and the development of a new sanitary landfill for residual waste. All facilities will be located in Vinča in the vicinity of Belgrade. The new facilities will process approximately 500,000 tonnes/year of municipal waste and 200,000 tonnes/year of CDW. The project will cost approximately EUR350m and will be financed by a mix of debt and equity. The start of the construction activities is planned to take place in 2019.
The EfW facility will generate renewable electricity (30MW) and heat (56MW) distributed to the households of Belgrade. The project will allow to close and remediate the dumpsite of Vinča, a 40-hectare environmental blackspot listed by the International Solid Waste Association as one of the 50 largest active dumpsites in the world (and the only one in Europe). Furthermore, the project is an important milestone for Serbia in the context of its EU accession process, as it contributes to Serbia’s compliance with EU environmental requirements. The implementation of the project will contribute positively to the fight against climate change by capturing or avoiding the emissions of methane.
SUEZ and Itochu have an extensive track record of joint developments and investments in energy-from-waste projects in the UK, including the Merseyside, Cornwall, West London and South Tyne Energy-from-Waste facilities, altogether processing approximately 1.3m tonnes of waste every year.
The PPP project in Belgrade is the second waste treatment project in Central & Eastern Europe in Marguerite’s portfolio, after the 210,000 tonnes/year EfW plant in Poznań, Poland, developed in a JV with SUEZ under the PPP scheme, in operation since 2017.
William Pierson, Partner at Marguerite declared: “The project is Marguerite’s first investment in an EU accession country and we are very pleased to become a shareholder in this landmark transaction that will address an acute environmental problem in the vicinity of the City of Belgrade. We expect that it will substantially improve both waste treatment practices in the country’s capital city and the living conditions of its inhabitants as well as reduce the existing landfill’s environmental footprint. We are also delighted to expand our partnership with SUEZ with this new project and to develop a new relationship with such an experienced partner as Itochu.”
Marie-Ange Debon, Group Senior Executive Vice-President of SUEZ in charge of France, Italy, Central & Eastern Europe stated: “We are delighted to welcome Marguerite in our partnership with the City of Belgrade, which has been designed as a sustainable, reliable and affordable scheme to improve waste management in the Serbian capital. We are convinced the project can serve as a model for other EU pre-accession countries, as well as other emerging countries around the world faced with similar challenges.”
Stockholm / Luxembourg, 28/09/2018 – Marguerite, a leading European infrastructure fund, has signed an agreement with developer OX2 to acquire 100% of a 42MW wind turbine onshore wind farm in Brännliden, Skellefteå municipality, Sweden.
Construction will start immediately with an estimated completion of the farm by late 2019 or early 2020. The expected average production is approximately 160 GWh per year.
“This investment follows our renewable strategy to focus on low-subsidy projects with highly competitive LCOE. We, at Marguerite, are excited about our future collaboration with OX2”, stated William Pierson, Partner at Marguerite.
“We are very pleased to establish this relationship with Marguerite. Reaching construction start for this project is once again a proof of OX2’s core strength and focus; technical and financial wind farm optimisation and supply of full-wrap EPC agreements”, added Paul Stormoen, Managing Director of OX2 Wind.
“Brännliden offers an outstanding wind resource and, at an average wind speed of over 8 m/s at hub height, the site represents one of the best onshore wind power locations in the Nordics. Project development was initiated by OX2 in 2013 and we are pleased to see construction now commence”, concluded Christoffer Brandorf, Transaction Director, OX2 Wind.
OX2 is building the Brännliden wind farm under an EPC contract and will, once commissioned, be responsible for the technical and commercial management of the wind farm. Turbine provider Vestas will be the O&M contractor under a 25-year agreement. Chosen wind turbines are Vestas V136 4.2MW.
OX2 is currently building eight wind farms with a total of approximately 800 MW in Sweden, Norway and Finland.
Marguerite recently commissioned its first 46.8MW onshore wind farm in Sweden in Grimsås, Tranemo Municipality, Västra Götaland County. Once built the Brännliden wind farm will bring to 88.8MW Marguerite’s aggregate installed capacity in Sweden.
OX2 was advised by DLA Piper (legal) on the transaction. Marguerite was advised by Vinge (legal), DNV GL (technical), Grant Thornton (tax & financial) and A.ON (insurance).
Luxembourg, 29/08/2018 – On 25 July, Greenalia secured a senior and junior debt package of EUR125m to finance its biomass electric power production plant being built in La Coruña municipalities of Curtis and Teixeiro (Galicia, Spain).
Marguerite will provide a EUR23m mezzanine loan to the project.
The senior debt will be provided by the EIB, ICO and Santander, a portion of which is being covered by insurance from the Finnish ECA, Finnvera. Santander acts as MLA and agent of the transaction.
The Curtis-Teixeiro biomass plant will have a capacity of approximately 50MW, to be built on a plot of 103,000m2, and will generate 324GWh per year from forest waste collected within a radius of one hundred kilometers around the new installation. To produce this energy, the plant will use about 500,000 tonnes of forest biomass a year. The project will therefore contribute both to forest maintenance in the area and fire prevention, by encouraging the collection, for industrial use, of small-sized wood waste that is normally discarded.
Once it becomes operational (planned for 2020), the Curtis-Teixeiro plant will increase energy generation from renewable sources and thus help to meet the targets of reducing carbon dioxide emissions set out in the National Action Plan of Renewable Energies (PANER) 2011-2020.
In addition to the positive environmental impact, this project will generate economic and social benefits, promoting job creation and economic growth in rural areas. 400 people have been employed for the construction of the plant. Once it is in operation, 35 permanent jobs and around 100 additional indirect jobs in the biomass supply chain will be created.
This project is one of the first to be implemented under the new regulatory framework for the industry approved in Spain in 2013. Greenalia was the winning bidder in Spain’s first auction for new renewables-based power generation facilities in early 2016, which will entitle the Curtis-Teixeiro plant to benefit from a 25-year regulated tariff.
William Pierson, Partner at Marguerite declared: “We are very pleased to have contributed to the success of one of the largest financings for a biomass project in Spain alongside Greenalia and the senior lenders.”
In this transaction, Marguerite was advised by Pérez – Llorca (legal), Arup (technical), Pöyry (commercial), KPMG (tax); Greenalia was advised by AtZ Financial Advisors (financial); senior lenders were advised by Watson Farley & Williams (legal), G-Advisory (technical), Aon (insurance) and KPMG (model audit).
Paris / Luxembourg, 10/07/2018 – Today Fibre 31 and Haute-Garonne Numérique celebrated the signature of the 25-year Public Service Concession agreement for the design, build, finance, marketing, operation and maintenance of an FTTH network across the entire Haute-Garonne area that reached financial close on July 3rd.
The fibre optic network will be rolled out in about 280 000 households, public institutions and companies by 2022.
For the closing of the transaction a total of EUR298 million of bank debt and sponsors’ equity were provided and will be supplemented by public contributions. Total project investment of Fibre 31 over the duration of the Public Service concession is estimated to reach about EUR516 million.
Sponsors of Fibre 31 are Altitude Infrastructure THD (50%), Caisse des Dépôts Group (25%) and Marguerite (25%). The project is financed by a pool of seven lending banks : Société Générale, BNP Paribas, La Banque Postale, Crédit Foncier de France, Arkea Banque Entreprises et Institutionnels, Caisse d’Epargne de Normandie and Caisse d’Epargne de Midi-Pyrénées.
In this transaction the sponsors were advised by Bird & Bird (legal), H3P (financial) and Forex Finance (hedging); lenders were advised by Orrick Rambaud Martel (legal), Mott MacDonald (technical), Gras Savoye (insurance) and KPMG (modelling).
New connections for the 2018 summer season at the 14 Fraport Greece airports
21% increase in passenger traffic compared to May 2017 – More routes, more options for all – New connections from London, Birmingham, Glasgow, Newcastle, Belfast, Edinburgh, Berlin, Dusseldorf, Nuremberg, Zurich, Hamburg, Dresden, Erfurt, Munster.
This summer season Fraport Greece welcomes at its 14 airports many new flights, a result of its cooperation with airlines and the high-level collaboration with the Hellenic Slot Coordinator. The ongoing construction works aimed at revamping the 14 airports have been planned in such a way not affecting the Summer 18 schedule which reflects an optimized slot allocation process enabling airlines to fly at their requested times.
This season’s first inaugural flight was made by Qatar Airways in March with the new Doha-Thessaloniki connection, followed by many other inaugurate new routes from EU countries to the 14 airports. During May, Jet2.com, British Airways and Germania also inaugurated new routes starting the summer season dynamically.
On May 5th Fraport Greece welcomed three new routes by Jet2.com linking:
Jet2.com this summer will also introduce the following new destinations:
British Airways inaugurated its flight from London (Heathrow) to Kefalonia on May 15. This route enables passengers from all over the world and especially from North America and Canada to reach – more effortlessly than ever before through the British Airways network – the beautiful Ionian sea island.
Corfu airport welcomed the Germania inaugural flight from Zurich on May 22, with the airline investing not just at this route but to even more connections from Germany and Switzerland. This summer the following destinations will also be served by Germania:
End of May saw Mykonos welcoming Qatar Airways’ inaugural flight, which connects for the first time Doha with the cosmopolitan island of the Aegean, marking the close and fruitful collaboration developed by Fraport Greece and Qatar Airways.
In total the 14 airports that Fraport Greece manages and operate are attracting even more airlines both from intra and extra schengen, adding both new as well as an increasing the number of existing routes. At the same time Aegean, easyJet, Eurowings, Fly Dubai, Lauda Motion, Lufthansa, Primera Air, Qatar Airways, Ryanair, SAS, Small Planet, Thomas Cook/ Condor, Transavia, Travel Service, TUI Group, Volotea, Wizz Air are some of the airlines extending their operations to the shoulder months leading to the increase of the tourist season.
IRIDEOS continues to consolidate the cloud and datacenter market in Italy: acquisition of Enter srl
Milan, June 6th, 2018 – IRIDEOS, the new Italian ICT provider for Businesses and Public Administration, has acquired Enter srl, an Italian provider operating since 1996 in the telecommunication and datacenter market.
Enter brings two additional datacenters located in the technological hub of via Caldera, in Milan, further strengthening the position of IRIDEOS at the heart of the Italian Internet; an innovative cloud platform based on Openstack, an open source protocol; an international network with presence in the main PoPs in Madrid, Paris, Frankfurt, Amsterdam, Brussels, London, Stockholm, New York and Hong Kong.
“With this new acquisition”, says Mauro Maia, CEO of IRIDEOS, “our growth path continues, focused on strengthening our assets and skills in the Italian ICT space. A wider portfolio of services is now available for our Customers, with new Cloud solutions and international connectivity. “
IRIDEOS aggregates and consolidates the assets and skills of four Italian operators focused on business customers: Infracom, KPNQwest Italia, MC-link and BiG TLC, and now Enter.
The IRIDEOS technological platform now integrates 12 data centers, in Milan, Rome, Trento and Verona, all connected with proprietary optical fiber. In IRIDEOS data centers, companies can host their IT architectures and take advantage of advanced cloud platforms, enjoying direct and privileged access to the Italian data network, thanks to the largest Italian private Internet Exchange (Avalon) and a fiber network of over 15,000km along the main motorways.
The closing of the operation is subject to the satisfaction of certain conditions precedent, including the approval by the Presidency of the Italian Council of Ministers.
The selling parts were assisted by PwC Corporate Finance as financial advisor and by PwC TLS as legal advisor.
IRIDEOS was assisted by the financial advisor Cassiopea Partners, by the legal advisor Giliberti, Triscornia & Associati and by KPMG for accounting and financial purposes.
Marguerite II and FIEE complete investment in City Green Light
Major energy efficiency investment of approximately €100 million in support of the development of City Green Light:
Rome/Arcugnano (Vicenza), Luxembourg – 28 May 2018 – Following the investment by Fondo Italiano per l’Efficienza Energetica (FIEE) – the first Italian equity fund entirely dedicated to investing in projects in the energy efficiency sector – on 6 February 2018, Marguerite (through its second pan-European equity fund Marguerite II) invested in City Green Light to further support the development of the company and its investment plan. The deal, one of the largest in the public lighting energy efficiency sector in Europe, involves:
City Green Light is the leading Italian private operator in the public lighting sector to which Gemmo S.p.A. contributed its public lighting business unit last December.
The company currently manages circa 400,000 light points in various Italian municipalities in northern, central and southern Italy (including Parma, Lecce, Venice, Pisa, Ravenna, Varese, Viterbo, Olbia and Avellino).
The additional capital raised will be used to sustain the further development of energy-efficient public lighting by City Green Light, with the goal of more than doubling the number of light points managed to over 900,000.
The LED technologies used by the company allow energy savings of more than 50%. City Green Light has also participated in important tenders that, if successful, will lead to additional growth.
Following the full subscription of the capital increases, FIEE (directly and through co-investment vehicles open to institutional investors already invested in FIEE) will hold c. 57% of City Green Light, Marguerite c. 39% and Gemmo the remainder.
The Chairman of FIEE’s Board of Directors, Raffaele Mellone, stated: “We are very pleased to announce the closing of this important investment just three months after taking a position in City Green Light. We are equally proud that we have played a role in securing an investment in one of the best Italian companies in the energy-efficiency sector by a top-tier European investor such as Marguerite, which we hope will continue to partner with us on new interesting investment opportunities.”
William Pierson, Partner at Marguerite added: “We are very pleased to team up with FIEE and Gemmo and look forward to working with them on this exceptional project.”
The FIEE Fund, which held its final closing in December 2017, raising a total of €166 million, and above its original goal of €150 million, is currently invested in Plangreen 2E S.r.l. (lighting for large retail stores) and Selettra (public lighting), in addition to City Green Light. The Fund is actively working on various additional energy-efficiency initiatives, in particular in co-generation and energy services, as well as in energy solutions for apartment buildings.
The deal represents the first investment in the energy efficiency sector of Marguerite, following the recent closing of Marguerite II in December 2017.
FIEE and Marguerite were assisted by the Studio Lombardi Segni e Associati and the Milan based team of Ashurst (legal advisors), Pricewaterhousecoopers (accounting and tax advisor), Sinloc and Alberto Soresini (technical advisors).
Gemmo was assisted by Long Term Partners (financial advisor) and by Withers (legal advisor).
Luxembourg and Madrid, Spain – 7th May , 2018 – Marguerite II, a pan-European equity fund active in the renewables, energy, transport and digital infrastructure sectors, has signed an agreement to join the ElLalink submarine cable system as new sponsor to help develop the project.
The EllaLink system, providing telecoms connectivity between Spain, Portugal and Brazil, will be ready for service in 2020 and will enable low latency, data privacy and high capacity transmission for a broad range of customers between the major financial and population centres of Europe, South America and the Caribbean. Linking Data Centres in Madrid, Lisbon, Fortaleza and São Paulo, EllaLink will provide express subsea connectivity between Europe and Latin America, and offer the first ever direct fibre pairs between the two continents.
Nicolás Merigó, CEO of Marguerite stated: “The EllaLink project is a great fit with Marguerite’s strategy of seeking out differentiating investment opportunities in capital-intensive infrastructure assets. Submarine cables are at the core of today’s Telecommunication infrastructure and we see tremendous long term growth for this industry. In EulaLink, we have found a world class partner, with an impressive track record in developing submarine cables and we are looking forward to supporting the development of the EllaLink system”.
Alfonso Gajate, Chairman of EulaLink, declared “We are delighted to have found in Marguerite an investor with the vision and financial strength to support our ambitions. With them, we share the view that EllaLink is a key telecommunications infrastructure project for enabling communications between Brazil, its neighboring countries and Europe with the unique value proposition of offering a diverse, direct, secure and cost effective alternative to internet traffic between the two continents”.
Luxembourg, 05/01/2018 – The Marguerite Fund announced that it has acquired a 10% stake in Fraport Greece, the owner and operator of 14 regional airports in Greece. The stake was sold by Slentel, a company of the Copelouzos Group, which remains a minority shareholder in the company alongside Fraport AG.
This transaction, closed in December 2017, marks the 20th and final investment of the Marguerite Fund that is now fully invested. Fraport Greece represents an attractive opportunity in a portfolio of airports which will invest approximately €400 million to improve and expand the airports’ infrastructure by 2021.
On November 30th 2017 a successor fund, Marguerite II, was launched with a capacity to invest over EUR 700m in infrastructure-intensive projects across the EU and pre-accession countries.
Nicolás Merigó, CEO of Marguerite, declared: “After our initial investment in airports in 2013 with Zagreb Airport, we are very pleased to add to our portfolio these landmark assets. We look forward to working with Fraport, the Copelouzos Group and the other stakeholders for the development of Fraport Greece.”
Luxembourg, December 14, 2017 – On December 12, 2017 the Marguerite Fund raised EUR 29.25 million of 15-year non-recourse debt from NORD/LB for the build-out of its all-equity acquisition on June 15, 2017 from Element Power and Kraftö Vind of the 46.8MW Grimsås onshore wind project in Sweden.
Construction of the wind farm is under way according to plan with foundations currently being installed by civil contractor, Svevia. Thirteen 3.6MW-130m wind turbines are set to be erected by Siemens Gamesa starting in spring 2018. The project will connect to the local distribution grids of E.ON and Vattenfall.
A 12.5-year PPA for the project was signed in June. In December a 10.5-year EPA was signed with NEAS Energy. These two long-term off-take contracts provide downside protection and cash flow visibility for the project thus enabling to raise non-recourse debt on attractive terms while allowing the Marguerite Fund to retain upside on future commodity prices.
Marguerite was advised by Watson Farley & Williams and Setterwalls on the debt raise while NORD/LB was advised by DLA Piper, Mott MacDonald, Deloitte and Marsh.
Melbourne, Luxembourg, December 5, 2017 – The Marguerite Fund and Westbourne Capital are pleased to announce their financing support for the Pedemontana – Veneta project by way of an investment of EUR 40 million and EUR 225 million, respectively, in the EUR 350 million subordinated bonds issued by Superstrada Pedemontana Veneta S.p.A.
On November 29 the Pedemontana-Veneta toll road project in the Veneto Region of Italy reached financial close. The project, which is being developed by the SIS consortium comprising Fininc and Sacyr, includes total planned investment of EUR 2,566 million and will be part funded with the proceeds of a successful EUR 1,571 million bond issue.
The bond issue is one of the largest in Europe for a greenfield project and comprises two tranches:
The Marguerite Fund invested EUR 40 million and funds managed by Westbourne Capital invested EUR 225 million in the subordinated bonds.
A strategic asset
The Pedemontana-Veneta dual carriageway greenfield motorway is one of the largest infrastructure projects under construction in Italy. The concession company, Superstrada Pedemontana Veneta S.p.A., is in charge of the design, construction, financing, operation and maintenance of the toll road for a period of 39 years. The motorway will be tolled with the Veneto Region guaranteeing minimum revenue through an availability based payment mechanism to the concession company.
The project was included in the first program of the strategic infrastructures of national importance (1° programma delle infrastrutture strategiche) issued by the Italian government’s Interministerial Committee for Economic Planning. It involves the construction of a 162 km motorway section comprising a 94 km long main axis and 68 km of secondary / access roads intended to improve connections to 34 municipalities and the industrial areas of Vicenza and Treviso as well as reduce traffic congestion on the local, regional and national roads along the route. The road will have two tunnels: Malo Tunnel (6 km) and S. Urbano Tunnel (1.5 km) and eight viaducts, and connect to the existing A4, A27 and A31 motorways.
Michael Dedieu, Managing Director and Partner at Marguerite, declared: ‘We are very pleased to have contributed to the success of one of the largest financings for a TEN-T greenfield project in Europe alongside Westbourne Capital and other institutional investors’.
David Ridley, Managing Director of Westbourne Capital, remarked: ‘The Pedemontana-Veneta motorway has utilised an innovative financing solution to ensure the project is fully funded. Westbourne Capital was pleased to support the development of this strategically important piece of infrastructure for the Veneto Region.’