Nortegas

Type
Gas Distribution Transition to Low Carbon - Brownfield
Investment Date
2017
Jurisdiction
Spain
Status
Under Management

Description

In 2017, White Summit Capital, along with a consortium of international investors, acquired Nortegas from Portuguese utility EDP. Nortegas is the second-largest gas distribution network in Spain, boasting over a million connection points. Through ongoing dialogue with EDP’s senior management, WSC became aware that the group was exploring the potential sale of Nortegas and subsequently secured exclusivity for the transaction.

Since the acquisition, WSC has played a crucial role in Nortegas’ ongoing transformation. The Investment Management Team has spearheaded several value-creation initiatives, including the acceleration of the organic growth plan and decarbonisation efforts such as the development of renewable gases.

Over time, WSC has also facilitated the exits of two separate investors from the Nortegas consortium.

Impact

Creation of a safe working environment and promotion of employment in local communities
Investment in biomethane, hydrogen, and CNG stations
Monitoring gender diversity with 40% women in leadership positions
Investment in projects integrating renewable gases
Support for social programs within the community

Sustainable Development Goals