EIP to invest in second German offshore wind farm, Iberdrola’s Wikinger

  • Energy Infrastructure Partners reaches agreement to acquire 49% stake in Iberdrola offshore wind farm with 350 megawatts of capacity in the Baltic Sea

  • Agreement builds on EIP expertise in offshore wind and further increases access to Germany’s highly attractive feed-in tariff regime across client portfolios


ZURICH, 14 September, 2022
— Energy Infrastructure Partners, a leading infrastructure investor focused on the global energy transition, has reached an agreement on behalf of its clients to take a 49% stake in Iberdrola S.A.’s Wikinger offshore wind farm.

Wikinger operates under Germany’s feed-in tariff regime, which the country launched to spur clean energy investments and has since closed to new projects. The scheme offers a guaranteed price for all electricity produced by the Wikinger wind farm through 2037.

Unlike other fixed-price offtake arrangements, the wind farm and other assets in the scheme can sell the power they produce at market prices whenever they exceed the tariff.

Partnership with global leader in the renewable energy movement

Iberdrola entered the German market by building Wikinger, which began operations in 2018. Germany has since become a focus market for the Spanish multinational, which has built more than two decades of experience in renewable energy and is on track to amass 60 gigawatts of installed carbon-free generation capacity globally by 2025. Iberdrola will remain Wikinger’s majority shareholder and continue providing operation and maintenance services.

“Opportunities to join global leaders like Iberdrola as investment partners in a wind farm of this caliber – and with access to one of the most attractive regulatory schemes in the world – do not come around that often,” said Roland Dörig, EIP’s co-founder and managing partner. “It’s an especially proud day for our investors and another important moment in our growth story.”

Leveraging expertise in offshore wind

“It’s an honor to partner with Iberdrola, a pioneer and undisputed leader in the offshore wind industry,” said Peter Schümers, EIP’s co-head of Investments. “Adding a second offshore wind farm in the Baltic Sea allows us to continue leveraging our expertise with this technology while enhancing diversification across our clients’ portfolios.”

Since it entered operation, Wikinger’s 70 turbines have contributed 350 megawatts in capacity of carbon-free electricity to Germany’s green energy ambitions, enough to power about 350,000 German homes, according to an Iberdrola analysis.

EIP manages a stake in the adjacent Arkona wind farm with 378 megawatts of capacity in partnership with RWE AG following a 2020 investment.

About Energy Infrastructure Partners AG 

Energy Infrastructure Partners AG is a Switzerland-based manager of collective assets focused on long-term equity investments in high-quality, large-scale renewables and system-critical energy infrastructure assets. Our strategy and investment horizon align with the lifetime of the underlying assets and generate visible cash flows. With over CHF 5 billion under management, EIP leverages an extensive industry network, broad transaction experience and partnerships with leading energy companies and the public sector to develop and manage investment solutions for institutional investors globally. EIP’s investor base includes pension funds, insurance companies and large family offices, who are increasingly interested in contributing to security of the energy supply as a pathway to create positive economic, ecological and social developments, and whose long-term funding needs closely match the energy infrastructure asset class.

Media contact

media@energy-infrastructure-partners.com

Disclaimer

This document does not constitute individual investment advice and does not release the recipient from making its own assessment with respect to an investment. The recipient must not take any investment decisions solely based on the information contained in this document and shall, if necessary or appropriate in consultation with external advisers, assess the information based on the recipient’s individual circumstances in terms of suitability and appropriateness and any legal, regulatory, tax, accounting or other consequences such an investment may have.

Copyright © 2022 Energy Infrastructure Partners AG. All rights reserved.

Energy Infrastructure Partners receives AIFM license, expands client offering

Luxembourg, July 22, 2022 – Energy Infrastructure Partners has secured authorization from Luxembourg’s financial supervisor to operate as an Alternative Investment Fund Manager, the latest step in strategic growth in investments supporting the conversion and expansion of the global energy system.

The Commission de Surveillance du Secteur Financier (CSSF), which is responsible for supervising Luxembourg’s financial sector, has granted Energy Infrastructure Partners’ Luxembourg subsidiary a license as an Alternative Investment Fund Manager (AIFM) following an intensive application process.

Starting now Energy Infrastructure Partners will be able to manage and market alternative investment funds (AIF) in Luxembourg under its own license. The associated cross-border passporting rights will in turn enable the manager to market and distribute its own products across the European Union. Energy Infrastructure Partners will thereby streamline its European activities and further strengthen relationships with European investors.

Stéphanie Pinheiro, Head of Energy Infrastructure Partners Luxembourg, commented, “The AIFM license is the next logical step for Energy Infrastructure Partners. Achieving this milestone enables us to further extend our geographic scope and serve clients anywhere in the European Union now better than ever.”

Dr. Dominik Bollier, co-founder and Managing Partner of Energy Infrastructure Partners, added, “The granting of this license comes at the ideal time as we aim to give our investors access to investment opportunities arising from the conversion and expansion of the global energy system.”

Transitioning the global economy towards a decarbonized energy system while safeguarding the security of supply will require significant levels of investment over the coming decades.

Energy Infrastructure Partners’ new global offering leverages the energy infrastructure expertise of its interdisciplinary team, comprising 70 experts across its offices in Zurich and Luxembourg. Its hands-on investment approach targets long-term, direct investments into high-quality, large-scale renewables and system-critical energy infrastructure with attractive, stable cash flows. Energy Infrastructure Partners works with reputable industrial partners and the public sector, where environmental, social and governance (ESG) matters are thoroughly analyzed and managed.

Constructed in a diversified fashion around one of the most resilient asset classes – and focused on critical subsectors like renewable energy, energy transmission and distribution, power system flexibility and energy storage – the offering is designed to give investors real asset–backed cash flows for decades.

 

Please direct enquiries to media@energy-infrastructure-partners.com.

Energy Infrastructure Partners AG
Energy Infrastructure Partners AG (EIP) is a Switzerland-based manager of collective assets focused on high-quality, large-scale renewables and system-critical energy infrastructure assets. With over CHF 4 billion under management, EIP leverages an extensive industry network, broad transaction experience and close partnerships with energy suppliers and the public sector in order to develop and manage investment solutions for institutional investors globally. These clients include pension funds, insurance companies and large family offices who are increasingly interested in contributing to security of the energy supply as a pathway to create positive economic, ecological and social developments. Pension funds in particular appreciate investment opportunities that generate long-term, visible cash flows – a trademark of energy infrastructure and a profile that matches their need to fund the retirement income of their members.

Disclaimer
This document does not constitute individual investment advice and does not release the recipient from making its own assessment with respect to an investment. The recipient must not take any investment decisions solely based on the information contained in this document and shall, if necessary or appropriate in consultation with external advisers, assess the information based on the recipient’s individual circumstances in terms of suitability and appropriateness and any legal, regulatory, tax, accounting or other consequences such an investment may have.

Copyright © 2022 Energy Infrastructure Partners AG. All rights reserved.

In the news: Interview with Roland Dörig on the energy crisis

Energy prices explode: “The electricity bill can quickly become almost as expensive as the cost of rent.”

Roland Dörig invests billions in energy infrastructure on behalf of pension funds. What happens when Putin turns off the gas tap? How will electricity prices develop? And what is going wrong in energy policy? The co-founder of Energy Infrastructure Partners speaks plainly.

By Rolf Cavalli and Patrik Müller

Originally published on July 20, 2022 by CH Media.
Download the original article (in German).

Shortly after the war began, you painted a bleak picture in a background interview with us. You said that without Russian gas, the European economy was threatened with collapse. How do you see the situation today?

Roland Dörig: Unfortunately, it has come true: Western Europe cannot do without Russian gas for the time being.

At the time, we were discussing whether the West should boycott Putin’s gas. Now, conversely, we fear that Putin will cut off our gas.

In my view, this was not a serious discussion at the time, but rather an emotional reaction to Putin’s war of aggression. Because not buying any more gas from Russia at all would not have been feasible in the short to medium term, both for the economy and for the population.

The Germans were more reticent from the outset with demands for a gas boycott.

Of course, Russian gas has been a particularly important energy source for Germany for decades, especially since most of the nuclear power plants there were taken off the grid without replacement. Ironically, a green economy minister there has now, of all people, brought coal-fired power plants back into play in an emergency exercise and tried to organize liquefied gas from Qatar.

Do we have to throw green resolutions and climate targets overboard?

I’ll have to backtrack briefly on this: At the turn of the millennium, the electricity market was liberalized and, at the same time, decarbonization was declared the central issue in Europe. Politicians have subsequently promoted the expansion of electricity production from wind and solar power with hundreds of billions of euros in subsidies…

…which depressed prices.

The rapid expansion of these heavily subsidized production facilities led to a massive drop in the price of electricity from non-subsidized generation. As a result, existing electricity production – for example, also from our domestic hydropower – no longer even covered its costs in economic terms for many years, even though it was necessary for security of supply.

Did this lead to price distortions?

Yes, and this led to a situation where not enough has been invested in the European energy infrastructure over the last 10 to 20 years. We have a lot of catching up to do! To come back to your specific question: No, we must not throw ecological goals overboard. But a viable energy supply must also be economical, i.e. affordable – and above all: secure!

At present, however, security of supply is given much higher priority than ecology.

Because we have not paid any attention to security of supply in the last 20 years. We have lived on the substance. Now this omission is catching up with us. Without security of supply, there can be no decarbonization and no affordable energy supply. The bad thing: We are actually emitting more CO2 worldwide today than ever before.

What went wrong?

Unfortunately, the ecological transformation was approached in a planned economy. Individual technologies were promoted instead of the overall system required for this. This forced all other technologies out of the market, even though wind and solar power require reserve capacity and sophisticated grid infrastructure. Gas-fired power plants, for example, didn’t stand a chance, even though they were needed.

But you are investing on a grand scale.

Yes, that’s precisely why we have specialized exclusively in the energy sector. We invest for our clients in supply-critical and ecological energy infrastructure assets – with a conservative, even boring investment strategy. The basic idea: The Swiss population invests in its own energy supply via pension funds. In this way, they can secure this and at the same time generate a contribution to their own pension.

How have these investments performed in the current price turbulence?

Excellent, of course. We invest in plants that are in short supply. And not for the next winter or the one after that, but for the next decades. Electrification is advancing and we will have a much higher demand for electricity in the near future; yet we already have too little electricity today.

Where should Switzerland expand?

In Europe and worldwide, we are investing primarily in wind and solar energy. In Switzerland, the focus is on hydropower and – very importantly – the transport and distribution of energy. The expansion of the grids and more flexibility in electricity production are becoming important. If there is too little sun or wind, it must be possible to tap other energy sources accordingly. That’s why energy storage is also central.

Under decarbonization, there would also be room for nuclear energy…

…yes, but from our point of view that is only a long-term option. We have an energy supply problem in the short and medium term. It may be 20 to 25 years before we have the first megawatt hour from a new nuclear power plant. By then, however, we must have solved the energy problem long ago.

Switzerland has been pursuing an import strategy since the energy policy introduced by Doris Leuthard. Is that still the right focus in times of Putin?

It wasn’t right before. It relied on renewable energies with very sporting assumptions that are now proving to be unrealistic, and simply relied on electricity imports for the rest. That has always been the Achilles’ heel of this strategy.

Is it realistic to supply Switzerland with electricity without imports in the long term?

No, but Switzerland definitely needs to become much more independent. We have to use everything that is renewable. In Switzerland, this is primarily hydropower, which still offers great potential for expansion.

Shortly before the war, Federal Councillor Sommaruga announced gas-fired power plants for 2025. Is that good or already outdated?

A broad portfolio of energy sources is important. For the time being, this also includes gas-fired power plants. But first and foremost, as I said, is hydropower, which we absolutely have to expand.

What can be done in the short term so that we don’t freeze next winter or the winter after that?

You’re putting me on the spot here. I only see the principle of hope. Hope for a warm winter, hope for an easing of tensions in Ukraine, hope that Nordstream 1 will come back online. Nevertheless, it is essential to make an unsparing analysis now and to derive measures.

In addition to the hope principle, there is also the deal principle: Ems leader Magdalena Martullo-Blocher is calling for peace negotiations with Putin to ensure that Russian gas continues to flow.

This is a political question. If you look at it in isolation in terms of security of supply, you would have to seek such a deal, because it is a fact that fossil energy from Russia cannot be completely replaced in the short term. But there are, of course, other aspects than security of supply. Politicians have to make this trade-off.

According to the federal government’s emergency concept, if bottlenecks were to occur in winter, large companies would first have to forego energy and shut down factories, and only then would households have to bleed. Does this prioritization make sense?

It depends on how long the shortage lasts. If it only lasts a few days, industry could probably bridge the bottlenecks best. But if you assume a long period, six months or even a year, that’s not nearly enough. The emergency concept is not designed for this. It works, for example, in the case of accidents like the one in Italy when a branch fell on a neuralgic line and the power failed there for a day. But not in the case of longer interruptions.

If gas stops flowing, this affects not only industry and households that heat with gas, but also everyone who needs electricity. This is because Switzerland imports a lot of electrical energy during the winter months, which comes from European gas-fired power plants…

That’s right, and there is far too little awareness of this in Switzerland. Because we don’t produce any electricity from gas ourselves. At least until now. Switzerland’s dependence on gas is completely underestimated in public opinion. The existence of the chemical industry would be threatened if supplies were to stop.

Russia has already cut back on supplies, with the result that energy prices have risen sharply.

Yes, and not just for gas from Russia, but also – and massively – for electricity. And because one disaster rarely comes alone: In France, about half of the nuclear power plants have been at a standstill for several months due to unplanned maintenance work – a megawatt hour there costs about 2,000 euros on average during the day – i.e. peak load – if you buy it today for November. The normal price is less than 100 euros.

Can that be? That the price has gone up 20 times?

These are the prices currently in force. Just imagine what that means for a household’s electricity bill. It can quickly become almost as expensive as the rent for an apartment. The situation is dramatic for industry: no car can be manufactured competitively in France at these energy costs. No industry can be sustained in Europe under these conditions, since energy is many times cheaper in Asia and North America.

For your understanding, the electricity price for November that you mentioned – is that a forecast?

No, these are the prices currently in effect. If a company buys electricity today, it currently pays 2000 euros for every hour in November instead of the usual 100 euros.

Why should I buy electricity now for these exorbitant prices?

Because you don’t know whether you will pay 5000 euros for it in October instead of 2000.

It’s like mortgage interest rates: you hedge for the long term?

Yes. Let’s take a look at the prices in Germany: There, we’re at about 650 euros per megawatt hour for November, and over 700 francs in Switzerland. These are average values for the fourth quarter.

So in Switzerland it’s about ten times more than usual?

Yes, that is correct as an order of magnitude. The accelerated expansion of renewables described above has resulted in increasingly low prices for electricity in recent years. As a result, the expansion of other types of generation became unattractive and was neglected. This is now having double revenge.

So in the fall and winter, Swiss electricity consumers will receive massively higher electricity bills.

Yes, but it will vary from utility to utility because they have different procurement and hedging strategies for electricity. There could be huge differences.

Then you don’t have to move to another canton or city for tax reasons, but for energy cost reasons….

That’s an exaggerated way of putting it, but it’s a new situation that we’ll have to adjust to.

With these enormous prices, many households will no longer be able to pay the bills. Should the state step in – as it did with the Corona hardship cases?

That, too, is a political question. It is important that the public sector does not make the mistake of directly influencing the price of electricity. That’s what Italy has done. Then no company invests in long-term electricity production and infrastructure. The most important thing that politicians should do is this: Create reliable framework conditions so that companies and investors invest in the energy sector for the long term. This is the only way we can achieve security of supply and decarbonization at the same time at a sustainable cost.

In the news: Now is the time to invest in the energy transition — NZZ Nachhaltig Investieren

A global energy shortage and decades of underinvestment have created an opportunity to rewrite the future of the energy industry.

By Roland Dörig and Beat Goetz

Originally published on June 24 within the NZZ’s June 2022 issue of “Nachhaltig Investieren.”
Download the original article (in German).

Behind closed doors, captains of the energy industry say they have been having a difficult time at home. “How could you let this happen?” their children and grandchildren want to know.

The world the younger generation is inheriting is one that is playing catch up. While populations have grown and old power plants have started to crumble, it’s hard to think of one country in the world that has invested enough in new energy infrastructure.

Switzerland is no exception. Like many rich countries, we have flirted at times with irresponsible decadence: We powered down nuclear power plants, but we also didn’t want wind turbines blocking our views or photovoltaic panels covering our valleys.

The price we must pay for the urgently needed energy transition is increasingly becoming clear at home, across Europe and around the world. According to the Swiss Federal Office of Energy, Switzerland alone must invest at least 1.5 trillion francs in energy infrastructure by 2050, equivalent to Switzerland’s annual gross domestic product.

Limited electricity supply has meanwhile pushed power prices to record highs, sometimes 10 times the price from just a year earlier in 2021.

In Texas, six power plants failed at the same time this spring, making power prices jump more than 20 times year over year. At least 12 of the United States will face blackouts this summer – a shocking reality for the richest country in the world, but unfortunately a global trend. In March, an earthquake and cold weather pushed Tokyo to the edge of blackout.

Decisively shaping the future of the energy system

“We are running out of time – literally running out of time,” German Economics and Climate Protection Minister Robert Habeck recently told the German Bundestag. His country fears that the lights will go out if Putin turns off flows of gas into Germany.

Despite this emergency, the present circumstances can also be seen as a unique opportunity to fundamentally redesign and renew our energy systems.

Today we employ more than 70 sector specialist who spend every day of the year thinking about energy infrastructure. One portfolio company at a time, we are working to make the energy world more sustainable. At the same time, each of our global energy investments – currently more than 45 assets in 17 countries – contributes to shaping the energy system’s future.

Even as we navigate unprecedented and sometimes scary times, we cannot give up the hunt for innovation and improvements to our energy supply. Seldom do necessity and opportunity stand so close together. As Churchill once famously said, “Never let a good crisis go to waste.”

For us, sustainability means more than just removing carbon from energy systems – although of course many of our investments do. According to a 2021 study by the consultancy Energie Zukunft Schweiz AG, investments made by Energy Infrastructure create three times more renewable energy globally than any other Swiss investor, including the largest utilities.

Sustainability for us also has to include security. In the wake of the war in Ukraine, we have seen how vulnerable the current energy mix is.

Alternatives for future generations

Germany at present has no other option than to continue buying gas from Russia and, by extension, funding the invasion of a sovereign country. We believe the world and the next generation deserve better. At Energy Infrastructure Partners, we invest to not only add security of supply but to create sovereign security of supply.

We are not against trade and globalization, but we see evidence every day that self-reliance and self-determination are the safest ways to a secure energy supply. In concrete terms, this means building out renewable energy sources in order to capture the natural resources available: hydropower where there are mountains; wind where there are plains and sea; and photovoltaic where there is sun and desert.

Putting aside climate change for a moment, there is no better way to increase supply security than by adding more local and abundant energy sources to a country’s mix.

More and more, it’s the obvious choice economically as well. According to the investment bank Lazard’s most recent Levelized Cost of Energy Analysis, renewable energy sources are also increasingly competitive against classic sources like coal, nuclear and gas in terms of cost.

Even in Switzerland, where the previous generation had the forethought to invest in our mighty hydropower plants, we are facing a shortfall: Our electricity needs are growing and we are taking nuclear power plants offline. According to a study commissioned by the Swiss Federal Office of Energy, or SFOE, electricity imports will continue to increase until 2050. The SFOE also states that, on average, we already import up to 10% of the electricity consumed in Switzerland annually.

Ultimately, the investment approach is crucial

Given the state of our export partners – France is dealing with unexpected and unprecedented maintenance issues across its fleet of nuclear power plants – this strategy isn’t sustainable. The only way out is to significantly invest in Swiss energy infrastructure.

This investment approach is crucial to ensure and further promote sustainability.

In Switzerland, our original and still largest market, we manage investment portfolios for millions of pensioners in system-critical energy infrastructure: Examples of this are Switzerland’s power grid and some of the biggest hydropower plants across the Alps. Without this infrastructure, the Swiss economy doesn’t run.

And when we achieve a return from our investments, which run for decades, it goes to fund the pensions of Swiss workers. At Energy Infrastructure Partners, this is what we mean when we think of sustainability. The Swiss population invests in its own energy infrastructure, securing its security of supply and benefitting from long-term returns.

We see this end-to-end approach to sustainable investing – sustainability in security, economics and protecting the prosperity of future generations – as something that partners, investors and governments across the world can get behind.

Today’s children and grandchildren are counting on us.

Mr. Dörig is founder and Managing Partner and Mr. Goetz is the Global Head of Client Solutions of Energy Infrastructure Partners in Zurich.

Energy Infrastructure Partners and Crédit Agricole Assurances acquire 25% of Repsol Renovables

Madrid, June 9, 2022 – Crédit Agricole Assurances, the first bank insurance group in Europe, and Energy Infrastructure Partners (EIP), a leading investor in the energy transition, announce the signing of an agreement with Repsol S.A. for the acquisition of a stake of 25% in Repsol Renovables, the Repsol S.A. subsidiary relating to renewable energy, at an implied enterprise value of €4.4bn.

Repsol Renovables has a current installed renewable generation base of 1.6 GW comprised of a mix of wind farms, solar assets and hydropower plants across Spain, Chile and the United States. Alongside Crédit Agricole Assurances and EIP, Repsol will pursue a strategic plan to increase its total installed capacity before the end of the decade, to reach 20 GW by 2030.

The consortium of funds managed by Crédit Agricole Assurances and EIP will hold 25% of Repsol Renovables following the final close, which is set to occur in the fourth quarter of this year, subject to customary closing conditions and regulatory approval.

Philippe Dumont, Crédit Agricole Assurances CEO, said, “Fully in line with Crédit Agricole Group’s commitments in favor of the climate, Crédit Agricole Assurances is actively contributing to a low-carbon economy through its investments in the energy transition. This investment alongside Repsol and EIP is a new step, contributing to reach our objective of 14 GW of installed capacity by 2025.”

“We are pleased to provide our investors with the opportunity to participate in a renewables platform of this size and caliber,” commented EIP Managing Partner, Roland Dörig. “Working together with Repsol will support us in realizing our ambitious growth plans and further expanding EIP’s footprint in the Americas,” added EIP Co-Head of Investments, Peter Schümers.

With nearly 100 years of history, Repsol has leveraged its scale as a vertically integrated, publicly traded oil and gas major with a market capitalization above €20 billion to transform itself into a leader in the renewable energy and decarbonization movement in Europe and North America.

New markets, new technologies and new corners of the energy infrastructure economy

The platform benefits economically from power purchase agreements with blue-chip companies like Microsoft and Amazon. These long-term sales contracts provide the business with protection from volatility in the power markets.

Following the transaction, Crédit Agricole Assurances and EIP plan to support the platform’s further diversification. These plans include entering new markets and incorporating complementary technologies like offshore wind.

Headquartered in Madrid, Repsol is present in more than 30 countries. The company has committed to achieving carbon neutrality by 2050.

The consortium was advised by Crédit Agricole Corporate & Investment Bank and Greenhill & Co. (M&A), and Herbert Smith Freehills and Linklaters (legal).

 

Crédit Agricole Assurances
Crédit Agricole Assurances, France’s largest insurance Group, unites together Crédit Agricole’s insurance subsidiaries. The Group offers a range of savings, retirement, health, personal protection and property insurance products and services. They are distributed by the Crédit Agricole’s banks in France and in eight other countries around the world by financial advisers and multi-line insurance agents. The Crédit Agricole Assurances companies serve individuals, professionals, farmers and businesses. Crédit Agricole Assurances has 5,300 employees. Its premium income at the end of 2021 amounted to €36.5 billion (IFRS).
www.ca-assurances.com

Press contact
Françoise Bololanik + 33 (0)1 57 72 46 83 / 06 25 13 73 98
service.presse@ca-assurances.fr

 

Energy Infrastructure Partners AG
Energy Infrastructure Partners AG is a Switzerland-based manager of collective assets focused on high quality, large-scale renewables and system-critical energy infrastructure assets. With over CHF 4 billion under management, EIP leverages an extensive industry network, broad transaction experience and close partnerships with energy suppliers and the public sector in order to develop and manage investment solutions for institutional investors globally. These clients, primarily pension funds, insurances and large family offices, seek investments in long-term, visible cash flow-generating assets that also contribute to security of energy supply, positive economic, ecological and social development, and the retirement provision of the population.

Press contact
Dr. Anna Sexton + 41 (0) 58 330 61 33
media@energy-infrastructure-partners.com

 

Disclaimer
This document does not constitute individual investment advice and does not release the recipient from making its own assessment with respect to an investment. The recipient must not take any investment decisions solely based on the information contained in this document and shall, if necessary or appropriate in consultation with external advisers, assess the information based on the recipient’s individual circumstances in terms of suitability and appropriateness and any legal, regulatory, tax, accounting or other consequences such an investment may have.

Copyright © 2022 Energy Infrastructure Partners AG. All rights reserved.

Energy Infrastructure Partners and RWE Renewables inaugurate 475 MW onshore project Nysäter Wind in northern Sweden

Zurich, June 9, 2022 – The inauguration of Nysäter Wind marks a significant contribution to the energy transition and security of European energy supply during a year that has shown these topics are more important than ever.

Today, northern Sweden’s Nysäter Wind will be inaugurated by Energy Infrastructure Partners, or EIP, and RWE Renewables, developer and minority co-shareholder of the project, which began construction in 2018. Nysäter Wind is majority-owned by funds managed by EIP and consists of 114 turbines with a combined output of approximately 1.7 terawatt hours of electricity per year. This is enough to supply the equivalent of over 300,000 Swedish homes with electricity, making it one of Europe’s largest onshore wind farms. The project also features a landmark offtake agreement with a blue-chip energy company. This power purchase agreement will run for 15 years and is one of the largest of its kind on record.

“The importance of securing energy supply and reducing reliance on traditional means of generation in Europe is paramount,” commented Roland Dörig, EIP Managing Partner. “We are proud of this accomplishment, made on behalf of our clients, who are supporting the vision of a fossil-free future with their investment.”

Sweden aims to meet 100% of its electricity needs from renewable sources by 2040, which will require continued large-scale investment in renewable technologies. Nysäter Wind supports the achievement of these climate targets by harnessing the excellent wind resource along the coastal area of northern Sweden, feeding the energy produced into the electricity grid.

“Successfully erecting 114 turbines is no small feat,” said Tobias Griesshaber, EIP Co-Head of Investments. “Considering all the phases of such a large project, and especially given the Covid-19 pandemic and related supply-chain issues, as well as the thousands of people who have been involved across all project stages, the result truly is a testament to the might of what we can accomplish when we work together.”

The inauguration will be attended by representatives of the Swedish government, media, industry and other areas of business. Prior to cutting the ribbon, there will also be a panel discussion about Sweden’s management of the climate transition, the significance of successful lighthouse projects like Nysäter Wind, and tackling increasing demand of electricity. The official event will be followed by a celebration open to members of the public, including entertainment, food and an exhibition enabling guests to visit and learn about the wind farm.

 

Please direct enquiries to media@energy-infrastructure-partners.com.

Energy Infrastructure Partners AG
Energy Infrastructure Partners AG (EIP) is a Switzerland-based manager of collective assets focused on high quality, large-scale renewables and system-critical energy infrastructure assets. With over CHF 4 billion under management, EIP leverages an extensive industry network, broad transaction experience and close partnerships with energy suppliers and the public sector in order to develop and manage investment solutions for institutional investors globally. These clients, primarily pension funds, insurances and large family offices, seek investments in long-term, visible cash flow-generating assets that also contribute to security of energy supply, positive economic, ecological and social development, and the retirement provision of the population.

Disclaimer
This document does not constitute individual investment advice and does not release the recipient from making its own assessment with respect to an investment. The recipient must not take any investment decisions solely based on the information contained in this document and shall, if necessary or appropriate in consultation with external advisers, assess the information based on the recipient’s individual circumstances in terms of suitability and appropriateness and any legal, regulatory, tax, accounting or other consequences such an investment may have.

Copyright © 2022 Energy Infrastructure Partners AG. All rights reserved.

In the news: “Now is the time to invest in the energy transition” — Infrastructure Investor

Keynote interview. Russia’s invasion of Ukraine was a wake-up call that energy security is just as important as decarbonisation, say Energy Infrastructure Partners’ managing partner Roland Dörig and head of global client solutions Beat Goetz

Originally published by Infrastructure Investor in the May 2022 issue.
Download the original article.

 

The term energy transition has been around for years. What does it mean to you?

Roland Dörig: The energy transition is a global movement to reduce carbon emissions in the energy industry. In gross financial terms, the OECD has said we need to invest $6.9 trillion annually in infrastructure until the end of the decade. That is about twice the GDP of Germany every year.

Countries across the world are generally aligned – everyone understands we need to reduce the role of carbon in our energy mix. Where we see differences is in the path from point A to point B.

At EIP, we are focused on making sure the transition happens in an intelligent manner that optimises for security of energy supply amid the transition. We want to add renewables to energy systems without jeopardising economic growth.

And we want to do it without any backsliding, as has been the case when coal-fired power plants needed to come back online to shore up energy supplies in some countries.

 

The EU decided to accelerate its renewable growth plans in the wake of the current geopolitical tensions. Do you expect a similar response in other regions?

Beat Goetz: Yes, absolutely. First, it is tragic that it takes a war, but Russia’s invasion of Ukraine has brought the topic – not only security of energy supply, but sovereign security of energy supply – to the forefront.

Countries especially here in Europe realise the risks. Germany, for example, imported 40 percent of its natural gas from Russia in the first quarter of this year (albeit down from an average of 55 percent previously). Four days after the Russian invasion, Germany announced they will dramatically accelerate their energy transition plans. Now they will be using almost 100 percent renewable electricity by 2035, 15 years earlier than planned.

That is the way out, but it won’t happen overnight. Germany’s last three nuclear power plants are shutting down for good this year and the country’s economics minister has said there is no way to completely phase out Russian gas before 2024.

So, it is imperative that we all invest now in decarbonisation but also in security of supply and self-determination.

 

The EU has been considering adding natural gas as a ‘transitional’ green investment under its Sustainable Finance Taxonomy. And yet, we just touched on some of the intrinsic risks. What role does natural gas have in the energy transition?

RD: We are convinced that natural gas has a key role to play in the energy transition. Gas-fired power plants offer the on-demand power needed to complement renewables. We are talking about plants that can power up and down tactically in case the sun isn’t shining or there is weaker wind. Natural gas also emits less than 50 percent as much carbon dioxide as coal.

The end goal, of course, is to minimise reliance on carbon-based power sources. To get there we need flexibility: grid-scale batteries or smart grids that leverage electric vehicles for balancing effects; classic hydropower reservoirs; or new technologies like hydrogen. It just takes time and, again, it is important that we start now.

 

Institutional investors are increasingly looking to add exposure to the energy transition to their portfolios. Some are considering it a separate asset class, with fixed allocation targets. Are you seeing that trend play out on your side and how do you explain the shift?

BG: Investors want to build diversified portfolios that generate strong risk-adjusted returns. Depending on the needs of the institution or investor, some may want dividends along the way.

If you look at it like that, it is clear why there is so much money looking for a way into energy transition infrastructure. Allocations to the infrastructure space last year were 30 percent above the five-year average, according to the latest Bain & Company report.

At EIP, we look for system-critical energy infrastructure, assets that are vital to the security of energy supply in the countries where they operate. These assets are the backbone of society. Regardless of what is happening in the broader economy, politicians need energy infrastructure that works.

Then you have industrial customers who want to buy power at predictable prices. Those are just two reasons why investors in the space can count on very predictable cashflows.

Once you consider that we invest in different geographies, technologies, parts of the energy mix and economic mechanisms, then you see the intrinsic diversification that comes with this new asset class, energy transition infrastructure. The appeal to investors is obvious.

Energy transition is such a broad asset class. If we are talking about infrastructure assets that generate power, you can look at different parameters: generation technology, like wind, solar or hydro; different geographies; the development stage of the assets. We also look at energy distribution assets like power networks or gas distribution.

There is also diversification through the economics of the asset. Are the returns regulated? Is there a private offtake agreement to sell power at a fixed price?

We can also talk about diversification in terms of type of portfolio company that we are investing in: Is it a group of operating assets? Is it an owner-operator of assets with its own development pipeline? Is it a platform that has power-generating infrastructure assets on its balance sheet but also adjacent business lines?

 

Is there a lot of competition for deals in the space?

RD: Of course there is. But, if I can say this with some humility, we designed EIP and our approach to stand out. First and foremost, we are focused 100 percent on our asset class. We have 65 specialists who work exclusively on energy infrastructure. We are not a big firm that has an infrastructure strategy or an energy team. We are all-in on energy transition infrastructure every minute of the day.

Of course, there is also a snowball effect here. The longer we invest, the stronger our advantage. We are growing into a platform, we know the players, we hear about the deals. This edge was critical to our recent partnership with the leading Canadian utility Boralex to invest in their French platform.

 

Finally, high inflation and central bank measures to combat it have been putting pressure on equities this year. To what extent would you say infrastructure, and in particular energy infrastructure, is up for these challenges?

BG: Look at the consumer price indexes that central banks use to measure inflation. According to the US Bureau of Labor’s statistics, gasoline prices have been the biggest contributor to CPI in the last five years. We don’t invest in anything related to the petroleum industry, but you can see how energy prices and commodities prices more broadly play a key role in inflation.

Now consider that the majority of energy usage is non-negotiable. Factories don’t power down and commuters in America don’t stop driving to work when there is a price increase of, say, 10 percent, which would be a serious level of inflation. Households don’t stop using power grids when electricity gets more expensive. All of this is to say, the assets we look at have clear pathways to perform in inflationary environments.

Of course, tightening of the monetary policy by central banks will generally create headwinds to growth, with implications across the economy. The energy industry is obviously not immune. But our team has really studied this asset class. If you look at distributions and capital gains, privately held infrastructure assets have really held their own if not outperformed against typical assets, like stocks, bonds and real estate, across all manner of growth and inflation scenarios.

Partners in growth. Funds managed by Zurich, Switzerland-based Energy Infrastructure Partners recently reached an agreement to take a 30 percent stake in Boralex’s French renewables platform, one of the largest portfolios of wind assets in the country.

Boralex and EIP will work together on plans to nearly triple the size of the portfolio to three gigawatts by 2030.

The plans support France’s renewable energy programme, launched in 2018, which aims to double the country’s onshore wind capacity and triple its solar capacity by the end of the decade.

“Boralex is a real success story in France, having built up the largest independent renewable power producer in the country, alongside Engie and EDF, of course,” says Roland Dörig. “We had been following the development of the business for a number of years and had good relationships with the management team. When we learnt that they were looking to sell a minority stake and bring a knowledgeable partner on board, of course we were interested.”

Beat Goetz explains that the combination of Boralex’s defensive risk profile and potential for value creation made it a compelling proposition for the firm. “Boralex already owns one of the largest independent wind portfolios in France, producing stable returns based on commercial and regulated power purchase agreements with big players like IBM,” he says.

“At the same time, Boralex has a pipeline in place, ready to be built out. This opportunity means there is value in terms of returns, cashflow and higher valuations in the long run. This type of defensive investment would not usually produce the returns that investors are seeking. But here the combination of defensive characteristics coupled with the ability to generate value as a partner in the development platform is what appealed to us.”

Of course, other firms also spotted that potential and competition was fierce. “Everyone was interested in this participation, but the vendor was looking to select a partner based on experience and sector know-how,” Dörig says. “That was our edge.

“Boralex has ambitious goals to grow its portfolio, at least in line with the French market, and is perfectly positioned as one of the largest players to benefit from ongoing market consolidation in French renewables. Through our partnership, we will work together to realise that ambition and achieve those goals over the long term.”

Energy Infrastructure Partners to acquire stake in leading French renewables platform from Boralex

Zurich, February 24, 2022 – Energy Infrastructure Partners, a leading investor in the energy transition, will acquire a stake in one of France’s largest renewables platforms, with more than 1 gigawatt of generation capacity. Under the agreement with Canadian utility Boralex Inc., an early mover in the global renewable energy industry, funds managed by Energy Infrastructure Partners will take a 30% share in the company’s French renewables platform and support its further growth as a leader in the French market.

The strategic partnership between Energy Infrastructure Partners, or EIP, and Boralex will build on an existing platform of more than 70 wind and solar plants totaling over 1 gigawatt of generation capacity. Boralex’s French platform also comprises an extensive development pipeline to construct new wind and solar projects across France and upgrade existing sites with best-in-class technology.

Tim Marahrens, EIP Co-Head of Investments, commented, “We look forward to working closely with our partner Boralex to build on their strong track record in the French market. They have established an impressive foundation for continued growth, and we’re excited to work together on its expansion over the coming years.”

Together EIP and Boralex will target a buildout of up to 3 gigawatts of wind and photovoltaic generation capacity by 2030 and support the renewable energy program France launched as part of its commitments through the Paris Climate Agreement, the Programmation pluriannuelle de l’énergie or Multiannual Energy Plan. The government program aims to double the country’s onshore wind capacity and triple its photovoltaic capacity by the end of the decade compared with 2018 levels, while investing more than EUR 70bn in the French renewable energy sector’s continued growth.

Roland Dörig, EIP Managing Partner, commented, “This is an exciting time for our industry, as our clients contribute to supporting the European transition to low-carbon energy generation. Looking at the French government’s plans, onshore wind and solar technology is projected to play an instrumental role in securing the country’s energy supply. Boralex is well-positioned to support France in achieving its renewables targets, thanks to its large and technologically diversified portfolio of assets.”

The closing of the transaction is subject to customary regulatory closing conditions and the approval of Boralex SAS’ Economic and Social Committee (CSE).

 

Please direct enquiries to media@energy-infrastructure-partners.com.

Energy Infrastructure Partners AG
Energy Infrastructure Partners AG (EIP) is a Switzerland-based manager of collective assets focused on high quality, large-scale renewables and system-critical energy infrastructure assets. With over CHF 4 billion under management, EIP leverages an extensive industry network, broad transaction experience and close partnerships with energy suppliers and the public sector in order to develop and manage investment solutions for institutional investors globally. These clients, primarily pension funds, insurances and large family offices, seek investments in long-term, visible cash flow-generating assets that also contribute to security of energy supply, positive economic, ecological and social development, and the retirement provision of the population.

Disclaimer
This document does not constitute individual investment advice and does not release the recipient from making its own assessment with respect to an investment. The recipient must not take any investment decisions solely based on the information contained in this document and shall, if necessary or appropriate in consultation with external advisers, assess the information based on the recipient’s individual circumstances in terms of suitability and appropriateness and any legal, regulatory, tax, accounting or other consequences such an investment may have.

Copyright © 2022 Energy Infrastructure Partners AG. All rights reserved.

Energy Infrastructure Partners closes European fund above EUR 1 billion target

Zurich, July 6, 2021 – Energy Infrastructure Partners’ European fund, Energy Infrastructure 2018, has closed. The Fund, already over three-quarters invested, targets economically relevant energy infrastructure assets.

Energy Infrastructure Partners (EIP) successfully completed fundraising during the first half of 2021, raising total commitments from investors to over EUR 1 billion for its Europe-focused energy infrastructure fund. Closing was achieved through commitments from more than 40 institutional investors in Europe and Asia, predominantly comprising pension funds and insurance companies. Despite strong investor demand, the Fund adhered to its target size of EUR 1 billion to allow for the timely deployment of committed capital.

At closing, the Fund was already over 75% allocated or invested, with a portfolio diversified across investment-grade Europe (excluding Switzerland) comprising Nordic onshore wind farms, an offshore windfarm in Germany, as well as concentrated solar power plants in Spain and photovoltaic power stations in Italy and Slovakia. The Fund’s duration of 25 years with a possible five-year extension enables investors to harvest attractive cash flows for long periods.

Reaching this milestone demonstrates that the Fund’s strategy has proven its value to investors. By investing alongside leading industrial partners and public entities, EIP has been able to create attractive, diversified proprietary opportunities that offer long-term returns for institutional investors.

Beat Goetz, Head Global Client Solutions, commented, “Due to strong demand from our institutional investor base, we will expand our investment platform towards global investment-grade countries while still focusing on Europe. During the energy transition, very high investments in renewables, in transmission-distribution grids and in energy storage will be required to ensure continued security of supply. This creates interesting new global opportunities for our investors.”

 

Please direct enquiries to media@energy-infrastructure-partners.com.

Energy Infrastructure Partners AG
Energy Infrastructure Partners AG (EIP) is a Switzerland-based manager of collective assets focused on high quality, large-scale renewables and system-critical energy infrastructure assets. With over CHF 4 billion under management, EIP leverages an extensive industry network, broad transaction experience and close partnerships with energy suppliers and the public sector in order to develop and manage solutions for institutional investors globally. EIP’s clients focus primarily on pension funds, insurances and large family offices seeking investments in long-term, stable cash flow-generating assets that also contribute to security of energy supply, positive economic, ecological and social development, and the retirement provision of the population.

Disclaimer
This document does not constitute individual investment advice and does not release the recipient from making its own assessment with respect to an investment. The recipient must not take any investment decisions solely based on the information contained in this document and shall, if necessary or appropriate in consultation with external advisers, assess the information based on the recipient’s individual circumstances in terms of suitability and appropriateness and any legal, regulatory, tax, accounting or other consequences such an investment may have.

Copyright © 2021 Energy Infrastructure Partners AG. All rights reserved.

In the news: “Hydropower will be the greenest storage solution of the next decade” — source: Agefi

ENERGY. Facilities and infrastructure that are crucial for supply in Switzerland must be controlled by Swiss investors, according to Roland Dörig, co-founder of EIP.

Christian Affolter, originally published by Agefi on January 13, 2021 in French.
Download the original article or view it on Agefi.

Energy Infrastructure Partners (EIP) has quickly become one of the most important private energy players in Switzerland and the market leader in the electricity sector. It is also one of the largest investors in renewable energy in Europe, with shares in four of the top ten wind farms. Being able to act independently from Credit Suisse since the transfer to his team of management at the end of the year last year, with a Finma license since 1st December, makes this role very much more visible.

On behalf of its institutional clients, in particular Swiss pension funds, EIP manages stakes in, among others, the second largest Swiss electricity group Alpiq, the operator of the Swiss electricity transmission system Swissgrid and the company operating the gas pipeline through Switzerland, Transitgas. The role of this specialized player is no longer limited to that of a purely financial investor who manages almost three billion francs, including about 1.7 billion in Switzerland on behalf of some 180 pension funds. Its partner and co-founder Roland Dörig is unveiling strategic directions that should also influence political choices.

How has EIP been able to become a European player in the field of energy so quickly?
Our approach simultaneously covers two topics that are trendy among institutional investors. Firstly, in the field of energy, we defend an ecological, profitable and secure supply. Second, infrastructure is establishing itself as an asset class. What helped us is that EIP positioned itself from the outset as a specialist in these areas.

Do you share the idea that your role now goes beyond that of a purely financial investor?
Let me remind you that we are only the trustee manager of the capital of Swiss pension funds. In this way, the people of our country invest in their own infrastructure and supply. They are the ones who benefit from the economic income. The link to the public economy is central to our activities in Switzerland. In contrast to financial investors, who have an average investment horizon of 3 to 4 years, we aim at a commitment for almost perpetuity. The aim is to generate stable cash flows in the long term.

Are you implying that you are close to the assumption made by Pierre-Yves Maillard, then President of the Vaud Cantonal Government, in 2014, that strategic assets for the electricity supply must remain in Swiss hands?
On this point, we are on the same wavelength. The Swiss population must control the strategic assets; the interests of the owners must be aligned with those of the beneficiaries. It is therefore not only a question of protecting the heritage, but also an extremely sensitive aspect for us.

So much so that he decided to join a group like Alpiq, the largest Swiss electricity supplier but lacking in profitability?
Alpiq has gone through a difficult economic period, I agree. But its transformation process has begun. Above all, we have succeeded in getting the pension funds into one of the largest hydroelectric power stations in Switzerland. At the same time, we were able to buy out the French company’s shares in EDF. I am very satisfied with the excellent cooperation between the three main shareholders (Schweizer Kraftwerksbeteiligungs AG, chaired by Roland Dörig, EOS, and the consortium of small shareholders, each holding a third). Everyone’s interests are in the same direction, we complement each other well. EIP brings its expertise in the field of energy and finance. This was the very first step to take, given the difficulties we had before. Together with Antje Kanngiesser, a new CEO has been appointed. We are fully aware of the importance of this company and its facilities for the supply of electricity of the country. It is a project that is moving forward.

Today Alpiq represents above all large hydropower plants. What is the role of these?
Hydropower is a central pillar of Switzerland’s decarbonized and flexible electricity supply. We have no oil. Switzerland’s natural resource is the mountains. We therefore support this form of electricity generation, which must be maintained and cared for. This means that we have to exploit the potential for capacity expansions, but also maintain the fleet we already have, which is a real jewel. We have to ensure that the necessary investments are made to achieve these objectives.

Are commitments in the form of public-private partnerships (PPPs) possible in this context?
We never act alone, but in partnership with public authorities and electricity distributors to cover the capital requirements to ensure supply. With large hydroelectric facilities and the transmission network, we are involved in critical elements of supply. For this reason, we invest in small hydroelectric facilities when they are grouped in a portfolio.

You could also be involved in a hydropower project run by Axpo, another major Swiss electricity producer?
We are interested in all projects in the field of hydropower and all other energy infrastructures that are essential for the supply of energy.

Don’t the political framework conditions ignore the importance of hydropower, especially as a storage solution compared to batteries?
We share this view. Large-scale hydroelectric facilities must be given their rightful place at the policy level. Hydropower will be the largest, safest and most environmentally friendly storage solution in the next decade, not only in Switzerland but also in Europe. We will only be prepared to invest in battery-based solutions if battery technology takes a leap forward.

Are you committed to the political recognition of hydropower?
We have an enormous responsibility towards our investors. Our focus on the energy sector also means keeping a close eye on the political framework conditions. We have a unit dedicated to political and regulatory issues. We also have to defend the interests of our clients, Swiss pension funds, at the political level. Because these framework conditions represent a major risk factor. We need conditions that are realistic and reliable over the long term.

The full opening of the electricity market is back on the agenda. What do you think about this?
As an observer, I see that the political process is difficult. What matters to us is that this opening must be accompanied by conditions that guarantee a sustainable, cost-effective, secure and environmentally friendly supply of energy.

Is an agreement with the EU, for which Swissgrid is one of the main advocates, one of the important framework conditions?
Our electricity transmission system is connected to the whole of Europe in terms of both its physical functioning and its economic viability. It is only natural that we should define common rules. For the supply of electricity to Switzerland, which is very important to us, the functioning of the network connections must be guaranteed.

Do you expect prices on the European electricity market to rise?
There are studies that forecast prices and model demand. They establish a trend for the next decade. For each power plant in Europe, the date of its exit from the grid is known. In addition, electric mobility and heat pumps will generate additional demand. Even if consumption would only remain stable, the trend in electricity and energy prices is upward.

You also have an interest in Transitgas. Isn’t gas another energy that the Swiss Federal Office of Energy has somewhat forgotten about?
No, the federal authorities are well aware of the different scenarios for Switzerland. And this pipeline that runs through Switzerland from north to south, which has recently become bi-directional, is a stroke of political genius for Switzerland. It has convinced the Europeans, who were planning to use France as an alternative, that the current line is the best solution. It is a huge opportunity. It ensures a secure, cheap and as environmentally friendly supply as possible. Look at the proportions: 80-90% of the gas consumed in Switzerland passes through this pipe, but 90% of its capacity is used to connect Germany and France to Italy, especially northern Italy.

What do you think of the relationship between gas and electricity?
In the European context, gas plays a very important role in power generation. An exit from coal means that the share of gas, as a transitional technology, must be increased. This is because the supply has to be secured when the sun is not shining and the winds are not blowing very strong. Storage solutions, such as Power-to-Gas, are more a matter for our subsidiary companies. We prefer to invest in proven technologies. Venture capital is not part of our mandate.

You just mentioned new renewable energies. EIP’s investments in this area are mainly abroad. Why is this?
EIP is one of the top three private investors in wind farms. Europe’s largest wind farm, Fosen Vind in Norway, has just been completed. EIP has a 40% share in it. In Sweden and Finland, we work together with leading regional partners. Our principle is to invest where these technologies are fundamentally relevant. In these northern regions, there are 3,000 to 4,000 hours of full-powered wind per year. Switzerland, on the other hand, has only a quarter of this power and does not have the space required to build facilities of this scale.

How do you assess the projects or installations?
We look at which projects are best suited to the conditions in the countries in which we operate. Our goal is to make high-quality investments within a reasonable time frame. To meet our criteria, a facility must be profitable without any subsidies. Subsidies are a welcome help at the beginning, but economic independence must be aimed for. We aim at commitments until the end of the life of the installations. In this context, we prefer long-term sales contracts with electricity distributors or data centers. The interest of companies of this type attests to the relevance of a project.

Switzerland does not qualify for solar or wind energy?
No, solar energy in particular is a topic for Switzerland too. By the way, BayWa r.e. for renewable energies, in which we acquired a 49% share for our customers in December, is also by far the most important importer of solar panels in Switzerland. We may invest in solar installations directly or through our portfolio companies.

EIP in figures
Some 180 pension funds throughout Switzerland have entrusted part of their assets to Energy infrastructure partners (EIP). EIP’s first investment, which at the time was still linked to Credit Suisse, dates back to 2014. It was a CHF 50 million investment in Swissgrid. Since then, its portfolio has grown to more than one billion francs in Switzerland, and more than 3 billion in total. Based in Zurich and regulated by Finma, EIP has been operating on its own since the end of 2020 and employs 40 people.