DIF Capital Partners is acquiring a majority stake in Canadian geothermal company Diverso Energy.
The infrastructure fund manager’s DIF Infrastructure VII fund is investing an undisclosed amount to buy a 75% interest directly from Diverso’s founders who will retain the remaining stake and will continue to lead the company.
Founded in 2015, Diverso offers geothermal heating and cooling solutions for multi-unit residential and commercial projects under an energy-as-a-service model with long-term contracts.
Tim Weber, CEO of Diverso, said: “With our new partnership and the immediate demand for low-carbon building solutions, we are well positioned to enhance our operations and grow our position as market leaders as the industry accelerates the adoption of geothermal solutions.”
Gijs Voskuyl, partner and head of infrastructure at DIF Capital Partners, said: “This investment continues to build upon DIF’s long-standing build-to-core strategy and commitment to reducing greenhouse gases globally.
“We look forward to the partnership with the Diverso management team in expanding its presence as a leading Canadian geothermal company in an industry supported by strong regulatory tailwinds.”
To read the latest edition of the latest IPE Real Assets magazine click here.