Pioneer Point Partners LLP, the sustainable infrastructure investment firm, is pleased to announce the fourth investment by its second institutional fund, Pioneer Infrastructure Partners II SCSp. The Fund has acquired WCG Wärme Contracting GmbH, a leading German heat contracting business, following its carve out from EWE VERTRIEB GmbH, a subsidiary of German utility EWE AG in 2024.
As part of the investment, Pioneer and WCG secured an ESG-linked debt agreement, including acquisition financing and a capex facility, with Allianz Global Investors.
WCG is a leader in the German residential heat contracting market, providing a comprehensive heat-as-a-service solution to approximately 20,000 customers, predominantly located in rural Northern Germany. It provides advanced, energy-efficient heating systems that enable customers to improve the efficiency of their homes without the burden of substantial up-front investment costs.
Working with a large network of craftsmen and installers, WCG provides financing, installation, maintenance and energy delivery services for heating systems in return for a fixed monthly fee under long-term contracts. WCG launched its residential heat pump business last year and plans to grow this into a core offering for customers in the coming years.
Pioneer aims to support WCG in its next phase of growth, as it seeks to broaden its geographical footprint, capitalise on the increasing demand for packaged heat contracting and benefit from strong policy support for renewable heating solutions. Pioneer has appointed Ralf Gresselmeyer, former CEO of GlasfaserPlus, as Chief Executive Officer and Constantin Eis, CEO of CMBlu Energy and former CEO of LichtBlick SE, as Chairman. Both bring extensive experience in building energy and infrastructure platforms and are well placed to lead WCG’s growth.
Pioneer was advised on the transaction by Nomura Greentech as exclusive financial and debt advisor and Gleiss Lutz as legal advisor.