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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 has outperformed our investment case since our acquisition in April 2019. This was primarily due to low levels of customer churn in the Metering business and higher order intake in the Infrastructure Services business, confirming Joulz’s position at the heart of its customers’ mission critical electrical infrastructure and the strong energy transition trend in the Netherlands.

    The operational carve-out from Stedin is on track to be completed by the end of 2020. We have strengthened the management team with the appointments of a new Head of Metering, a new Head of Business Development, and an Interim CFO.

    The strategy for Joulz is to build on its customer relationships and develop into an integrated energy solution provider. In line with this strategy, Joulz acquired GreenFlux’s electric vehicle charging station business on 31 March 2020, with over 3,000 charging points across the Netherlands, and the management team is evaluating several further growth opportunities in particular in the solar and heat sectors.

    In March 2020, Sjoerd Vollebregt was appointed Chair of Joulz. Sjoerd brings significant experience in large international industrial companies, having been Chair and CEO of Stork BV, an industrial engineering conglomerate until 2014.

    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
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