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26 March 2008
Macquarie European Infrastructure Fund 2 (MEIF 2) today announced that it has agreed to acquire a majority stake in GWE, a leading independent energy provider in Germany. Established in 1994, GWE provides decentralised energy supply solutions, for the supply of electricity, heating and cooling for bulk consumers such as industrial organisations and hospitals.
MEIF 2 makes long-term investments in essential infrastructure businesses across Europe.
According to Mr Martin Stanley, Chief Executive Officer of Macquarie’s European Infrastructure Funds, “GWE is an innovative business in the sustainable energy sector that has all of the criteria we look for in an investment. It provides an essential service to the community, has strong competitive advantages and generates stable and predictable cashflows that are supported by long-term contracts.
“We look forward to working with the management team at GWE to support the further growth and development of the business over the long term,” Mr Stanley said.
GWE provides electricity and process steam or heat, under long-term contracts, to hospital and industrial customers. Projects are long-term, located on-site with customised design and development and supported by long-term off-take and supply contracts. Customers significantly benefit through reduced energy costs and an improved environmental footprint. GWE has 12 plants located throughout Germany. Of these, 10 are hospital plants designed to provide heating and cooling services, while the industrial plants are a mixture of gas-fired plants with one other large RDF-fired (Refuse Derived Fuel-fired) plant under construction in Andernach. These provide process steam and electricity to industrial customers.
GWE is the sixth investment made by MEIF 2 since it was established in [late 2006]. Previous investments made by the Fund include:
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Techem AG, German energy services provider
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Airwave, the UK’s largest provider of public safety communications services
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Thames Water, the largest water and wastewater services company in the UK
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Arqiva/National Grid Wireless, provider of television and radio transmission services to broadcasters in the UK
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NCP, the leading off-street car parking provider in the UK.
MEIF 2 is managed by the Macquarie Group, a global leader in investment and management of infrastructure and essential-service businesses with a portfolio of over 100 assets. MEIF 2 benefits from Macquarie’s substantial expertise and strong track record of responsible management.
FOR FURTHER INFORMATION
Alison Jefferis
Corporate Communication
Macquarie Group
Tel: +44 20 7065 2335
Mob: +44 (0)79 1938 2958
Alison.Jefferis@macquarie.com
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