Pioneer Point Partners LLP, the sustainable infrastructure investment firm, completes two new investments from its fund, Pioneer Infrastructure Partners SCSp.
The Fund has acquired a majority stake in PerPetum Europe N.V., a leading Belgium-based company that develops, constructs, owns and operates decarbonisation energy projects for Commercial and Industrial (“C&I”) customers. The Fund has also invested in Comat Servizi Energetici S.p.A., the leading residential energy efficiency company in Northern and Central Italy. The two investments are strongly aligned with Pioneer’s sustainable objectives of contributing to the energy transition.
PerPetum was founded in 2007 as a contractor for rooftop solar and has since expanded to become a vertically-integrated decarbonisation solutions provider to the C&I sector in Belgium. The company has core expertise in solar PV where it has installed over 500MW of capacity to date. The Company will have over 200MW operational and owned on balance sheet by the end of 2024, operating under tailor-made corporate power purchase agreements. PerPetum is increasingly focussed on multi-technology solutions for C&I customers including onshore wind, battery storage and EV charging infrastructure. PerPetum’s portfolio includes some of Europe’s largest behind-the-meter projects, such as the 40MW solar PV carports at Pairi Daiza’s zoo, and the 23MW ground, rooftop and carport installation at Aperam’s steel plant in Genk.
The Fund has acquired a majority stake in PerPetum, with the Founder and CEO, Luc Leenknegt, retaining a significant minority stake through his management company. The Fund will also provide growth capital to grow further in Belgium and into other European markets such as France.
Comat is a market leader in the residential Italian energy efficiency market, managing c. 3,200 condominiums across Northern and Central Italy. Comat provides a wide range of energy efficiency services, including the replacement of centralised boilers with more efficient technologies such as heat pumps, roof/wall insulation and solar PV installations. Comat supports residents to reduce their energy consumption, lower bills and ultimately, decrease the reliance on fossil fuels.
The Fund acquired Comat with Marguerite from Italian Energy Efficiency Fund I (“IEEF”), managed by Fondo Italiano per l’Efficienza Energetica (“FIEE”), and other shareholders. FIEE, via its investment fund IEEF II, then contributed its portfolio company Metrotermica S.p.A. into Comat, resulting in an equal partnership. The shareholders are committing significant capital to fund the company’s growth into new regions and business lines.
The Fund has now completed six investments and continues to deploy capital in line with the investment strategy and Pioneer’s successful track record in the lower mid-market, value-add sustainable infrastructure sector across Western Europe. Following its launch in 2020, the Fund held a €575m Final Close in February 2022, exceeding its initial €500m target.