Investment in a US District Energy Platform

RNS Number : 3386M

Pantheon Infrastructure PLC

23 May 2022

 

23 May 2022

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

PANTHEON INFRASTRUCTURE PLC

Investment in a US District Energy Platform

Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, has invested approximately US$46.1m (£37m at current exchange rates) in Cartier Energy ("Cartier"), a district energy platform in the US.

Cartier comprises eight district energy systems located across the Northeast, Mid-Atlantic, and Midwest of the US - Detroit Thermal Energy in Michigan; Montclair State University in New Jersey; Hartford Steam and Fuel Cell, Midtown Thermal in Atlantic City, New Jersey; Wilmington District Energy and Dover Energy in Delaware; and Industrial District Energy Assets in New Jersey and Massachusetts. It provides diversified energy services such as heat (steam, hot water), cooling (chilled water) and electricity to around 190 buildings across the higher education, healthcare, commercial, manufacturing, hospitality, government, and retail sectors.

These energy services offer a reliable, sustainable and cost-efficient solution to customers located in communities with high delivered-energy prices. District energy systems are also sustainable, resilient and energy efficient, and can be more environmentally friendly compared to conventional on-site energy systems due to the aggregation of diverse load profiles and economies of scale.

District energy is seeing robust demand from tenants seeking greater reliability of energy supply, as well as the potential for energy decarbonisation, which Cartier expects will drive EBITDA growth in the next decade.

PINT co-invested through funds managed by Vauban Infrastructure Partners, a leading alternative investment firm.  

Richard Sem, Partner at Pantheon Ventures, PINT's investment manager, said: "Investment in resilient, sustainable and energy efficient assets is integral to the global energy transition. We're delighted to be partnering with an experienced investor and company management team as we continue to build a robust portfolio that unlocks access to sectors benefitting from strong growth drivers."

For further information, contact: 

Pantheon Ventures (UK) LLP Investment Manager Richard Sem, Partner Ashley Wassall, Head of Client Communications	[phone] [e-mail] [e-mail]
Investec Bank plc Corporate Broker Tom Skinner (Corporate Broking) Lucy Lewis, Denis Flanagan (Corporate Finance)	[phone]
TB Cardew Public relations advisor Ed Orlebar Tania Wild Max Gibson	[phone] [e-mail] [phone] [phone] [phone]

Notes to editors

PINT

PINT is a closed-ended investment company and an approved UK Investment Trust, listed on the Premium Segment of the London Stock Exchange's Main Market.  The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles.

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Pantheon

Pantheon is a leading global private equity, infrastructure & real assets, private debt and real estate investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has $84.6 billion in assets under management and advice (as at 31 December 2021) and employs approximately 400 staff, including more than 115 investment professionals, across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.

 

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