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Global Infrastructure Partners and ADIA Agree to Acquire 72.55% Interest in European Rail Logistics Company, VTG

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Global Infrastructure Partners ("GIP"), a leading independent global infrastructure investor, is pleased to announce it has reached an agreement, alongside our partner the Abu Dhabi Investment Authority ("ADIA"), to acquire a 72.55% equity interest in VTG Aktiengesellschaft ("VTG"), the leading European railcar lessor, from Morgan Stanley Infrastructure Partners and Joachim Herz Stiftung.

Headquartered in Hamburg, Germany, VTG is a leading international wagon hire and rail logistics company whose more than 88,500 railcars comprise the largest privately owned fleet in Europe. VTG’s diversified fleet and pan-European operations allow it to offer services to a wide range of customers across the industrial, logistics and railway undertaking sectors. The VTG platform provides a differentiated offering to its customers through ancillary capabilities, including rail logistics and repair and maintenance.

Adebayo Ogunlesi, Chairman and CEO of GIP said: "We are excited by this investment and the opportunity to leverage GIP’s deep industry expertise in the rail sector to build on a market-leading European transport infrastructure platform. This acquisition is aligned with GIP’s energy transition and decarbonisation strategy given significant government support for the European rail sector as one of the most cost-effective tools for delivering on net zero emissions targets. We look forward to partnering with ADIA to develop this unique platform."

Khadem AlRemeithi, Executive Director of the Infrastructure Department at ADIA, said: "The growth of Europe’s rail freight market is backed by a modal shift to rail as a key enabler of the decarbonisation of supply chains. This investment in VTG aligns with our continued focus on pursuing infrastructure opportunities backed by strong energy transition-related tailwinds. For this transaction we have worked hand-in-hand with GIP, a long-standing partner, to invest in a market leading business with an established track record."

The transaction is subject to customary regulatory closing conditions.

GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $84 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $68 billion and employ c. 104,000 people.

Established in 1976, the Abu Dhabi Investment Authority ("ADIA") is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

Skyborn Renewables Launches as a Leading Company in Global Wind Power

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Global Infrastructure Partners ("GIP"), a leading independent global infrastructure investor, today announced the launch of Skyborn Renewables, a leading player in the international wind power industry. Skyborn Renewables (Skyborn) was previously operated as wpd offshore.

In May, GIP announced an agreement to acquire 100% of the business. The transaction closed on September 15, 2022.

The assets of Skyborn include interests in 5 operating and under-construction projects in Germany, France and Taiwan; and a pipeline of over 30 GW (gross) of highly diversified offshore wind projects in various stages of development. The company has over 20 years of development experience, a track record of ~7 GW developed to date, and a presence in fifteen European and APAC markets.

CEO Achim Berge Olsen commented: "Skyborn Renewables will combine the team’s experience with GIP’s financial strength and track record of investing in renewables assets to the deployment of offshore wind energy for the benefit of future generations. Our mission is to address the global challenges of the climate crisis and energy security."

In addition to Berge Olsen, the newly-appointed management team includes:

João Metelo, Chief Investment & Financial Officer (CIFO), who has over 23 years of international experience,
Morten Melin, Co-Chief Operating Officer (COO), who will join the team in March 2023, an industry expert with more than 25 years of offshore wind experience,
Thomas Karst, Co-Chief Operating Officer (COO), who has almost 25 years of relevant industry and leadership experience and a strong focus on successful customer projects,
Lars Muck, Chief Technology Officer (CTO), who has over 25 years of industry and leadership experience,
Cathrin Browne, General Counsel (GC), who has 18 years of experience and has held senior positions at market leading companies and law firms.
To support the team and strengthen its operating capabilities, Skyborn Renewables will open an office in Hamburg.

"GIP identified offshore wind as an important component of the transition to clean, renewable power. The investment in Skyborn is a significant milestone and demonstrates GIP’s commitment to the continued growth of global renewable power generation," said Adebayo Ogunlesi, Chairman and CEO of GIP.

GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. GIP’s global renewables portfolio includes solar, wind, hydro, and battery storage assets representing 18 GW of operating and construction capacity, royalty interests in over 21 GW of operating renewable projects, and over 175 GW of assets under construction or in development. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $84 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $68 billion and employ over 100,000 people.

Skyborn Renewables (Skyborn) is helping to achieve global decarbonisation by accelerating the development of offshore wind energy across the world. We believe offshore wind is a cornerstone of the clean energy transition, which will enable the achievement of net-zero targets, ensure energy security, and provide a sustainable energy supply for future generations. Skyborn is a pioneer and leading offshore wind developer and operator with more than 20 years’ experience and a track record of approximately 7 GW developed around the globe to date. Our capabilities cover the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing, construction management and asset management. Skyborn’s portfolio includes a global pipeline of over 30 GW in various stages of development. Headquartered in Bremen, Germany, the company is present in 15 European and APAC markets.

GIP and ACTIS ANNOUNCE ACQUISITION OF ATLAS RENEWABLE ENERGY BY GIP

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Global Infrastructure Partners, a leading independent infrastructure investor, and Actis, a leading global investor in sustainable infrastructure, jointly announced the completion of the acquisition of Atlas Renewable Energy by GIP.

Atlas is the second largest independent renewables developer in Latin America with 14 fully contracted solar assets that produce 2.3GW of installed capacity, across Brazil, Chile, Mexico and Uruguay.

Atlas Renewable Energy was founded in 2016 by a team of highly-experienced executives, with the support of Actis. From an initial development portfolio, Atlas has increased its installed capacity by 5x over a 4.5 year period. Atlas’ approach has been focused on delivering customer-focused energy solutions with the goal of providing green energy at competitive costs through tailor-made, innovative solutions.

Atlas benefits from sector tailwinds in the region, as economic growth and the global energy transition, coupled with the availability of abundant renewable resources, are driving increased demand for renewable energy generation. Atlas is well-positioned to help lead this growth through its differentiated offering, scaled regional presence, and strong existing relationships with customers in the region.

Ronnie Hawkins, Partner of GIP Emerging Markets said: "We are pleased to announce the acquisition of Atlas Renewable Energy, which further enhances GIP’s leading global renewables franchise. Atlas adds a large-scale Latin American platform to our solar, wind and battery storage assets in North America, Europe and Asia. We look forward to supporting Atlas’ management team and leveraging GIP’s extensive experience and relationships to further scale the solar business across other renewable technologies."

Michael Harrington, Actis Partner and Head of Americas, added: "We are immensely proud of the Atlas platform and organization. Building it has called upon our experience and networks across the global renewable energy industry to take it from a restructuring process, to creating one of the region’s largest independent renewables businesses and a global sustainability leader. The sale of Atlas marks our fifth renewable platform exit in the Americas, where we have now built and owned over 7 GW of contracted wind and solar capacity, making Actis one of the largest private investors in the energy transition of the region."

Carlos Barrera, CEO, Atlas Renewable Energy commented: "In the past five years Atlas Renewable Energy has experienced a remarkable growth journey that now positions us as a regional leader in delivering competitive, clean energy solutions to large corporate customers. We are grateful for Actis’ partnership, trust and commitment during this period. The investment by GIP now marks a new and exciting phase for our company as we expand the business into new markets and new technologies, and continue to deliver tailor-made solutions that help corporates transition to clean energy. We look forward to the road ahead, and to continue to set a high bar in our ESG efforts to promote sustainable development through renewable energy."

GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. GIP’s global renewables portfolio includes solar, wind, hydro, and battery storage assets representing 19 GW of operating and construction capacity, royalty interests in over 20 GW of operating renewable projects, and over 173 GW of assets under construction or in development. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $84 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $68 billion and employ over 100,000 people.

Actis, is a leading global investor in sustainable infrastructure. Actis has raised US $24 billion since inception and operates with sustainability at its core. Actis believes Values Drive Value, through deep operational experience, on the ground presence and a value-led approach, Actis delivers competitive returns for its institutional investors and measurable positive impact for the countries, cities and communities in which it invests.

Actis is a signatory to the United Nations backed Principles for Responsible Investment (UNPRI), an investor initiative developed by the UNEP FI and the UN Global Compact. The firm has consistently been awarded the highest rating score in the UN Principles for Responsible Investment (PRI) independent assessment.

Atlas Renewable Energy is an international renewable energy generation company that has been developing, financing, constructing, and operating renewable energy projects throughout the Americas since early 2017. Atlas Renewable Energy includes an experienced team with deep global power market and renewable energy expertise, and with the longest track record in the renewable energy industry in Latin America. The company’s strategy is focused on helping large corporates make the energy transition to 100% clean energy. Atlas Renewable Energy is widely recognized for its high standards in the development, construction, and operation of large-scale projects; as well as a deep and long-standing track record in ESG and sustainable development.

Buhari administration backs Emefiele over alleged stamp duty fraud

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The Buhari administration has dismissed as fake and untrue that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, could not account for about N89.1 trillion the CBN collected as Stamp Duty charges.

A member of the House of Representatives from Jigawa, Gudaji Kazaure, in a viral video, had allegedly accused the CBN governor of attempts to cover-up facts surrounding the collection of the controversial amount.

He also alleged that he was deliberately being denied access to present a preliminary report of a committee set up by President Muhammadu Buhari to look into the alleged stamp duty funds being withheld by the CBN.

Also in the viral video, Kazaure urged the president to either allow him to present his report to him or immediately order a thorough investigation of the alleged stamp duty funds.

However, Malam Garba Shehu, the president’s Senior Special Assistant on media and publicity, described Kazaure’s Committee as illegal, saying the committee was dissolved on the directive of Buhari.

The statement read in part: ”In the first instance, the committee on the alleged loss of stamp duty funds he is talking about is an illegal committee, it was dissolved on the directive of the president.

”Anyone familiar with our constitution will find it curious that a member of the Parliament is the Secretary of an Executive Committee.

”It suffices to say that the entire net worth of the nation’s financial sector, the assets of the banking sector put together are not worth N50 trillion, not to talk of the kind of money he is talking about.

”CBN assures that there is absolutely no problem, whatsoever, with money from Stamp Duties.

”There is a committee duly set up by the president in June 2020 chaired by the Attorney-General and Minister of Justice and the Secretary is the Chairman of the Federal Internal Revenue Service, FIRS that is currently reconciling the stamp duty accounts.”

Shehu said that the job had not finished, adding, ”as it is, there is nothing to give credence to wild accusations made against the administration.”

The presidential aide further revealed that earlier investigations carried out by government departments and anti-corruption agencies on the stamp duty accounts indicated that nothing sensational had been discovered by them.

He said: ”Following speculation and the many allegations, earlier investigations were commissioned by government departments and agencies.

”These included the Ministry of Finance, the Revenue Mobilisation and Fiscal Service, the Economic and Financial Crimes Commission (EFCC), the Nigerian Deposit Insurance Corporation and nothing sensational had been discovered by them. Issues of reconciliation are being handled.

”As for Hon. Gudaji seeing the president, I like to assure that there is nobody that can stop him from seeing the number one citizen. Gudaji is a friend of the president.

”He sees him as many times as he wants and he is welcome to come and see him again and again.”

SSS to raid fuel stations, clear fuel queues within 48 hours

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The State Security Service, SSS, at a meeting with oil marketers and other stakeholders have resolved to address the challenges of fuel scarcity and lingering queues at filling stations within 48 hours.

The Public Relations Officer of SSS, Dr Peter Afunanya said this on Thursday in Abuja while briefing newsmen at the end of a meeting with petroleum distribution stakeholders.

He said the meeting was attended by representative of the SSS, NNPC Limited, Major Oil Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria and other stakeholders.

Mr Afunanya said part of the resolutions reached was that the NNPC would provide fuel at normal and affordable official rate to all marketers.

He said the meeting also resolved that marketers who operate depot would work on a 24-hour basis to ensure adequate supply of fuel in the country.

According to him, it was also agreed that the SSS will ensure protection and provision of security to all marketers and their products across the country while moving oil products.

Mr Afunanya said the DSS would take action against any filling station, marketer or oil stakeholder that reneged on the agreement reached at the meeting.

He said the meeting was called to address the challenges of fuel scarcity, adding that the DSS would not sit back and watch the current scarcity persist despite availability of the product.

The DSS spokesman said the lingering fuel scarcity could lead to economic sabotage and threat to national security, if not properly handled.

He said plans were concluded by the SSS to raid all fuel stations and quiz any marketer found hoarding petroleum products.