Current portfolio

Overview

Headquartered in Esbjerg, Denmark, ESVAGT is the market leader in the fast-growing segment of service operation vessels (“SOV”) for the global offshore wind industry. The Company is also a leading provider of emergency rescue and response vessels (“ERRV”) and related services to the offshore energy industry in and around the North Sea and the Barents Sea.

ESVAGT is the pioneer and market leader in the provision of SOVs to offshore wind farms, with twelve SOVs in operation and a further three under construction. SOVs are purpose-built, high performance vessels, providing efficient transport of maintenance technicians to wind turbines and other offshore wind equipment, under long term contracts. The offshore wind market, and hence demand for SOVs, is expected to grow strongly over the coming years, creating significant opportunities for the company.

Its ERRV services mainly involve the rescue and recovery of personnel, but also include the dispersion and recovery of oil spills, crew transfers and towing. ESVAGT is the leading provider of ERRV services in Denmark and Norway, with market shares of approximately 100% and 50%, respectively, as well as an established and growing presence in the UK. The majority of ESVAGT’s ERRV revenues are associated with North Sea oil and gas production support, with the remainder generated by supporting exploration activity.

ESVAGT has been operating since 1981, employs over 1,200 people and owns a fleet of more than 40 vessels.

Recent developments

ESVAGT had an important year, with its SOV fleet increasing by a third from nine to 12 vessels through the delivery of one newbuild and the acquisition of two operational vessels.

During the year, ESVAGT delivered its first dual-fuel e-methanol SOV for Ørsted, marking a significant milestone. The hybrid-powered vessel, equipped with battery and dual-fuel technology, is supporting operations at the Hornsea 2 offshore wind farm in the UK North Sea. However, the later-than-planned delivery required existing vessels to operate as frontrunners for longer, limiting spot market exposure and weighing on short-term performance. A further three SOVs are under construction.

ESVAGT also acquired two operational SOVs from Edda Wind on long-term contracts, providing an immediate EBITDA contribution and establishing M&A as a new route to growth.

European offshore wind fundamentals remain positive, supported by a strong tender pipeline and the reaffirmation by European governments of a 300GW North Sea capacity target by 2050. In the US, policy uncertainty led to delays in wind farm construction, although projects have since resumed. In contrast, South Korea represents an attractive growth market, with the KESTO joint venture securing its first two crew transfer vessel contracts ahead of forthcoming SOV tenders.

ESVAGT was also affected by continued weakness in the UK ERRV market, driven by the ongoing windfall tax on oil and gas companies in the UK. However, the market has seen recent fleet reductions have tightened supply, and utilisation and day rates are expected to improve in 2026.

Overview

Future Biogas is one of the largest anaerobic digestion (AD) plant developers and biogas producers in the UK. It owns stakes in and operates nine AD plants and operates an additional three AD plants under medium-long term contracts.

Future Biogas’s plants convert a wide range of feedstocks into clean and renewable energy through AD which produces biogas. Biogas can either be used to generate green electricity, or upgraded into biomethane and injected into the UK’s national gas network. Future Biogas produces approximately 680GWh of biogas per year across 11 sites.

Biomethane from AD is a ready-to-use and commercially viable solution for hard to decarbonise industrial sectors. It does not require any upgrade to the existing UK gas infrastructure. Energy produced by AD plants is carbon neutral, as the CO2 released during the process matches the CO2 absorbed from the atmosphere by the feedstock.

Future Biogas promotes a regenerative farming approach, sustainably integrating feedstock from energy crops into agricultural systems. The circular process of returning digestate back to land can help replenish soil nutrients and carbon and displaces demand for carbon intensive artificial fertilisers.

Recent developments

Future Biogas performed ahead of expectations during the year. This was driven by higher exported gas volumes and improved gas yields across its owned AD plant portfolio. The impact of softer wholesale gas prices throughout 2025 was mitigated by near-term hedging across the portfolio.

In February 2026, the company completed the acquisition of the Burton Agnes AD plant in East Yorkshire. The plant currently produces c.40GWh per annum of biomethane and has been managed by Future Biogas since 2021. 

The acquisition further strengthens Future Biogas’s portfolio and provides an opportunity to enhance capacity through targeted upgrades. The plant is now one of 11 plants operated by Future Biogas and is the 10th plant in which the company now owns a majority stake.

The development pipeline also continued to progress well, with two new greenfield AD projects securing full planning consent in the last six months, taking consented sites to four in total. This progress demonstrates the depth and quality of the pipeline and positions the platform well for growth.

Gonerby Moor, the UK’s first unsubsidised biomethane plant operating under a 15-year gas sales agreement with AstraZeneca, has successfully ramped up to full operational capacity with gas injection rates exceeding budget in recent months.

Across the broader portfolio, a number of targeted upgrade initiatives have been delivered, increasing injection capacity and enhancing operational efficiency. These improvements have contributed to stronger overall plant performance and reinforce the platform’s ability to drive incremental value from its existing asset base. Further plant upgrades are planned and underway for the year ahead.

Overview

FLAG is a leading global data communications service provider and owner of one of the world’s largest private subsea fibre optic networks. The business provides high-bandwidth connectivity to a range of customers including over-the-top content providers, telecom carriers, new media providers and enterprises.

FLAG’s 66,000km of cables span from North America to Asia. It is particularly strong on the Europe-Asia and Intra-Asia routes where it is well positioned to capitalise on growth opportunities and serve the exponentially growing demand for data traffic.

Recent developments

FLAG performed strongly during the year. Demand for subsea fibre capacity continues to grow, driven by hyperscaler investment, AI workloads and new customer segments, while supply of new subsea fibre capacity remains constrained due to high capital costs, permitting complexity and long development timelines. Customer churn has reduced and sales momentum has strengthened.

Heightened geopolitical tensions have increased the importance of route diversification, further supporting demand for FLAG’s network. The recently acquired India-Asia-Xpress system has outperformed expectations. Earlier in the year, FLAG invested $70 million in a fibre pair on Google’s trans-Pacific ECHO system, where customer demand remains strong despite minor construction delays.

Management has initiated an approximately $70 million investment programme to enhance network resilience, reduce risk in geopolitically sensitive corridors, support growth in underserved regions and expand European connectivity.

Overview

Infinis is the largest generator of baseload low-carbon electricity from captured methane in the UK and is rapidly transforming through an active solar and battery development pipeline.

Infinis’s cashflows are positively correlated with UK inflation through the Government-backed Renewables Obligations Certificate (ROC) and CfD regimes and through index-linked corporate PPAs. Infinis’ current generation portfolio comprises:

• Captured methane: 255 MW across 104 sites
• Solar: 103 MW across 4 sites
• Flexible generation: 173 MW across 29 sites

This unique combination of green baseload power, renewable assets and flexible generation mean Infinis is ideally placed to respond to growing electricity demand, increasing energy market volatility and to play a key role in the UK’s route to decarbonisation and greenhouse gas reduction.

Recent developments

Infinis performed ahead of expectations during the year, supported by higher-than-forecast electricity exports from its landfill gas operations. Although gas and power prices moderated through 2025, this trend has since reversed with the supply disruption caused by the conflict in the Middle East expected to benefit the business in the medium term.

Strategically, Infinis is well positioned to scale and diversify its generation portfolio through the development of solar and battery storage projects across its brownfield and landfill estate. These sites benefit from attractive fundamentals, including existing grid connections and relatively short development timelines. Good progress was made during the year, with 20MW of new solar and battery capacity coming online and a further 280MW currently under construction.

The business continues to engage with policymakers regarding potential support for landfill gas beyond the expiry of the Renewable Obligation Certificate subsidy support in April 2027. 

Overview

Ionisos is a leading owner and operator of cold sterilisation facilities servicing the medical and pharmaceutical industries. Established in 1993 in France, Ionisos is one of the largest cold sterilisation providers globally and operates a network of 10 facilities in Europe with market leading positions in France and Spain. It has over 250 employees and a highly diversified customer base of around 1,000 customers.

Ionisos delivers a mission-critical, non-discretionary service for customers, for whom cold sterilisation is an essential component of the manufacturing process. It is typically applied to single use products that would be damaged by the heat and/or humidity of hot sterilisation methods.

Recent developments

Ionisos performed slightly below expectations, primarily due to delays to the completion of the company’s new French X-Ray plant and expansion of its German EO plant. Despite these delays, revenues increased 7% year-on-year and the long-term outlook remains positive.

We strengthened the management team further in April 2026 with the appointment of a new CEO.

Overview

Joulz is a leading owner and provider of essential energy infrastructure equipment and services in the Netherlands, Belgium and Italy. Joulz serves approximately 21,000 industrial, commercial, and public sector clients with its solutions, that encompass realization, maintenance, management, and leasing of energy infrastructure equipment.

Joulz’ service offering includes mid-voltage infrastructure (owning and leasing transformers, switchgear and cables under long-term contracts), storage (owning and leasing large scale battery storage systems under mid- to long-term contracts), solar (large-scale installations under operational lease or with government-subsidized PPAs), metering (owning and leasing 50,000 electricity and gas meters under mid-term contracts) and EV charging (AC and DC charge points in mid-term exploitation, rental or CPO contracts). Additionally, it provides integrated solutions to address energy transition challenges such as grid congestion.

Recent developments

Joulz performed in line with expectations during the year, supported by long-term contracted revenues and the completion of new installations. Demand for its behind-the-meter (‘BtM’) integrated energy solutions remains strong, driven by customers seeking to decarbonise their operations and to address constraints arising from electricity grid congestion.

In Q1 2026, Joulz completed the acquisitions of the Italian and Dutch divisions of Centrica Business Solutions (‘CBS’) and Engie’s Belgian commercial and industrial (‘C&I’) solar rooftop business.

CBS designs, installs, finances and maintains BtM energy infrastructure for C&I customers under long-term contracts, including combined heat and power plants, solar rooftop and microgrids. The business manages c.280MW of energy assets. The acquisition will broaden Joulz’s solution offering to include heat, for which it is seeing increasing demand.

Engie’s Belgian C&I solar business is the largest C&I-focused solar rooftop portfolio in Belgium, comprising c.112MWp of operational, ready-to-build and under-construction installations under long-term contracts with a blue-chip customer base. Joulz sees material opportunities to offer its broader suite of BtM energy infrastructure solutions to this existing customer base, as well as to other Belgian C&I customers. 

These two acquisitions increase Joulz’s proforma EBITDA by c.70%, add heat capabilities to its portfolio of solutions, and materially advance Joulz’s strategy to expand into other attractive European markets by establishing scale platforms in Italy and Belgium - two of Europe’s most attractive BtM energy infrastructure markets. Joulz is also seeing demand from existing customers to support them in additional countries, and the enlarged Joulz group will be well positioned for this.

To support completion of the two acquisitions and continued investment in Joulz’s significant organic growth pipeline, 3iN provided Joulz with additional funding of €107 million.

Overview

Lefdal Mine Datacenter (‘LMD’) is a large-scale underground data centre campus on Norway’s west coast. Developed within a former mine, the facility benefits from structurally lower capex and an ability to provide customers with access to low-cost hydroelectric power through a unique fjord-based cooling system, delivering industry-leading energy efficiency.

LMD provides secure, dedicated capacity to customers for high performance, data intensive workloads. This is supported by long-term, availability-based contracts and significant expansion potential within its existing infrastructure.

Investment rationale

This deal has been signed, but is subject to completion (expected in summer 2026). 

On 11 March, 3i Infrastructure plc announced it has agreed to invest c.€300m to acquire a majority stake in LMD, a high-quality Norwegian HPC-focused data centre campus

• Unique, scalable, energy-efficient data centre platform in a high-growth market
• Well-positioned to capture growing demand from high-performance and data-intensive workloads, driven by digitalisation and increasing compute intensity across customer segments
• Benefits from structurally lower capex costs and the ability to offer customers low-cost renewable hydro power and highly efficient cooling infrastructure, supporting attractive unit economics
• Provides customers with mission-critical infrastructure under long-term, availability-based contracts, delivering high revenue visibility and resilience
• Scalable campus with significant expansion capacity within existing site, enabling growth alongside increasing customer demand in an attractive Nordic data centre market

Overview

Oystercatcher is the holding company through which the Company holds a 45% interest in Advario Singapore Limited (previously Oiltanking Singapore Limited).

Advario Singapore is a 1.3 million cubic metre facility focused on storage and blending of refined clear petroleum products for a range of blue chip customers. With a premier location, on Jurong Island, it is accessed by pipeline, sea going vessel and barge.

Oiltanking is one of the world’s leading independent storage partners for oils, chemicals and gases, operating 41 terminals in 18 countries with a total storage capacity of 16 million cubic metres.

Recent developments

Oystercatcher’s 45%-owned terminal, Advario Singapore (‘ADS’), delivered a strong performance during the year, materially exceeding expectations. Elevated levels of customer activity drove higher revenues from throughputs and provision of ancillary services, supplementing the bulk of revenues which are derived from take-or-pay storage contracts. Contract renewals secured in 2025 were agreed at higher storage rates and with longer tenors than the prior year, reflecting robust demand for ADS’s gasoline storage and blending capabilities.

Market conditions in Singapore remain favourable, with limited uncontracted storage capacity across the sector. The strength of the market is underpinned by the Asia-Pacific region being in a structurally short position in gasoline, as regional refining capacity is insufficient to meet the region’s growing demand. This structural imbalance is expected to persist in the medium to long term.

Since May 2023, ADS has also been active in the storage and blending of sustainable aviation fuel (‘SAF’) for supply to local markets and for export further afield. Policy developments in Singapore are supportive for the ongoing development of the SAF industry in Singapore with the announcement by the Singapore Government of the introduction of a SAF levy on air fares for flights departing Singapore from January 2027. The company is actively engaging with customers to support their renewable fuel strategies and to capture further opportunities in the energy transition.

Overview

SRL, is the market leading temporary traffic management equipment (“TTE”) rental company in the UK. SRL offers its customers a full-service rental solution, which includes the planning and design of traffic management systems, installation, maintenance and integration with existing systems, as well as direct sales of equipment manufactured by SRL.

SRL’s market-leading reputation is supported by its national depot network, providing a 24/7, 365 days a year service on which customers rely for quick deployment and reactive maintenance work.

Recent developments

SRL performed below expectations, with forecast growth not materialising during the year. This primarily reflects continued constraints on local authority spending, which have reduced overall market activity and increased competitive intensity, particularly in lower-cost segments. We have taken a cautious view on the pace of recovery in our updated valuation.

In response to these headwinds, a new management team was appointed in H1 2026 to strengthen SRL’s commercial offering, improve operational performance and build greater resilience to competitive pressures. 

REMOS, the company’s remote monitoring solution, has progressed from pilot deployments into early commercial rollout and remains a strategically important initiative. While adoption has been slower than initially anticipated, customer engagement remains strong. REMOS is expected to enhance SRL’s proposition over time, supporting improved service delivery and offering a differentiated solution as the market recovers.

Overview

Tampnet is the leading independent offshore communications network operator in the North Sea and the Gulf of Mexico. It is headquartered in Norway, with operations in the UK, Scandinavia, Netherlands and the USA.

Tampnet provides high speed, low latency and resilient data connectivity enabling the digitalisation of offshore industries. Its unique network includes over 5,400km of fibre optic cables, 200 microwave links, 600,000 km2 of 4G/5G coverage and connects to 40 data centres in 12 European and American cities and central hubs. It operates across four main business areas: fixed installations, mobile rigs and vessels, roaming for offshore workers and international onshore carriers. The majority of its business involves providing fixed fibre links to the offshore energy industry with significant growth coming from emerging digital use-cases and new offshore markets.  

Recent developments

Tampnet delivered performance ahead of expectations, achieving EBITDA outperformance despite challenging conditions in the UK North Sea. Demand for high-capacity connectivity continues to grow, driven by AI-enabled operations, robotics and predictive maintenance.

Tampnet remains the only independent fibre operator in the North Sea and Gulf of Mexico. While these are mature basins, they continue to offer growth opportunities through connecting new exploration sites and providing digitalisation services. The company is also expanding into adjacent offshore markets, including carbon capture. During the year, Tampnet signed a project with Porthos in the Netherlands and is working with other customers on connectivity solutions for planned carbon capture, usage and storage developments.

Fibre remains the preferred backbone for mission-critical offshore connectivity, with low Earth orbit (‘LEO’) solutions emerging as a complementary layer for resilience and non-critical traffic. Tampnet’s integrated fibre and LEO offering supports customer retention, enables upselling and broadens its addressable market. The Private Networks segment continues to grow, with 27 networks installed and contracts secured for a further 22.

Overview

Headquartered in Brussels, Belgium, TCR is the largest independent lessor of airport ground support equipment (“GSE”). It operates at more than 230 airports across more than 20 countries. Since inception, TCR has defined the market for leased GSE, providing high quality assets and a full service leasing, maintenance and fleet management offering to its clients, which are predominantly independent ground handling companies, airlines and airports. This enables GSE operators to concentrate on their core business of ground handling.

TCR’s GSE is the essential mobile infrastructure used to service aircraft on the ground and enable airports to handle passengers, luggage and cargo, with upwards of 30 pieces of equipment required per turnaround. Reliable GSE is critical to the smooth operation of airports and timely movement of aircraft, and TCR is able to deliver this with its access to scarce airside repair workshops, which provides a high barrier to entry. Sustainability is at the heart of the business and its mission is to deliver the most efficient and sustainable GSE services. Through its expertise in GSE fleet optimisation, “pooling” initiatives and the provision of green GSE, TCR is playing a key role in enabling the decarbonisation of airport ground operations in the airports where it operates.

Recent developments

TCR performed strongly over the year, supported by strong commercial momentum and robust demand for its GSE leasing solutions, alongside disciplined operational delivery.

The broader market backdrop remained favourable. Aviation activity continued to underpin demand for GSE full service leasing, while the decarbonisation tailwind created additional demand for TCR’s electric GSE and pooling solutions, and accelerated progress of new solutions for its customers such as eGSE charging-as-a-service.

During the year, TCR secured a number of contract wins across its global network and is progressing plans to enter new countries across Asia and America.

It continued to pursue selective M&A opportunities globally and agreed a €100 million upsize of its revolving credit facility to support further growth. In addition, TCR’s GHG emission reduction targets were validated by the Science Based Targets initiative (‘SBTi’) during the period, marking an important milestone in its sustainability strategy.

The Company initiated a sale process of TCR during the year, which concluded with the signing of the sale of the business to Global Infrastructure Partners on 4 March 2026.