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Infrastructure & Investment Newsletter – 2026 Volume 11

In this edition

This month, European infrastructure investment activity spans energy transition, transport, digital infrastructure and essential services. In this edition of the ODM Infrastructure & Investment Review, we cover recent transactions, new platforms, financing and fundraising developments, alongside senior appointments across the market. We also consider how asset management capabilities are evolving as investors pursue value-add strategies.

Contents

ODM Perspective

How infrastructure asset management is evolving as return strategies change

For infrastructure investors pursuing value-add alongside core and core-plus strategies, the demands on asset management teams are evolving. Strategies built around business growth and operational improvement often require more involvement with portfolio companies than a model designed for mature, cash-generative assets.

In his recent article, Ashley Morris considers how firms can align their asset management capabilities with the returns they are seeking to deliver.

Looking beyond the board meeting

For established businesses with experienced management teams, asset management may centre on governance, capital allocation and judgement about when to intervene. Value-add investments can involve a different workload: helping build leadership teams, supporting expansion and working closely with management as growth plans are put into practice.

Alongside board responsibilities, the time and support each business needs between meetings can help firms assess team capacity. A useful starting point is the time and attention each business needs between meetings, and whether the team has enough capacity to provide it.

Bringing together the right experience

There is no single ideal background. Investment professionals, experienced operators and people from consulting or private equity can all bring relevant skills. Experience of delivering change, alongside identifying opportunities for improvement, can be particularly valuable when performance moves off plan.

For existing teams, additional support might mean bringing in operating experience, adjusting portfolio responsibilities or drawing on specialist expertise. Clear responsibilities and appropriate decision-making authority also help those accountable for delivery act effectively.

Considering capability early

Reviewing these needs at the outset gives firms more flexibility. Considering additional support early gives teams more scope to focus on the longer-term improvements envisaged in the investment case.

The right structure will depend on the portfolio and the work required. Considering capacity, experience and authority early gives firms the opportunity to build on existing strengths and support their teams as the strategy evolves.

Read Ashley Morris’s full article in our European Hiring Review.

01

Corporate & Strategic Investments

11 updates

  • AIMCo has joined Equitix and GCM Grosvenor in acquiring a 50% stake in Viridor Group from KKR. KKR retains the remaining 50% of the UK energy-from-waste business, which operates 12 facilities and has two more under construction.
  • Arcus Infrastructure Partners, through Arcus European Infrastructure Fund 4, has agreed to acquire German pharmaceutical logistics company SK Pharma Logistics from a shareholder group including Syz Capital, Saturnus Capital and the company’s founder. SK Pharma operates eight temperature-controlled warehouses in north-west Germany, with approximately 85,000 sqm of space and more than 100,000 pallet positions.
  • Asterion Industrial Partners has entered into an exclusive agreement with affiliates of Benefit Street Partners, Värde Partners and Canyon Partners regarding the proposed acquisition of Fraikin. The commercial vehicle leasing and fleet management company operates in 10 European countries and manages more than 50,000 vehicles.
  • CVC DIF has completed the acquisition of a majority stake in Cernaval, a Spanish ship repair business operating under a long-term concession at the Port of Algeciras Bay. The company provides repair, maintenance and conversion services for commercial vessels. Cernaval’s facilities include a 400-metre dry dock and a 230-metre floating dock.
  • H.I.G. Capital has acquired a majority stake in L4A, an Italian infrastructure maintenance and upgrade business. L4A operates through Artifoni, LSE and MPM across airport airside infrastructure, water infrastructure and district heating.
  • HiSERV, a portfolio company of CVC DIF, has integrated ground support equipment supplier TOP GSE into its European operations. The transaction extends HiSERV’s fleet and service network across 40 airports in Spain and Portugal.
  • IFM Investors has agreed to acquire a 63.9% stake in Associated British Ports from CPP Investments and OMERS. The sellers will dispose of their respective 33.9% and 30.0% holdings in the UK ports group, which operates 19 ports and handles approximately a quarter of UK seaborne trade.
  • Omnes Capital has invested in Heim Datacenter through its CEP2 fund to support the development of a European data centre platform. Heim plans to design, build, own and operate facilities for hyperscale cloud and AI customers, initially focusing on the Nordics.
  • Qwello has secured up to €55 million in growth equity from ABN AMRO Sustainable Impact Fund and existing shareholders, including Tiger Infrastructure Partners. The capital will support expansion of its European public EV charging network and selective acquisitions. Qwello operates more than 19,500 charge points across 800 municipalities in Germany, the Netherlands, Sweden, the UK, France, Spain, Poland and Denmark.
  • VKE Group has secured a growth investment from funds advised by Leon Capital, with more than €50 million to be injected into the business. The capital will support larger data centre construction projects and expansion across Europe.
  • White Summit Capital has agreed to invest up to €100 million in Aneo Retail International through WSC Decarbonisation Infrastructure Fund II, alongside existing investor Danfoss. HitecVision and TrønderEnergi will remain invested. The capital will support Aneo Retail’s refrigeration, heat recovery and ventilation projects and expansion into new European markets. Aneo Retail manages refrigeration infrastructure in more than 500 stores across Norway, Sweden and Denmark.

02

Asset Level Deals

7 updates

  • Ares Infrastructure Equity funds have acquired a significant minority stake in Statera Energy’s approximately 1.9GW UK portfolio of battery storage and flexible generation assets. The portfolio includes the 680MW Carrington Storage project in Greater Manchester and the 750MW Thurrock Flexible Generation project in Essex. Statera will retain ownership of the remaining stake and continue to operate and manage the assets.
  • Copenhagen Infrastructure Partners has acquired a 25% stake in the Five Estuaries Offshore Wind Farm project from a Macquarie-led consortium through Copenhagen Infrastructure V. The project, located off the Essex and Suffolk coast, has a planned capacity of up to 1,080MW.
  • Copenhagen Infrastructure Partners has taken a final investment decision on the 350MW/1,400MWh Kilmarnock South battery storage project in South Ayrshire, Scotland, through Copenhagen Infrastructure IV. The project represents an investment commitment of more than €270 million, is under construction and is expected to begin commercial operations in the first quarter of 2028.
  • Cubico Sustainable Investments has secured development consent for its Frodsham Solar project in Cheshire. The proposed solar farm, which includes battery storage, could export up to 100MW of electricity to the local distribution network. Cubico will now progress the project’s detailed development work.
  • Enviromena, owned by Arjun Infrastructure Partners, has acquired the consented 27.5MWp Parkgate Farm solar project near Braintree, Essex, from Innova Renewables. The project secured a Contract for Difference in Allocation Round 6 and is expected to be energised in summer 2028. Parkgate is the first completed transaction in a planned series through which Enviromena expects to acquire 233MWp of solar projects and 75MW of co-located battery storage projects from Innova.
  • FlyRen Energy Group, backed by Foresight Energy Infrastructure Partners II, has acquired a 656MW portfolio of 28 renewable energy projects in Italy from IGNIS. The portfolio includes solar PV, battery-hybrid and onshore wind projects at various stages of development.
  • Future Biogas, backed by 3i Infrastructure, has acquired Foresight Environmental Infrastructure Limited’s remaining 49% stake in six UK gas-to-grid anaerobic digestion plants for £104 million. Future Biogas bought the initial 51% stake in August 2024.

03

New Platforms, Partnerships and Strategies

2 updates

  • Copenhagen Infrastructure Partners has reached a final investment decision on an investment in Via Verde, an Italian biomethane platform, through its Advanced Bioenergy Fund II. The platform has a development pipeline of 20 projects across Italy and is the fund’s first investment. The projects are located in regions including Lombardy, Abruzzo and Campania. Each plant is expected to process approximately 60,000–100,000 tonnes of agricultural waste annually.
  • Foresight Group and Belltown Power have expanded their joint venture with new commitments to Belltown RePower, their UK onshore wind repowering platform. The platform has five seed projects with approximately 125MW of current operating capacity and aims to deliver at least 500MW through repowering and expansion.

04

Debt & Financing News

2 updates

  • GIGA Storage, a portfolio company of InfraVia Capital Partners, has reached financial close on €260m of debt financing for the 350MW/1,400MWh Albatross battery storage project near Neuenkirchen in Lower Saxony, Germany. The financing was provided by a seven-bank consortium.
  • Verdis, owned by Cube Infrastructure Fund III and its co-investors alongside Railpen, has completed a €430 million long-term refinancing with a consortium of banks and institutional lenders. The package includes €180 million of capex and revolving credit facilities to fund growth across its Nordic waste services operations.

05

Fundraising News

3 updates

  • Blackstone has held the final close of Blackstone Energy Transition Partners V at its $8.7 billion hard cap. The fund is more than 50% larger than its predecessor, which closed at $5.6 billion in February 2025.
  • Copenhagen Infrastructure Partners has secured commitments of €1.2 billion from Norges Bank Investment Management and SEK4.5 billion from Folksam Group for its sixth flagship fund, CI VI. The fund will primarily invest in renewable energy generation and storage across OECD markets in North America, Western Europe and Asia Pacific.
  • Sosteneo Infrastructure Partners, part of Generali Investments, has secured more than €150 million in new fund commitments and co-investment capital at the first external close of Clean Energy Infrastructure Fund II. Total capital committed to the Fund II vintage now exceeds €450 million.

06

People Moves

9 appointments

  • Augusto Khoury has joined BW ESS as Investment Director, having previously been Delivery Team Lead, Onshore Power Infrastructure Europe at Shell.
  • Adrián Cantos Cuevas has joined Vorn Bioenergy as Director, Structured Finance & Portfolio Management, having previously been Project Finance Manager at Econergy Renewable Energy.
  • Christian Hürlimann has joined BKW Energy AG as Head of Asset Management Wind & Solar, having previously been Renewables CEO at MET Group.
  • Christine McGregor has joined Exagen Group as Chief Executive Officer, having previously been Portfolio Director at Octopus Energy Generation.
  • Christian Velasco has joined HitecVision as Senior Partner, having previously been Managing Director at DigitalBridge.
  • Daniel Myohl has joined Igneo Infrastructure Partners as Director, having previously been Principal at I Squared Capital.
  • Dominik Damaschke has joined Equitix as Head of DACH (MD), having previously been Head of Infrastructure Equity at MEAG.
  • Marcel Albers has joined Alpha Trains Group as Head of Corporate Finance & Treasury, having previously been Vice President, Infrastructure and Project Finance at NatWest Group.
  • Radu Gruescu has joined I Squared Capital as Managing Director in the Energy Transition team, having previously been Partner at Copenhagen Infrastructure Partners.

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