Current Investments

Medea and Gaxa (Italy)

Investment alongside Italgas to support the construction of natural gas distribution networks in Sardinia, which will allow the acceleration of the coal phase out on the island which was identified as one of the main objectives in the medium term at both national and regional level as well as to switch to cheaper and less pollutant fuels, i.e. natural gas (instead of LPG, oil and coal). Medea is the platform for the development and management of gas distribution activities including concessions for 18 out of 36 basins in which the island was divided. Gaxa will carry out supply activities in Sardinia.

EllaLink (Ireland)

EllaLink’s mission is to deploy and operate a next-generation submarine cable system on a unique route between Latin America and Europe. Direct fiber pairs provide a low latency path giving a solid foundation upon which carriers, operators & internet content providers can develop competitive offerings. EllaLink’s business model is built on its commitment to provide products & services on a carrier neutral, open and independent basis. Website:

Belgrade energy-from-waste (Serbia)

Design, construction, financing and operation of a greenfield 340 ktpa Energy-from-Waste plant, the remediation of the existing landfill and the development of a new landfill with a capacity of 170 ktpa in the vicinity of Belgrade.

Planta Solar OPDE (Spain)

Design, construction, operation and maintenance of 3 x 50MWp ready-to-build solar PV plants located in Merida (Extremadura region), Cadiz (Andalusia region) and Sevilla (Andalusia region), in the south of Spain. Onsite construction activities started in January 2019 and are expected to last 12 months.

Brannliden Vind AB (Sweden)

Brannliden Vind will design, construct, operate and maintain a 42 MW ready-to-build onshore wind farm in Northern Sweden, comprising 10 Vestas V136 4.2MW wind turbine generators. Onsite construction activities started in September 2018 and are expected to last 16 months.

Curtis-Teixeiro biomass plant (Spain)

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 kilometres 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.

Fibre 31 (France)

The Fibre 31 project involves the design, build, finance, marketing, operation and maintenance of an FTTH network across the entire Haute-Garonne area. The contract entered into between Fibre 31 and Haute-Garonne Numérique has a duration of 25 years. The fibre optic network will be rolled out to about 280 000 households, public institutions and companies and is expected to be completed by 2022.

City Green Light (Italy)

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). Marguerite’s investment 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%.

Fraport Greece (Greece)

Fraport Greece is the company set up for the operation, refurbishment and expansion of 14 Greek regional airports. The 14 airports are located throughout mainland Greece and its islands and serve the most popular tourist destinations in the country. Cluster A notably includes Thessaloniki (Greece’s second largest city) and Crete, whereas Cluster B covers the Aegean islands, including Rhodes and Corfu. Cluster A and B are presented as two separate concession projects with distinct project finance schemes and concession agreements, but the contracts are quasi-identical and involve the same parties. The revenues generated from the Project stem from aeronautical charges and commercial activities, which are both driven by the underlying passenger traffic at the airports.

Pedemontana Veneta (Italy)

A grade separated dual carriageway greenfield motorway with a total length of 163km to connect the A4 to the A27 motorway in the Veneto Region, in the northeast of Italy. The Project includes a 94.6km long main axis connecting 34 municipalities as well as the main industrial areas of Vicenza and Treviso and the construction of 68.3km of secondary/access roads. Construction of the Project is already ongoing since 2011 and COD is expected in September 2020. The Project will be operated under a concession of 39 years starting from the complete start of operations (when the final section of the Project will be opened to traffic). The Concessionaire will collect tolls in the name and on behalf of the Veneto Region. The Project revenues will be availability-based, with the Concessionaire receiving an availability fee from the Veneto Region.


IRIDEOS (formerly 2i Fiber) is a holding company 80% owned by F2i Second Fund and 20% owned by Marguerite. It was incorporated with the aim of building a platform for acquisition and consolidation of mid-size Italian infrastructure-based telecommunication operators to create a reference player in the Italian B2B telecommunication sector. IRIDEOS has a specific focus on the SME segment, while also providing quality services to other telecommunication operators, based on its extensive fiber and data center infrastructure assets. IRIDEOS has so far made 3 acquisitions: Infracom, MCLink, and KPNQwest Italy.

Grimsas Vindkraft AB (Sweden)

Grimsas Vindkraft will design, construct, operate and maintain a 46.8 MW ready-to-build onshore wind farm in Southern Sweden, comprising 13 Siemens 3.6-130 wind turbine generators. Onsite construction activities started in August 2017 and are expected to last 12 months.

Centrais de Biomassa do Norte (Portugal)

Centrais de Biomassa do Norte consists of two biomass plants of 15 Mwe, which will incinerate waste wood (pine and eucalyptus chips) each in a biomass boiler to produce superheated steam, which drives a steam turbine to produce electricity that is sold to the grid. The plants are located in rural areas of the municipalities of Viseu and Fundão, in northern Portugal and will be approximately 100km apart. The construction phase will last 24 months, with COD expected in June 2019.

Losange (France)

The Losange project involves the design, construction, financing, marketing, operation and maintenance of a new high speed FTTH network covering 7 of the 10 departments of the Grand Est Region (Ardennes, Marne, Aube, Meuse, Haute-Marne, Meurthe-et-Moselle and Vosges), being the less densely populated areas. The contract entered into between Losange and the Region has a duration of 35 years. The roll-out of the network covering over 1,000,000 fibre optic connections in households and small offices in 3,427 municipalities is expected to last 6 years and to be completed by August 2023.

Rosace (France)

Rosace is a 30 year fibre to-the-home concession project launched by the Alsace Champagne-Ardenne Lorraine Region in which it has a 37% shareholding, alongside NGE Concessions, Altitude Infrastructure, Quaero Capital and Caisse des Dépôts et Consignations. The 480 million Euro Project involves the design, construction, financing, marketing, operation and maintenance of a new high speed fibre-to-the-home network in the less densely populated areas of the Alsace region, eastern border of France. The roll-out of the network covering 380,000 fibre optic connections in households and small offices in 700 municipalities is expected to be completed by April 2022.

AS Latvijas Gāze and AS Conexus Baltic Grid (Latvia)

AS Latvijas Gāze (Latvia) operates and maintains the Latvian gas distribution pipelines and ensures the supply of natural gas to more than 400,000 domestic customers and provides gas to customers in Estonia, Northwest Russia and Lithuania.

AS Conexus Baltic Grid (“CBG”) is a unified natural gas transmission and storage operator in Latvia. The company operates the Inčukalns underground gas storage facility, the third largest storage facility in the EU and a strategic asset for the security of gas supply in the Baltics.

N17/N18 Motorway (Ireland)

Design, construction, operation and maintenance of 53.2km of motorway standard dual-carriageway between Gort and Tuam, plus a 4.2km non-motorway dual-carriageway by-pass to the west of Tuam and including one major junction with the M6 Galway-Dublin motorway. The Project replaces the existing N17 and N18 national roads (which will thereafter be reclassified as regional roads), thereby providing bypasses for the towns of Clarinbridge, Claregalway and Tuam where congestion is frequent. The Project is TEN-T, and is a strategic component of the national primary route network providing a high quality north-south linkage in the western region of Ireland. The Project revenues will be availability-based, with the SPV receiving Availability Payments from the NRA, subject only to performance and non-availability deductions.

Zagreb Airport (Croatia)

The Project is located a relatively short distance (approx. 11 km) from the city centre. The initial new build will include a new passenger terminal with a capacity of 5m passengers p.a. and total gross area of approx. 63,000 sqm, meeting the IATA C level of service quality, adjacent parking apron of approx. 100,000 sqm, with new connecting taxiways to the existing runway, 8 new contact stands and a new drainage system for all airside ground infrastructure,  and an access road to the new passenger terminal, including a viaduct to the terminal, and new landside parking facilities of approximately 90,000 sqm. Gradual expansion of the airport is planned once a passenger volume of 5 million p.a. is reached (up to a capacity of 8 million pax p.a.).

Poznań energy-from-waste (Poland)

The project covers the financing, design, construction and operation of a municipal waste incineration plant with a capacity of 210,000 tons per year. The plant was procured in the form of an availability based Public Private Partnership (PPP) with the City of Poznań including a 25-year operating period following construction. The project allows the City of Poznań and the surrounding area to implement its waste management plan.

Aeolus – aggregate 104MW wind farms (Poland)

The investment comprises two onshore operational wind farms (Tychowo and Kukinia) located in the North-West of Poland. Tychowo is a 50MW wind farm, comprising Nordex N90/2500 2.5 MW turbines, located in the Sławno municipality, near the town of Słupsk. The wind farm was granted a concession for operations in September 2009 and was fully operational in May 2010. Kukinia is a 54MW wind farm, comprising 23 Enercon E-82 2.3 MW turbines, located in the municipalities of Ustronie Morskie and Dygowo. Kukinia is operational since October 2013.

Butendiek (Germany)

The 288 MW Butendiek Offshore Wind Farm is located in the North-Sea within the German exclusive economic zone, 32 km west off the German Island of Sylt in water depths of up to 22 meters. It consists of 80 Siemens 3.6 MW wind turbines mounted on monopile foundations and connected to a 155kV offshore transformer station fitted with a helicopter platform. The project successfully entered the operational stage in summer 2015 and will supply the equivalent of approximately 370,000 households with electricity each year. The project was completed on time and within its target budget of €1.3bn.

C-Power (Belgium)

The Thornton Bank Offshore Wind Farm project consists of a 326 MW offshore wind farm 28 km off the coast of Belgium. It is located on the Thornton Bank in the North Sea, in water depths of up to 25 metres. The project was structured in 3 consecutive phases. Phase I, which consists of 6 Senvion 5M Wind Turbine Generators with a generation capacity of 30.5 MW, has been fully operational since 2009. Phases II and III combined consist of 48 REpower 6M turbines with a total generation capacity of 295.2 MW, built as two separate arrays. Construction of phases II and III was completed during summer 2013. The project provides energy to over 600,000 inhabitants each year, avoiding 450,000 tonnes of carbon from being emitted into the atmosphere. As such, C-Power supplies 10% of the total amount of renewable energy that Belgium has committed to generate by 2020.

Autovía de Arlanzon (A-1) Motorway (Spain)

A 146 km long section of the dual-carriageway "Santo Tomé del Puerto – Burgos" A-1 Motorway located in an important North-South corridor connecting Madrid with the regions of Cantabria, Basque Country, La Rioja, Navarra and with France via Irun. The project was procured as a shadow-toll Design-Build-Finance-Operate ("DBFO"). The Concession Agreement was signed in 2007 between the Contracting Authority and Autovía Arlanzón for a concession period of 19 years ending on the 27th of December 2026. Construction works for the Project mainly consisted of upgrading links, paving, widening of curves and intersections and other works aimed at improving the overall quality and safety standards of the motorway, and were completed in 2012.