Sustainable value creation through partnership
Tell me moreWho we are
First Sentier Investors has been managing infrastructure investments for almost 30 years. Today our direct infrastructure business is known as Igneo Infrastructure Partners.
While our name may have changed, we remain committed to partnering with our clients and management teams, to create a more sustainable future.
Over 100 global investment specialists*
A 30 year investment track record across c.70 acquisitions*
Over 120 clients entrust us to manage US$19.5bn of assets*
*Source: First Sentier Investors, in USD as at 31 December 2023
View our portfolio assets
Region
company
sector
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Adelaide Airport
Adelaide Airport served more than 8.5 million passengers in 2019 as Australia’s fifth largest airport by passenger volume. Adelaide Airport is the domestic and international gateway to South Australia, with a recently expanded airport terminal. The airport is a vital element of the South Australian economy, and is the largest single site employment precinct in the State. Its aeronautical revenue base is supported by diversified revenue streams including retail, parking and property.
- Location: Australia
- Sector: Airports
- Risk Classification: volume
- Initial Acquisition date: May 2015
- Governance: joint
- Website: www.adelaideairport.com.au/
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Atmos Renewables
Atmos Renewables is an Australian renewables operator with interests in eight operational utility-scale wind and solar farms across four states – Victoria, Queensland, South Australia and Tasmania – with a gross capacity of 754 megawatts. Atmos benefits from long-term energy offtake contracts with investment grade counterparties. The manager’s strategy is to become a leading Australasian renewables owner and operator with a diversified portfolio of assets by technology and geography.
- Location: Australia
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Mar 2021
- Governance: sole
- Website: atmosrenewables.com.au/
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Brisbane Airport
Brisbane Airport served 23 million passengers in 2019 as Australia’s third largest airport by passenger volume. Brisbane Airport is the key domestic and international gateway to Brisbane and Queensland, with Australia’s largest domestic network and strong links to growing international markets. Brisbane Airport opened a new runway in 2020, and operates curfew free 24 hours a day, seven days a week, Brisbane Airport is the largest capital city airport in Australia by land size occupying 2,700 hectares, with a large and diversified property portfolio.
- Location: Australia
- Sector: Airports
- Risk Classification: volume
- Initial Acquisition date: May 2015
- Governance: joint
- Website: www.bne.com.au/
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Clarus
Clarus, previously known as Firstgas, owns and operates gas transmission and distribution networks in the North Island of New Zealand. Its networks consist of the entire gas transmission system, transporting gas from New Plymouth spanning the North Island with a total length of over 2,500 km and a gas distribution system which services more than 60,000 end customers, primarily in central and northern regions of the North Island. Clarus is also the owner and operator of the Ahuroa gas storage facility, which is contracted under long-term fixed price arrangements; and of Rockgas LPG distribution business, the largest LPG retailer in New Zealand with c. 40% market share.
- Location: New Zealand
- Sector: Gas Distribution
- Risk Classification: regulated
- Initial Acquisition date: Apr 2016
- Governance: sole
- Website: clarus.co.nz
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coNEXA
coNEXA Infrastructure Partners (‘coNEXA’), previously Water Utilities Australia, is an integrated water utility comprising five portfolio assets – Rosehill Recycled Water Scheme (‘AquaNet’), Willunga Basin Water Company (‘WBWC’), Lightsview ReWater (‘LV’), Kooragang Industrial Water Scheme (‘KIWS’) and Permeate Partners (‘Permeate’). AquaNet is an unregulated water utility providing recycled water to industrial users, via Sydney Water, in the Greater Parramatta to the Olympic Peninsula region of Sydney. WBWC is an unregulated rural water utility providing low cost recycled water for irrigation to the McLaren Vale wine region, south of Adelaide. LV is a regulated urban water utility providing mandated recycled water to the Lightsview housing development 8km north of the Adelaide CBD. KIWS is an unregulated water utility in the Kooragang Island, Newcastle supplying high-grade industrial water to Orica. Permeate is a specialist in the design, delivery and operation of water and wastewater infrastructure. coNEXA is the water platform for GDIF to invest in water infrastructure in Australia and New Zealand.
- Location: Australia
- Sector: Water utility
- Risk Classification: contracted
- Initial Acquisition date: Dec 2016
- Governance: sole
- Website: wua.com.au/
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CPE Renewable Investment Unit Trust
CPE Renewable Investment Unit Trust (CPERI) develop, own and operate multi-utility behind-the-meter assets. The CPERI portfolio includes three operational multi-utility sites as well as 30 operational, or under construction, rooftop solar and battery assets for commercial and industrial clients. Once construction is completed, the portfolio will have 29.5MW of solar capacity, 33.4MWh of battery capacity and 79.8MW of thermal capacity.
- Location: Australia
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Apr 2019
- Governance: joint
- Website: cleanpeakenergy.com.au/
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DAH Group
The DAH Group is an integrated energy company that generates gas, electricity and heat from renewable energy sources. DAH operates 22 biogas plants located primarily in Eastern Germany making it one of the largest plant operators in the country.
- Location: Europe
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Nov 2023
- Governance: sole
- Website: www.dah-gruppe.de/start/
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Enfinium
enfinium is the largest pure-play energy-from-waste portfolio in the UK, with a total waste processing capacity of 2.3 million tonnes per annum and a total power generation capacity of 265 megawatts. The portfolio includes four operational plants and two plants in construction, all strategically located in attractive waste catchment areas across the UK.
- Location: Europe
- Sector: Waste
- Risk Classification: contracted
- Initial Acquisition date: Feb 2021
- Governance: sole
- Website: enfinium.co.uk/
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Evos
Evos is an independent liquid energy and chemical storage company operating a network of 8 tank terminals with a combined storage capacity of 6.3 million cbm. The company provides critical infrastructure in key trading hubs in Europe covering the ARA region, Germany’s largest port Hamburg and the Mediterranean. Evos offers safe handling of a range of liquid bulk products, and is a frontrunner in the storage of sustainable fuels and supporting the energy transition.
- Location: Europe
- Sector: Bulk Liquid Storage
- Risk Classification: contracted
- Initial Acquisition date: Sep 2019
- Governance: sole
- Website: evos.eu/
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Finerge
Finerge is Portugal’s second-largest renewable energy producer and for over 20 years has worked to provide access to more sustainable energy sources to the world. Finerge operates 69 Wind Farms and 17 PV solar plants located in more than 46 municipalities across Portugal and 3 provinces in Spain. Day and night, more than 770 turbines harness the energy of the wind, and thousands of photovoltaic modules that collect energy from the sun, transforming it into clean electricity at a rate of 3.200Gwh. All this means that more than 1,661 k tons of CO2 emissions are avoided.
- Location: Europe
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Nov 2015
- Governance: sole
- Website: www.finerge.pt/en/
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Integrated Waste Services
IWS is a post-collections waste business in Adelaide (5th largest city in Australia), targeting mixed waste processing and disposal in the residential and commercial sectors. It currently processes 400kt pa of waste, capturing c.70% of all municipal solid waste and c.60% of all commercial and industrial mixed waste in Adelaide.
- Location: Australia
- Sector: Waste
- Risk Classification: contracted
- Initial Acquisition date: Jan 2022
- Governance: sole
- Website: www.iwsgroup.com.au/
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International Parking Group
International Parking Group owns and operates hospital car parks across Australia. With locations at nine sites across Sydney, Brisbane and Perth, the company provides over 14,000 parking bays. Its largest site, the Queen Elizabeth II Medical Car Park in Perth, has over 5,000 parking spaces.
- Location: Australia
- Sector: Car parks
- Risk Classification: volume
- Initial Acquisition date: Feb 2003
- Governance: joint
- Website: internationalparkinggroup.com.au/
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MVV Energie
MVV Energie is a German-based integrated utility company supplying industrial, commercial and private household customers. Present across the whole energy value chain, MVV is active across generation, distribution, trading and supply in power, district heating, gas and water. In addition to its regulated networks, the Company has a strong focus on renewable energy generation, including energy-from-waste, biomass and bio-methane plants in addition to onshore wind farms. MVV holds a top decile ESG rating by Institutional Shareholder Services (ISS) and is a multiple award winner for its efforts in the German energy transition.
- Location: Europe
- Sector: Integrated Utility
- Risk Classification: regulated
- Initial Acquisition date: Jun 2020
- Governance: joint
- Website: www.mvv.de/en
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Navigator Terminals
Navigator Terminals is the owner and operator of four independent portside bulk liquid storage terminals across the United Kingdom in London (Thames), Teesside (Seal Sands and North Tees) and Barry (Windmill) storing a mix of petroleum products, petrochemicals, chemicals, gases, and fats and oils across a combined total capacity of 1.3 million cubic metres.
- Location: Europe
- Sector: Bulk Liquid Storage
- Risk Classification: contracted
- Initial Acquisition date: Oct 2016
- Governance: lead
- Website: www.navigatorterminals.com/
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Nordion Energi
Nordion Energi was formed through the integration of three acquisitions; Swedegas (2018), Weum Gas (2018) and Falbygdens Energi (2021). The activities of the company include the ownership and operation of the sole gas transmission network in Sweden, located in the south-western part of the country (Swedegas), the country’s largest gas distribution network, mainly in the Malmo metropolitan area (Weum Gas), as well as the electricity distribution network of Falkoping (Falbygdens Energi). Nordion Energi has been formed to drive the transition towards 100% green energy in Sweden, and it is a leader in the development of biogas and hydrogen related infrastructure in Sweden.
- Location: Europe
- Sector: Gas Distribution and Transmission
- Risk Classification: regulated
- Initial Acquisition date: Apr 2018
- Governance: sole
- Website: www.nordionenergi.se/en
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OLT Offshore LNG Toscana
OLT owns and operates the FSRU Toscana, a floating LNG regasification terminal. The FSRU was converted from an LNG tanker and is anchored off the Italian coast of Livorno. The terminal has an annual regasification capacity of 3.75 bcm (approx. 4% of domestic demand) and is connected to the Italian gas transmission network via a subsea pipeline. The FSRU Toscana is a core infrastructure asset for the importation of LNG to the Italian energy system and as such operates under a long term concession and is regulated by ARERA, the Italian Regulatory Authority for Energy, Networks and Environment.
- Location: Europe
- Sector: Gas Distribution and Transmission
- Risk Classification: regulated
- Initial Acquisition date: May 2019
- Governance: joint
- Website: www.oltoffshore.it/en/
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Parkia
Parkia is the largest pure off-street car park operator in Spain, with 71 car parks in prime city locations spanning 43 cities across both Spain and the Principality of Andorra and capacity of almost 39,000 spaces. The car parks operate on a 24/7 basis under concession contracts with local municipalities and enjoy the strongest EBITDA margins in the sector.
- Location: Europe
- Sector: Car parks
- Risk Classification: volume
- Initial Acquisition date: Jun 2016
- Governance: sole
- Website: parkia.es/
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Patriot Rail
Based in Jacksonville Florida, Patriot Rail operates a portfolio of 31 short line freight railroads encompassing more than 1,200 track miles across 23 states in the United States. In addition to rail freight, Patriot’s operations include other rail-related services (such as railcar storage, transloading, railcar cleaning, scrapping, repair and maintenance, and contract switching). Patriot has a high quality, diversified customer and commodity mix across its portfolio, with a focus on safe and reliable service as a core value.
- Location: North America
- Sector: Rail
- Risk Classification: volume
- Initial Acquisition date: Oct 2019
- Governance: lead
- Website: patriotrail.com/
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Quantem
Quantem is the owner and operator of bulk liquid storage facilities across twelve locations in Australia and New Zealand with total terminal capacity of approximately 600,000 cubic metres. The business provides storage for products including industrial chemicals, fats and oils petrochemicals and bulk petroleum with the ability to handle hazardous and non-hazardous, and flammable and combustible products.
- Location: New Zealand Australia
- Sector: Bulk Liquid Storage
- Risk Classification: contracted
- Initial Acquisition date: May 2015
- Governance: joint
- Website: quantem.com.au/
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Rialto Bioenergy Facility
Based in Carlsbad, California, Rialto Bioenergy Facility is an organic waste-to-energy plant developed by Anaergia Services, a global leader in the production of clean energy, fertiliser and recycled water from waste streams. It is the largest food waste diversion and energy recovery facility in North America and has the capacity to convert 700 tons per day of organic waste and 300 tons per day of biosolids into renewable natural gas.
- Location: North America
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Apr 2020
- Governance: joint
- Website: www.anaergia.com/
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Scandlines
Scandlines is the sole operator of the Rodby-Puttgarden and Gedser-Rostock ferry routes, connecting Denmark with Germany. Scandlines transports 7m passengers and 700k freight units pa. Both routes are fully integrated into the road infrastructure and a critical part of the European transportation network as extensions of the E47 and E55 motorways. As such, Scandlines is the most convenient choice for cars and freight to travel between Denmark and Berlin or Hamburg. Scandlines operates 8 ferry vessels, 6 of which hybrid. It also owns and manages one of the world’s largest floating border shop in its Puttgarden harbor.
- Location: Europe
- Sector: Ferries
- Risk Classification: volume
- Initial Acquisition date: Jun 2018
- Governance: lead
- Website: www.scandlines.com/
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Soltage
Soltage is a renewable power producer that develops, owns, operates and manages solar and storage assets across 18 states in the US. Established in 2005 and headquartered in Jersey City, NJ. Soltage is a vertically integrated distributed generation platform with in-house project development, design and engineering, finance and asset management / reporting functions. Soltage has a 17-year history of growth, having developed 511MW of solar assets, with a current owner/manager interest in 393MW.
- Location: North America
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Aug 2023
- Governance: sole
- Website: www.soltage.com/
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Terra-Gen
Terra-Gen develops, constructs, owns, and operates utility-scale wind, solar and battery storage throughout the United States, with the majority of its operations located in California. Terra-Gen’s portfolio spans across 28 generating facilities and operates ~2,500 MW of facilities and has more than 6,000 MW of projects under advanced development or construction.
- Location: North America
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Dec 2020
- Governance: joint
- Website: www.terra-gen.com/
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Tuatahi First Fibre
Tuatahi First Fibre provides wholesale ultra-fast fibre to a range of internet service providers who deliver internet to households, schools, businesses and healthcare facilities across New Zealand’s Waikato, Bay of Plenty, Taranaki and Whanganui regions.
- Location: New Zealand
- Sector: Telecommunications
- Risk Classification: contracted
- Initial Acquisition date: Sep 2020
- Governance: sole
- Website: tuatahifibre.co.nz/
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US Signal
US Signal is a regional provider of network, data center, and related services to local Small and Medium Enterprises (‘SMEs’) and large national telecom carriers. The Company operates a 9,500 fiber mile network and eight data center facilities across the Upper Midwest. It was established in 2001, and over the past 20 years has built a strong reputation for providing best-in-class customer service. Its strong existing infrastructure together with this high level of service are US Signal’s key differentiators and has attracted clients in the healthcare, finance, and telco sectors that typically require a high degree of data security and reliability.
- Location: North America
- Sector: Digital
- Risk Classification: contracted
- Initial Acquisition date: Feb 2023
- Governance: sole
- Website: ussignal.com/
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Utilitas
Utilitas is the largest district heating operator and renewable energy producer in Estonia providing heat to 8 cities in Estonia, including Tallinn the capital of Estonia. The company operates 556km of district heating network, providing over 2GWh of heat to 174,000 households across the country. Over 65% of heat and electricity produced is generated from renewable fuels and the company is committed to be carbon neutral by 2030.
- Location: Europe
- Sector: District Heating
- Risk Classification: contracted
- Initial Acquisition date: Nov 2018
- Governance: lead
- Website: www.utilitas.ee/en/
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Waste Management New Zealand
Waste Management New Zealand is New Zealand’s largest resource recovery and waste management services provider with vertically integrated operations across the country. The collections business operates with over 860 trucks across 70 locations in New Zealand; collecting over 2.1 million municipal bins per month.
The post-collections segment comprises a strategic nationwide network of 49 owned and/or operated material recovery, transfer stations and technical processing facilities and owns and operates five of New Zealand’s largest Class 1 landfills; handling over 1 million tonnes of waste and recycling over 200 thousand tonnes.
- Location: New Zealand
- Sector: Waste
- Risk Classification: contracted
- Initial Acquisition date: Sep 2022
- Governance: sole
- Website: www.wastemanagement.co.nz/
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Westconnect
Founded in 2010 and headquartered in Essen, Westconnect is a fibre broadband joint venture between Igneo and E.ON SE (E.ON). The Company is a leading integrated full fibre provider comprising fibre broadband operations in the western German federal states of North-Rhine Westphalia, Lower Saxony and Rhineland-Palatinate. The Company operates in regions in which E.ON owns and manages the electricity and gas distribution networks, benefitting from superior customer and municipality access as well as existing ducts and capex synergies.
- Location: Europe
- Sector: Telecommunications
- Risk Classification: volume
- Initial Acquisition date: Oct 2022
- Governance: joint
- Website: www.westconnect.de/
Not all assets are held within strategies registered for sale in EMEA, US, Australia, New Zealand, Asia and Japan. Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell the same. All securities mentioned herein may or may not form part of the holdings of Igneo Infrastructure Partners’ portfolios at a certain point in time, and the holdings may change over time.
View our latest insights
Latest business news, research papers, investment strategy updates from some of Igneo’s leading investment experts.
media
sector
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Board Governance and Climate Change
23 Apr 2024Find out moreIn this wide-ranging discussion with Igneo’s Head of Responsible Investment for Europe, Sophie Durham, as she discusses with Karina Litvack, Non-Executive Director the energy transition, the role of exclusion, setting climate change targets, greenwashing and green hushing and demonstrating progress on the energy transition.
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Infra Dig - Hamish Lea-Wilson, Igneo IP
09 Apr 2024Find out moreThe role of long-term investors in infrastructure and energy forms a central tenet of this latest episode of the IJGlobal podcast – Infra Dig – in a far-ranging interview that spans Europe.
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North America - The Outlook for Mid-Market Infrastructure Investments
27 Mar 2024Find out moreMid-market for Infrastructure is looking a little unloved. Join Igneo’s co-heads of North America John Ma and Michael Ryder as they discuss this segment of the market and why they believe it offers opportunity.
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Exiting Long-Term Infrastructure Investments
27 Feb 2024Find out moreSince 2019 Igneo has successfully exited 9 of its European portfolio companies. Marcus Ayre, Head of Europe, Igneo Infrastructure Partners, discusses the philosophy of long-term buy and hold infrastructure investing and why we may nonetheless decide to exit a business.
