Macquarie Asset Management has agreed to buy Germany’s second-largest gas transmission system operator from DIF Capital Partners and EDF Invest.
The manager’s Macquarie Super Core Infrastructure Fund is investing an undisclosed amount to buy Thyssengas.
DIF and EDF Invest paid around €700m to buy Thyssengas in 2016 from Macquarie-managed funds. DIF acquired its 50% stake on behalf of the DIF Infrastructure IV fund.
During DIF’s and EDF’s joint ownership, Thyssengas has developed a sizable future capex project pipeline with more than €500m of planned projects from 2021 to 2027, DIF said.
Thyssengas currently operates a 4,400km underground network which supplies gas to around 50 municipal distribution centres, 160 industrial customers and seven gas storage systems across Germany’s industrial heartland of North Rhine-Westphalia.
Hilko Schomerus, managing director at Macquarie Asset Management, said: “Thyssengas is situated at the centre of Germany’s industrial region and services many hard-to-abate sectors. With a strong reliance on conventional energy, limited renewable energy resources, and strong gas network connectivity, greener gases such as low-carbon hydrogen present a strong energy alternative for local businesses seeking to decarbonise.
“We are excited by the opportunity to progress and champion this critical work to make Thyssengas’ network ready for the future. We know the company and its operations well, and we look forward to recommencing our long-term partnership with the business.”
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