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    Joulz is a leading owner and provider of essential energy infrastructure equipment and services in the Netherlands. It leases essential energy infrastructure equipment and meters to a large and diversified customer base of industrial, commercial and public sector customers. It has two business units: Infrastructure Services and Metering.

    The Infrastructure Services business owns and leases medium voltage electricity infrastructure such as transformers, switchgear and cables under long-term contracts. The Metering business owns and leases approximately 50,000 electricity and gas meters for non-household customers under medium term contracts.

    Developments in the year

    Joulz performed broadly in line with expectations during the year, and Covid-19 has had limited commercial and financial impact on the business to date. The carveout from Stedin was completed in March 2021 and Joulz is now a fully independent business.

    Joulz’s strategy is to build on its customer base and its position at the heart of customers’ critical electrical infrastructure, and to develop into a leading integrated energy transition solutions provider. Since our acquisition, Joulz is delivering on this strategy through both in-house offer development and targeted M&A. In March 2020, Joulz acquired Greenflux’s electric vehicle (‘EV’) charging business, and in March 2021 the company agreed to acquire Zonel, a roof top solar developer.

    In line with this strategy, the company is seeing increasing customer interest in integrated solutions – involving technologies such as solar, batteries, EV charging, transformers, meters – which help customers achieve their energy transition objectives and also mitigate grid capacity constraints affecting their sites.

    Investment Rationale

    3i Infrastructure acquired Joulz in April 2019, having committed to invest in March 2019.

    • Strong established asset base as well as good potential for growth
    • Joulz is set to benefit from the Dutch government’s commitment to decarbonise the economy (the ‘Energy Transition’)
    • The Energy Transition is expected to increase electricity consumption and demand for Joulz’s equipment and services
    • 3i Infrastructure has relevant experience from investing in the Netherlands and previous investments in the electricity and leasing sectors


    Joulz’s sustainability strategy is built around the UN’s SDGs that the business shares with its customers (Clean Energy, Sustainable Growth and Investing in Infrastructure) and those that are more directly related to the business itself (Health and Safety and Training/Education). During the year the business also completed the implementation of ISO14001 (Environmental management system.

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