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The European Investment Fund (“EIF”), with the support of the InvestEU programme, has signed a €150 million cornerstone commitment to the White Summit Capital Decarbonisation Infrastructure Fund II (“WDIF II” or the “Fund”).

This represents the EIF’s largest commitment to an infrastructure manager to date and it reflects the significant contribution WDIF II is expected to make towards advancing the EIF’s and InvestEU’s objectives. These objectives include the transition to clean energy, climate change mitigation, and security of energy supply, among others.

WDIF II, which has a target size of €500 million, will help address the deep funding gap in the energy transition middle market by supporting infrastructure companies across Europe to scale up their asset base.

The Fund will invest in approximately 10 companies with strong management teams, within three key verticals where White Summit Capital has a proven track record: Renewables Integration, Sustainable Transportation and Decarbonisation of Industries. These investments will draw upon the White Summit Capital team’s unique combination of investing, greenfield, industrial, and energy management expertise.

White Summit Capital expects the investments made by WDIF II to comprise an initial acquisition, followed by further capital deployment through growth or repurposing capex.

Due to the strong tailwinds in the energy transition infrastructure sectors, outsized co-investment opportunities are expected to emerge throughout the Fund’s life as the investments mature.

The Fund’s seed asset, a significant stake in Zunder, has already been contributed. Zunder is one of the leading independent EVCI companies in Southern Europe and counts Mirova, the French infrastructure manager, as a shareholder.

WDIF II is classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation and has linked 20% of its performance incentives to achieving decarbonisation objectives.

White Summit Capital expects WDIF II to reach a first close by the first quarter of 2024.

About White Summit Capital:

White Summit Capital is a specialised energy transition infrastructure investment manager. Founded in 2011, WSC has deployed over €2 billion in infrastructure investments and generated realised returns of over 35% IRR and 2x CoC1[1]. The firm has a diverse multi-disciplinary team of 27 employees across 4 offices in Zug, London, Madrid and Bilbao.

Pablo Pallas, Managing Partner, White Summit Capital: “White Summit Capital looks to enable the energy transition through scalable investments that generate superior risk-adjusted returns, prioritising capital preservation and active value-creation. We are delighted to partner with the EIF as we share many of the same objectives, including the belief that supporting smaller infrastructure companies operating in more complex energy sub-sectors is one of the keys to energy transition. Moreover, we hope that, together, we can unlock further capital deployment opportunities for the EIF’s partner organisations, such as the European Investment Bank and InvestEU, in order to accelerate Europe’s decarbonisation”.

[1] Gross Returns. Realised investments only.