Canadian pension investment manager British Columbia Investment Management Corporation (“BCI”) and Abu Dhabi’s sovereign investor Mubadala Investment Company (“Mubadala”) have become the new anchor investors in Cube Highways Trust (“CHT”), an infrastructure investment trust (“InvIT”) in India.

Cube Highways Fund Advisors Private Limited, the Investment Manager to InvIT, announced the listing of its fully subscribed privately placed ordinary units to INR 52,258.27 million (c. US$630 million). The InvIT has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 kilometres. BCI, Mubadala and domestic institutional investors have subscribed to the ordinary units.

The first tranche of assets held by the InvIT will have 17 NHAI toll road assets and one NHAI annuity road asset. These road assets are located across 11 states, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal. In addition, pursuant to a right of first offer, CHT will also have an opportunity to access a pipeline of seven highway assets.

Mr. U K Sinha, an independent director at Cube Highways Funds Advisors Private Limited (acting as the Investment Manager for the InvIT), said, “This marks a significant milestone in the development of India’s infrastructure sector and InvIT in particular. The trust in Cube by such marquee investors affirms its capability and personnel. The Board and Cube’s team are eager to work with all stakeholders to continue generating value and worth for all. I’m thrilled to participate in Cube’s journey towards a more prosperous and sustainable future.”

The InvIT has also signed a facility agreement with the State Bank of India for an amount of INR 100 billion (c. USD 1.2 billion) to be used for refinancing of the existing debt within the initial portfolio.

The InvIT has been rated “Provisional Ind AAA/Stable” for its loan facilities from three rating agencies, including Crisil Ratings Limited, ICRA Limited and India Ratings & Research Private Limited. The ratings derive comfort from the portfolio’s track record and geographic diversification, cash pooling structure, strong debt protection metrics and experienced management team.

Zaman Velji, Senior Managing Director, Infrastructure & Renewable Resources at BCI, said, “BCI’s investment in Cube Highways is in line with our long-term strategy of investing in infrastructure platforms that meet the essential needs of the communities they serve. Additionally, this investment increases and diversifies our exposure in the infrastructure sector, as well as in India, enabling BCI to contribute to national economic growth. We look forward to working with Cube Highways to build long-term value for our public sector clients.”

Saed Arar, Executive Director – Head of Traditional Infrastructure, Mubadala, said, “India offers the most significant global growth opportunity in roads with a robust and well-regulated market for infrastructure investment. With more than $100 billion allocated to the road construction program, and a potential $20bn+ addressable acquisition pipeline, Cube Highways is the most well positioned platform for Mubadala to drive investments in roads and capitalize on this market opportunity. As a responsible investor, we are proud to be working with Cube Highways and supporting India’s road infrastructure ambitions to further deliver socioeconomic benefits to the country.”

About Cube Highways

The Cube Group is a 100% institutionally owned platform backed by a diversified investor base, including I Squared Capital, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and Japan Highways International BV. It is engaged in implementing the public-private partnership (“PPP”) model in the country’s highways sector to operate and manage highway projects in association with the central and state governments.

For more information, please visit: www.cubehighwaystrust.com

Media contact: corpcomm@cubehighways.com

About Mubadala Investment Company

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $284 billion (AED 1045 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

For more information, please visit: www.mubadala.com

Media contact: Danielle.Ferns@edelman.com, Mazar.Masud@edelman.com

• The infrastructure & renewable resources (I&RR) team names Lea Dubourg-Hrachovec as new managing director and head of London office
• The I&RR London team will focus on new capital investment, asset management, and developing new partnerships in the region

BCI’s infrastructure & renewable resources (I&RR) team is opening an office in London, U.K. The office, BCI’s first outside North America, is an important evolution of BCI and the I&RR strategy and provides a solid foundation to continue to originate and manage investments in the U.K. and European context.

“The London office is a natural extension of our global investment strategy, one that has continued to develop in both scale and sophistication,” said Lincoln Webb, executive vice president & global head, infrastructure & renewable resources at BCI. “Our growing presence in the region, unlocks important access to investment opportunities – allowing us to work closely with local investors, communities, and governments in the development and stewardship of critical infrastructure.”

Dubourg-Hrachovec will join BCI from the Pension Protection Fund where she is head of infrastructure, timberland and farmland. Prior to this role, she held senior positions in infrastructure investing at First State Investments and Whitehelm Capital. A strong relationship manager, Lea brings 15 years of asset management as well as direct investing experience to the role.

“Lea brings a wealth of expertise and experience that will allow us to further drive growth in the region,” added Webb. “We’re very excited to welcome Lea to BCI. Under her strong leadership, the London team will continue to grow and develop our portfolio, deepen local partnerships, and work strategically with our portfolio company management teams.”

About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City. BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s Infrastructure & Renewable Resources program, valued at approximately C$20.2 billion, invests in tangible long-life assets in the Americas, UK, Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses.

National Gas (“the Company”), today becomes the owner & operator of Britain’s gas transmission network with an extensive metering portfolio.

It follows the completion of the sale of a 60% equity stake in National Grid’s Gas Transmission & Metering business. The acquisition, led by Macquarie Asset Management and British Columbia Investment Management Corporation (BCI) (“the Consortium”), was successfully completed after all conditions relating to the sale were met.

National Gas is comprised of two organisations – National Gas Transmission and National Gas Metering. National Gas Transmission will own and operate the UK’s 7,600 km-long National Transmission System (NTS) and continue to ensure the safe, reliable and affordable transportation of gas needed to heat homes, power industry and generate electricity.

As the UK’s largest gas meter asset manager, National Gas Metering, will continue to provide industry-leading maintenance and management services for over 7 million domestic, industrial and commercial gas meters.

The business will invest in innovation to future proof the UK, including by repurposing existing assets working in collaboration with the UK Government and industry partners to deliver a hydrogen “backbone” for Britain. Through connecting industrial clusters around the country and leveraging the UK’s world-leading offshore wind industry for hydrogen production, we will provide a base of infrastructure that will decarbonise power generation and heavy industry, boost domestic energy resilience with hydrogen storage and underpin millions of future green jobs.

The Company will be led by an experienced Management Team and Board, headed by Jon Butterworth who resumes his role as Chief Executive Officer having previously held the position of CEO of National Grid Gas Transmission & Metering. Jon and his team have played a key role in overseeing the development of the NTS into one of the safest and most reliable gas networks in the world with 100% reliability achieved in every year since 2020.

Jon Butterworth, CEO of National Gas, commented: “Today is a truly historic day for the UK’s gas industry and I’m delighted to be part of an organisation that sits at the heart of our energy industry.

Our network plays a fundamental role providing energy security for over 23 million homes and 210,000 businesses across the country, as well as the gas-fired power stations that keep the UK’s lights on by providing nearly 40% of our electricity annually.

We’re so excited by the opportunity to play a leading role in the UK’s decarbonisation journey by seamlessly transitioning the network from natural gas to hydrogen and unlocking the full potential of the UK’s net zero economy in the process”.

Will Price, Head of Utilities in EMEA, at Macquarie Asset Management added: “Accelerating the decarbonisation of the UK’s energy mix is crucial to deliver the UK’s net zero ambitions. Hydrogen and other green gases offer the quickest and cheapest path to decarbonise home heating and key industrial processes, as well as strengthening the UK’s energy system through seasonal energy storage. National Gas has ambitious plans, and we are delighted to be supporting the business in this journey.”

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources at BCI, commented: “BCI strongly supports National Gas’ innovative decarbonisation strategy, which involves transitioning away from fossil fuels while still offering a secure, safe, and reliable network at least cost to consumers. Our investment in National Gas is a testament to our support of the UK’s commitment to net zero carbon emissions by 2050.”

Enquiries

Media
Andrew Marsh +44 (0) 7583 102 727
Ntobeko Chidavaenzi +44 (0) 7977 054 575

About Us

National Gas comprises two businesses, National Gas Transmission and National Gas Metering.

As both the transmission owner and system operator, National Gas Transmission owns, builds and operates the high-pressure NTS with day-to-day responsibility for balancing supply and demand in real time and facilitates the connection of assets to the transmission system. The NTS comprises approximately 7,660 kilometres of high-pressure pipe and 23 compressor stations connecting to 8 distribution networks and other third-party independent systems.

National Gas also owns and operates an independent metering business, the largest owner of traditional gas meters in the UK with approximately 7 million domestic and commercial meters. The business’ activities cover asset procurement and logistics management, meter installation, maintenance, exchange and removal and customer service provision.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage approximately £456 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including infrastructure, green investments, real estate, agriculture & natural assets, asset finance, private credit, equities, fixed income and multi asset solutions.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs more than 19,000 people in 33 markets and is listed on the Australian Securities Exchange.

All figures as of 30 September 2022. For more information, please visit Macquarie.com

About BCI
British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City. BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s infrastructure & renewable resources program, valued at approximately C$20.2 billion, invests in tangible long-life assets in the Americas, Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses.

For more information, please visit bci.ca.

British Columbia Investment Management Corporation (BCI) has entered into an agreement with Macquarie Asset Management’s Green Investment Group (GIG) to acquire an interest in GIG’s global battery storage platform. The transaction is anticipated to close in the second quarter of 2023, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions.

The platform, Eku Energy, was launched to develop, build, and operate a global portfolio of utility-scale battery storage projects. Eku Energy has 190MWh of projects with a pipeline of over 3 GWh^[1] across the UK, Australia, Japan, and Europe^[2]. Eku Energy’s projects will provide vital grid services in key global markets.

Battery storage is an essential enabler of the energy transition as it captures and stores excess clean energy produced during times of oversupply and delivers energy when there is a shortage or increased demand. Eku Energy will also provide additional services which help manage and balance electricity grids, enabling more renewable energy capacity to connect to the grid and support the decarbonization of economies, while helping secure supply.

“We look forward to working with Eku’s management and staff in the ongoing development and expansion of the company,” said Lincoln Webb, executive vice president & global head, infrastructure & renewable resources. “As countries worldwide facilitate the integration of clean energy to meet energy transition objectives, large-scale battery storage platforms like Eku are poised for strong growth, resulting in attractive investment opportunities.”

Chris Morrison, interim CEO of Eku Energy, said: “We are delighted to receive the backing of BCI. BCI’s investment recognises the quality of our team and platform, as well as the size of the opportunity for battery storage technology as the shift to clean energy accelerates. We look forward to working with teams from Macquarie Asset Management’s Green Investment Group and BCI as we develop our global pipeline of opportunities in battery storage and establish Eku Energy as a leading contributor to the energy transition.”

About BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$211.1 billion under management, as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI is invested in: fixed income and private debt; public and private equity; infrastructure and renewable resources; as well as real estate equity and real estate debt through our independently operated platform company QuadReal Property Group. With our global outlook, we seek investment opportunities that convert savings into productive capital that will meet our clients’ risk and return requirements over time.

BCI’s infrastructure & renewable resources program (I&RR), valued at approximately C$20.2 billion, invests in tangible long-life assets in the Americas, Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses.

About Eku Energy

Eku Energy is a globally diversified and technology enabled energy storage business.

We develop, build, and manage energy storage assets that facilitate the delivery of reliable, clean energy and advance the energy transition. Our global portfolio of 3 GWh of digitally enabled, flexible, utility-scale storage projects will provide vital grid services in key markets around the world.

Established by Macquarie’s Green Investment Group, Eku Energy’s purpose-built team brings together specialist technical capabilities, with experience across origination, development, system design, power markets and software optimisation. By combining technical, digital and financial innovation with a local partnership approach and data driven understanding of markets, we develop sophisticated revenue contracting strategies that maximise the benefits of energy storage systems in any given location.

LONDON – Macquarie Asset Management and British Columbia Investment Management Corporation (“the Consortium”) have reached an agreement to acquire a 60 per cent stake in National Grid’s gas transmission and metering business. The terms of the transaction imply an enterprise value for the business of approximately £9.6 billion[1].

National Grid owns and operates the UK’s regulated national gas transmission system and an independent gas metering business. The 7,660-kilometre transmission system plays a critical role in the UK energy landscape, reliably transporting the gas needed to heat homes and power industry and electricity generation.

The Consortium will partner with National Grid to ensure the national gas transmission system and metering business remain secure, safe, and reliable while enabling the UK to accelerate its transition away from fossil fuels, at least cost to consumers. The Consortium invests on behalf of long-term institutional investors including pension and insurance funds, and intends to remain invested in the business over multiple regulatory periods, having acquired its stake under existing RIIO-2 regulatory obligations.

As part of this transaction, the Consortium has also entered into an option agreement with National Grid for the potential acquisition of the remaining 40 per cent stake in the business on broadly similar terms, subject to necessary adjustments. Further details will be announced if the option is exercised by the Consortium.

Martin Bradley, Head of Macquarie Asset Management’s Real Assets team in EMEA, said: “The national transmission system is a critical enabler of the UK’s energy transition, providing the flexibility and reserve energy needed in the electricity system as the deployment of renewable sources of generation accelerates. However, if the UK’s net-zero by 2050 target is to be met, the country must have a next-generation transmission backbone to power homes and businesses with renewable energy. Backed by our significant investment, the transmission system will play a leading role in making the network ready for this transition. In doing so it will support the expansion of hydrogen’s role in the energy mix to deliver a competitive edge to the UK and its industry, while working closely with the Government and Ofgem to maintain security of supply.”

Lincoln Webb, Executive Vice President and Global Head of Infrastructure & Renewable Resources at BCI, said: “This investment aligns well with our diversified portfolio of regulated utilities that securely deliver critical services to customers. We believe National Grid’s innovative decarbonisation strategy will ensure the business plays a leadership role in supporting the UK to achieve net zero carbon emissions on target by 2050, while meeting consumer demand for reliable networks.”

John Pettigrew, Chief Executive of National Grid, said: “Today’s announcement is a strong result for all our stakeholders, including employees and customers. The Consortium has a long-term commitment to the UK with significant experience in owning and operating infrastructure assets. I look forward to our partnership and continuing to deliver safe and reliable gas service at the least cost to consumers. I would also like to thank my colleagues in Gas Transmission and Metering for their hard work that has helped us reach this important milestone.”

An increased role for hydrogen in the energy mix, and by extension development of the network, is a core element of the UK Government’s Ten Point Plan for a Green Industrial Revolution. Hydrogen offers a flexible, low carbon, and storable source of energy that can also decarbonise hard to abate sectors including heating and key industrial processes.

The Consortium will actively support and develop several projects currently being progressed across the national gas transmission system to ensure the opportunities presented by hydrogen to the UK are maximised. FutureGrid, which is utilising decommissioned transmission assets to demonstrate how hydrogen can be delivered safely and reliably using existing infrastructure, could help unlock plans to build an initial hydrogen ‘backbone’ network through investment to link key production sites and industrial clusters by 2030.

Completion of the transaction will be subject to certain antitrust and regulatory conditions. Subject to these clearances, the Consortium expects that the transaction will complete in the second half of calendar year 2022.

[1] Includes debt-like items and provisions of approximately £0.2 billion.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than £403 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs approximately 17,000 people in 33 markets and is listed on the Australian Securities Exchange.

All figures as at 31 December 2021 For more information, please visit macquarie.com.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, BCI is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s Infrastructure & Renewable Resources program, valued at over C$20.0 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

About National Grid

National Grid lies at the heart of a transforming energy system, spanning the UK and the US. Our businesses supply gas and electricity, safely, reliably and efficiently to millions of customers and communities. But we also drive change through engineering innovation and by incubating new ideas with the power to revolutionise our industry.

National Grid is pioneering ways to decarbonise the energy system; from building interconnectors to allow the UK to share clean energy with our neighbours in Europe, to investing in renewable energy generation in the United States. As one of the largest investor-owned energy companies in the world, National Grid is at the centre of a clean, fair and affordable energy future, where tackling climate change and reaching net zero is a key priority.

For more information, please visit nationalgrid.com.

PARIS – Macquarie Asset Management, in a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, has reached an agreement to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion.

Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762 MW operational portfolio and a 15 GW development pipeline. Headquartered near Toulouse, Reden Solar has an established presence in France and Spain as core markets, and has recently expanded its footprint into Greece and Italy.

Thierry Carcel, Chief Executive Officer of Reden Solar, said: “We are delighted to have Macquarie, BCI and MEAG support the next phase of our growth ambitions. Our business is continually evolving from predominantly rooftop solar, into ground mounted and agrivoltaic projects. With the backing of our new shareholders, we look forward to expanding Reden Solar’s presence in existing and new markets, as well as developing our teams on the ground.”

Stéphane Brimont, Head of France, Benelux and Greece at Macquarie Asset Management, said: “Reden Solar’s geographically diverse platform provides an exceptional opportunity to scale up its development pipeline to help meet net zero targets across Europe. Their management team has a proven track record of developing projects in core as well as new European markets. We are excited to support them over the long-term as they build out their business and maximise their contributions towards the low-carbon transition.”

Lincoln Webb, Executive Vice President and Global Head of Infrastructure and Renewable Resources at BCI, said: “We look forward to partnering with the management team and staff of Reden Solar in the continued growth and development of the company. In the context of stronger national climate policies and clean energy goals, we believe Reden Solar is well-positioned to continue providing market leadership in the development and operation of solar energy and contributing to global energy transition aspirations.”

Holger Kerzel, Board of Management, MEAG: “This project fulfills our high expectations for sustainable investments and underlines our commitment to increase MEAG’s exposure in renewable energy. With this investment, we will support the future growth of one of Europe’s leading independent power producers covering the entire value chain of photovoltaic energy production. We are very pleased about this transaction and look forward to a successful partnership with Macquarie, BCI and Reden Solar.”

Macquarie Asset Management’s stake in Reden Solar will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). Reden Solar represents MGREF2’s fourth investment, having recently completed the acquisition of Apex Energies Group in France.

Macquarie Group is a leading global renewables developer having invested or arranged around €40 billion in green energy since 2010, and with more than 50 GW of green energy projects in development, construction and operation worldwide.

The transaction is expected to reach completion by Q3 2022.

About Macquarie Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact for everyone. Trusted by institutions, pension funds, governments, and individuals to manage more than £403 billion in assets globally, we provide access to specialist investment expertise across a range of capabilities including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance.

Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory and risk and capital solutions across debt, equity, and commodities. Founded in 1969, Macquarie Group employs approximately 17,000 people in 33 markets and is listed on the Australian Securities Exchange.

All figures as at 31 December 2021. For more information, please visit macquarie.com.

About Reden Solar

Reden Solar is an independent producer of photovoltaic renewable energy, focused on the development, construction and operation of photovoltaic power plants in France and abroad. Founded in 2008, at the heart of the French Lot-et-Garonne region, Reden Solar now owns and operates more than 750 MW of installed capacity and employs over 120 people across eight countries. Over five years of ownership, InfraVia (53%) and Eurazeo (47%) has supported the company’s development. For more information, visit reden.solar

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, BCI is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s Infrastructure & Renewable Resources program, valued at over C$20.0 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

About MEAG

MEAG manages the assets of Munich Re and ERGO. MEAG is active in Europe, Asia and North America and offers its comprehensive know-how to institutional investors and private clients. In total, MEAG manages investments currently worth €339 billion, of which €65 billion relates to business with institutional investors and private clients.

Media enquiries

Macquarie Asset Management (London)

Emily Martyn

PH: (44) 7876 863 009

Emily.Martyn@macquarie.com

Reden Solar (Toulouse)

Nolwenn Bussod

PH: (33) 628 836 327

n.bussod@reden.solar

BCI (Victoria)

Gwen-Ann Chittenden

PH: +1 778 410 7310

media@bci.ca

MEAG (Munich)

Dr. Josef Wild

PH: +49 8924 892 072

Jwild@meag.com

ROTTERDAM, THE NETHERLANDS, AND NEW YORK – Refresco Group B.V. (“Refresco” or “the Company”), one of the largest independent beverage contract manufacturers in the world, and KKR, a leading global investment firm, today announced that KKR has signed a definitive agreement to acquire a majority stake in Refresco, with Refresco’s existing investors, PAI Partners and British Columbia Investment Management Corporation (“BCI”), maintaining a significant minority position. Terms of the transaction, which is subject to closing conditions, were not disclosed.

Founded in 1999, Refresco is a global independent beverage solutions provider for retailers and branded beverage companies with pan-regional coverage in Europe and North America through its network of bottling, warehousing, logistics and other operational assets. The Company’s production platform includes over 70 majority-owned manufacturing sites in Europe, the U.S., Canada, and Mexico, providing customers with close proximity and a reliable service across geographies. Refresco has built long-standing relationships with its customers by partnering to support material planning, procurement, manufacturing, warehousing, fulfillment, and distribution.

KKR will support Refresco as it expands its global and strategically located footprint to better serve existing and new customers through a range of formats and channels. The Company will build on its ability to manufacture high quality products that meet the growing demand for sustainable beverage solutions, with a focus on sustainable sourcing, responsible production, and environmentally friendly operations.

“We are very pleased to welcome KKR, one of the world’s most prominent investment firms, as our new majority owner. We are proud that PAI and BCI will continue as shareholders, which is a testament to our successful value creation,” said Hans Roelofs, CEO of Refresco. “To support further growth, we have explored the various alternatives available to us and believe that the investment by KKR is an incredibly positive development for the Company. Like our existing shareholders, KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation, and M&A strategy. Our focus of growing alongside our customers, combined with expanding into new categories and geographies, remains unchanged. I look forward to this new chapter, and for all our employees and customers to capitalize on the opportunities ahead of us.”

“Refresco has established itself as an industry leader supporting the global beverage industry with a blue-chip global customer base, an experienced and highly regarded management team, and an impressive network of assets that provides compelling value to customers. The Company also has a strong commitment to sustainability, which is an important differentiator for its customers,” said James Cunningham, Partner at KKR. “We look forward to leveraging our operational expertise from across the KKR platform to support the Company’s continued growth and further advance the sustainability of its value chain.”

“We are proud to have been instrumental in Refresco’s growth since we initiated our investment with BCI in 2018,” said Frédéric Stévenin, Managing Partner of PAI Partners. “We are even more excited about the prospect of continuing to stay a part of Refresco’s strong growth trajectory alongside KKR. We are convinced of Refresco’s unique value-add capabilities, its growth initiatives and a proven M&A track record, and we look forward to the next phase of this journey.”

“As an institutional investor with a long-term perspective, supporting strong management teams and market leading companies is core to our private equity program. We are in full agreement with Frédéric’s comments and are very happy to continue this partnership with management, PAI and KKR,” said Julian Remedios, Senior Managing Director, Private Equity, BCI.

KKR is making this investment primarily through its Global Infrastructure strategy, which was established in 2008. Since that time, KKR has been one of the most active infrastructure investors around the world with a team of more than 70 dedicated investment professionals. The firm currently oversees approximately $40 billion in infrastructure assets and has made over 60 infrastructure investments across a range of sub-sectors and geographies.

ABOUT REFRESCO

Refresco is the global independent beverage solutions provider for retailers and A-brands with production in Europe and North America. Refresco offers an extensive range of product and packaging combinations. Focused on innovation, Refresco continuously searches for new and alternative ways to improve the quality of its products and packaging combinations in line with consumer and customer demand, environmental responsibilities, and market demand. Refresco is headquartered in Rotterdam, the Netherlands and has more than 10,000 employees. www.refresco.com

ABOUT KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

ABOUT PAI PARTNERS

PAI Partners is a pre-eminent private equity firm, investing in market-leading companies across the globe. It has significant experience in the food and beverage space and is currently invested in Tropicana Brands Group, the world’s leading manufacturer of premium juice brands, Froneri, the world’s #2 ice cream manufacturer, and Ecotone, a leader in healthy and sustainable food. It manages over €17 billion of dedicated buyout funds and, since 1994, has completed 89 investments in 11 countries, representing over €65 billion in transaction value. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team, and their approach at: www.paipartners.com

ABOUT BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise across financial and business services, healthcare, industrials, consumer, and TMT sectors.

New York – BTG Pactual Timberland Investment Group (TIG) and British Columbia Investment Management Corporation (BCI) have created Caddo Sustainable Timberlands, LP (CST), a platform company focused on building exposure to southeastern US timberlands. CST’s investment mandate is to generate superior risk-adjusted returns for investors while ensuring ecological integrity and sustainability.  John Lock has been appointed as President and Patrick Chambless as Chief Financial Officer (CFO). Prior to CST, Lock was a region manager for Arkansas and Texas for an institutional timberland management company and Chambless was a financial reporting manager for a Texas institutional timberland management company.

CST is comprised of approximately 772,000 acres of Sustainable Forestry Initiative (SFI) certified timberlands in the markets of East Texas and West Louisiana. CST’s platform includes key customers Georgia Pacific, Louisiana Pacific, International Paper, West Fraser, and Roy O. Martin.

John Lock, President of CST, said: “Having previously spent 22 years of my career managing the assets that comprise the Caddo Sustainable Timberlands, I am very familiar with the significant economic, conservation and environmental contributions these properties have made to wood consumers, East Texas communities and the forest industry, as well as the need to continue that legacy.  Our team at CST is committed to delivering exceptional stewardship, sustainability, and value through the implementation of science-based forest management practices that promote healthy, vigorous forests while protecting water quality and critical habitats.  We are also excited to partner with the Texas Forestry Association, conservation groups, local communities, and regional stakeholders to continue the rich history of timberland and natural resources management that has been the fabric of these properties and the East Texas culture for well over 100 years.”

Patrick Chambless, CFO of CST, said: “I’m grateful for the opportunity to be part of Caddo Sustainable Timberlands and work alongside John and the teams at TIG and BCI. We are striving to build a best-in-class organization that generates immediate yield on investment for our shareholders, while sustainably managing our portfolio and implementing the highest standards of environmental, social and corporate governance.”

Gerrity Lansing, Head of TIG and CST Board Director, added: “We’re thrilled to once again be partnering with BCI, one of the largest institutional investors in Canada, who shares our long-term commitment to the deep and diverse market of East Texas, as well as our emphasis on environmental and social sustainability. In John and Patrick, we’ve hired an amazing team to lead CST, who have decades of experience with these specific assets and the East Texas communities where they are located.”

Sameer Jinnah, Managing Director at BCI, added: “BCI is an active investor in the timberlands sector and CST is an example of our commitment to a market that can generate attractive risk-adjusted returns for our clients over the long term. We are excited to be working with trusted partners to continue to increase our exposure to high-quality, sustainably managed forests in core markets.”

ADDITIONAL INFORMATION

ABOUT BTG PACTUAL TIMBERLAND INVESTMENT GROUP

BTG Pactual (BPAC11) is the largest investment bank in Latin America, operating in the Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management markets. BTG Pactual Asset Management has an international presence with over US$ 100 billion in assets under management and administration. BTG Pactual Timberland Investment Group (TIG), a division of BTG Pactual Asset Management, is one of the world’s oldest and largest timberland investment managers with nearly US$ 4.5 billion in assets and commitments and 3.0 million acres under management globally as of Q3 2021. TIG is focused on achieving compelling investment returns while also applying high standards of environmental and social governance, and has a 40+ year track record with over 100 professional staff members in 15 offices around the globe, bringing local, regional, and global experience to bear on the management of client investments. For more information, please visit www.timberlandinvestmentgroup.com.

ABOUT BCI

With C$ 199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s infrastructure & renewable resources program, valued at over C$ 20.0 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

ABOUT CST

Through its subsidiaries, Crown Pine Timber 1, L.P., and Crown Pine Realty 1, Inc., CST owns interests in 772,000 acres of timberlands located in Texas. For business inquiries, please contact info@caddolp.com.

New York – BTG Pactual announced that a consortium led by its Timberland Investment Group (TIG), along with British Columbia Investment Management Corporation (BCI), one of Canada’s largest institutional investors, and APG, one of the world’s largest pension providers, has agreed to acquire Chilean timberland asset from Arauco for US$385.5 million.

The transaction is comprised of approximately 80,500 hectares of high-quality, sustainably-managed timberlands in the central and southern regions of Chile and will establish the consortium’s timberland presence in the country.

The acquisition supports the consortium’s strategy of investing in timberland assets around the world that can achieve compelling investment returns, while applying high standards of environmental and social governance. The timberlands in this transaction have all been certified with Arauco by the Forest Stewardship Council (FSC).

Gerrity Lansing, Head of TIG and MD Partner at BTG Pactual, added: “The Timberland Investment Group has been searching for an opportunity to establish our presence in Chile for more than a decade. This transaction offers both the scale and high-sustainability requirements we’ve been looking for and we are pleased to be investing alongside BCI and APG, two of the world’s leading institutional investors.”

Lincoln Webb, Executive Vice President and Global Head, Infrastructure & Renewable Resources at BCI added: “As an active investor, we are excited by the opportunity to expand our global infrastructure and renewable resources program in Latin America with trusted partners. The investment provides compelling risk-adjusted returns for our pension plan and insurance fund clients, and increases our exposure to high-quality, sustainably managed forests.”

“This transaction not only helps us realize profitable and long-term returns for our pension fund client ABP and their participants, it also matches our ambition to partner with like-minded investors to make investments that contribute to the UN Sustainable Development Goals”, added Vittor Cancian, Senior Portfolio Manager at APG, “The timberland assets we are buying are all certified under Arauco’s group FSC certification to ensure that they are being managed in a way that is environmentally responsible, preserves biological diversity and benefits the lives of local people and workers. The FSC system also allows businesses and consumers to identify, purchase and use wood, paper and other forest products made with materials from well-managed forests or recycled sources.”

The transaction is subject to customary closing conditions, including antitrust approvals, and is expected to close in the third quarter of 2021.

ADDITIONAL INFORMATION

ABOUT BTG PACTUAL TIMBERLAND INVESTMENT GROUP

BTG Pactual (BPAC11) is the largest investment bank in Latin America, operating in the Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management markets. BTG Pactual Asset Management has an international presence with over US$70 billion in assets under management and administration. BTG Pactual Timberland Investment Group (TIG), a division of BTG Pactual Asset Management, is one of the world’s oldest and largest timberland investment managers with nearly US$ 4 billion in assets and commitments and 2.6 million acres under management globally. TIG is focused on achieving compelling investment returns while also applying high standards of environmental and social governance, and has a 40+ year track record with over 100 professional staff members in 16 offices around the globe, bringing local, regional, and global experience to bear on the management of client investments. www.timberlandinvestmentgroup.com.

ABOUT BCI

With C$171.3 billion of assets under management as of March 31, 2020, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s infrastructure & renewable resources program, valued at over C$18.3 billion, invests in tangible long-life assets that include a portfolio of direct investments in companies across a variety of sectors spanning regulated utilities, energy, telecommunications, and transportation, as well as investments in timberlands and agri-businesses. These companies operate in stable and mature regulatory environments, provide opportunities for future capital investments, and have the potential to generate steady returns and cash yields for our clients. The program is diversified across North America, Asia, Australia, Europe, and South America.

ABOUT APG

As the largest pension provider in the Netherlands, APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €577 billion in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing. For more information, please visit www.apg.nl.