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08:30
Registration and networking breakfast
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09:20
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09:25
Infralogic data presentation
In this welcoming presentation, Infralogic will delve into the latest market analytics to set out where we see the infrastructure M&A market heading for 2025.
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09:30
Opening panel discussion – Generating value amidst uncertainty
Fundraising activity for infrastructure funds is picking up and M&A deal flow is improving after a difficult 2023, but plenty of uncertainty remains. Inflation and interest rates appear to be stabilising, but geopolitical tensions persist and regulatory risk for some core infrastructure assets has never been higher. How are infrastructure investors navigating these choppy waters?
In this scene setting session panellists will discuss:
Has fundraising returned to form in 2024 and how is it expected to evolve in 2025?
Is the gradual lowering of interest rates influencing infrastructure funds’ investment decisions?
Is the M&A market fully open in all infrastructure and energy sectors? Are there valuation gaps and where are they felt more acutely? Are more M&A deals being cancelled or delayed because of this?
How are investors pricing regulatory risk as UK water is branded as “uninvestable” and regulated utilities across Europe experience headwinds?
Is concentration among GPs playing a role in shaping fundraising and investment decisions? Are mid-cap funds still attractive as their larger peers get bigger?
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10:15
Panel discussion – should infrastructure funds target the power-to-x sector?
Heralded as the next opportunity for energy investors, power-to-X has had a bumpy ride of late, not least energy giant Orsted scrapping a major e-methanol scheme. Regulatory support is being rolled out slowly, and project costs and supply chain issues have raised concerns about its viability. Yet infrastructure investors have continued to invest in new developers. How can they make offtakes work and turn PtX into a profitable investment?
Do hydrogen and other power-to-x investments offer limited long-term offtakes and high production risks?
What lessons can be learned from the first hydrogen auctions held in Europe? Are they enough to provide comfort to investors?
What needs to be done to stimulate more demand and create a deep offtake market?
Are investors pricing the risks associated with PtX correctly? Should these assets still be treated as venture capital?
Are investors better off focusing on other more proven energy transition asset classes such as smart meters and renewables?
Assess the bankability of supporting and associated infrastructure, including hydrogen pipelines, storage and CCUS?
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11:00
Morning refreshments and networking break
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Sector Focus I – Data Centres
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11:30
Panel discussion – Data centre investment in an evolving economic and technological landscape
Data centres have continued to grow in popularity in recent years and this year the debt provided for data centre operators has already broken previous records, surpassing EUR 13bn. The scale of debt raises has increased, with infrastructure fund-backed operators securing financing packages in the multiple billions of euros. What is the future of investment in this sector when considering the growing role of AI and the increasing saturation of markets in Europe?
Where do opportunities lie in the continuing data centre rollout in Europe and beyond?
Valuations of data centre assets and nervousness around price expectations
Assessing the evolving financing landscape and what this means for investors
Could the growth of AI make some data centres obsolete, and what can investors do to protect their investments?
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Sector Focus II - Transportation
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12:15
Panel discussion: Liberalisation and the changing face of European rail
The effects of rail liberalisation in the EU are starting to appear, with new players emerging in France and elsewhere, and infrastructure investors showing interest in the sector. Antin this year announced the launch of Promixa, France’s first independent high speed rail operator, while Le Train is also seeking capital for high-speed rail services. New challengers to state rail operators have also emerged in Finland and other countries, while the channel tunnel route from the UK to mainland Europe also looks set to see new competitors emerging.
What are the attractions and risks of these investments for infrastructure funds?
Will infrastructure funds continue to increasingly target train operating companies rather than focusing on rolling stock leasing as previously?
Are other opportunities other than operating and leasing trains emerging for infrastructure investors?
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13:00
Networking lunch
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Infrastructure strategies & financing
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14:00
Panel discussion: Investing amidst uncertainty
Core infrastructure fundraising and investing are dead. Only select core-plus strategies survive. Value-add is the way forwards. Or are these just misconceptions? Is the truth about the impact of high interest rates and inflation for infrastructure investors more complex?
Have core funds successfully crossed the divide into core plus territory?
Have some core funds stuck to their knitting in the hope of securing assets at rock bottom prices and achieving mid-teen type returns?
Have core-plus strategies successfully tapped cheaper opportunities and pivoted to new sectors amidst the continuing high interest market?
How lucrative has the value-add segment been given, and has it in some cases pushed risk too far?
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14:45
Panel discussion: Debt financing – shifting strategies to seek new opportunities
During the past few months, lenders have provided billions of euros for gigafactories across Europe, and more debt is being raised for data centres, large-scale hydrogen projects and fixed and floating offshore wind farms.
Infralogic’s data show that for 2024, debt volumes are set to be likely to be in line with the past three years, in terms of greenfield and acquisition financings and refinancings. The recent changes in interest rates decided by central banks might have affected investment strategies and the type of debt deals that borrowers are looking for, but the debt markets have remained busy.
In the UK, the involvement of UKIB continues to be part of the equation for both new and more “traditional” assets, as in the case of UKIB planning guarantees for fibre companies raising debt. At the same time, acquisition loans and refinancings for sustainable transport and renewables have continued in high numbers, according to Infralogic data.
How are the fluctuations in interest rates impacting investment decisions, and what is the current market sentiment?
How is the pipeline for infrastructure financiers shifting? How bankable are new energy transition deals? Is the digital infrastructure sector set to continue offering large ticket deals as seen in recent years?
What are the challenges for borrowers seeking to refinance infrastructure assets? what’s the appetite for big underwriting cheques in acquisition financing?
Which strategies are the most appealing for infrastructure debt funds, senior or junior debt?
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15:30
Afternoon refreshments and networking break
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16:00
Panel discussion – What do limited partners really want from infrastructure and energy GPs?
What do limited partners really want from infrastructure and energy GPs? As investing gets more complex amid ever growing ESG requirements, LPs are demanding more information from their managers. LPs meanwhile are increasingly less focused on a single approach to fund investing, with some demanding for example ever greater co-investment rights.
- GPs report being swamped with information requests from LPs. Is there a way of improving this process, such as by making it standardised?
- LPs report significant variation in the level of communication from GPs, particularly around investments. What do the LPs on the panel think about this?
- Do the panellists agree that LPs are taking a more varied approach to investing in GPs these days. For example, rather than just allocating to a fund some are only seeking co-investments.
- What are the key things that the LP panellists require from infrastructure and energy GPs?
- Are LPs returning to back first-time funds?
- Finally, does the panel view GP consolidation as a positive or negative?
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16:45
Close of conference remarks
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17:00
Cocktail reception
Confirm cancellation
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Robin oversees global editorial and research coverage for Infralogic. A 24-year news veteran, with 16 of them spent editing financial news, Robin has worked for some of the world's leading news outlets, including The Wall Street Journal, Dow Jones Newswires and Bloomberg. He has been a regular on live television, commenting mainly on Chinese government and central bank policy. At Infralogic, he is responsible for daily news coverage and analysis written by a team of journalists spread across the globe, including the Americas, EMEA and the Asia-Pacific region.
Sikander Rashid is the Head of Europe for Brookfield’s Infrastructure Group. In this role, Mr. Rashid is responsible for overseeing all infrastructure investment and portfolio management activity in the region. Mr. Rashid is also the Head of Europe for Brookfield Asset Management, with responsibility for overseeing the Asset Manager’s business activities in the region.
Mr. Rashid joined Brookfield in 2012 and has held progressively senior roles within the organization. Mr. Rashid holds a Bachelor of Mathematics degree from the University of Waterloo and is a member of the Canadian Institute of Chartered Professional Accountants.
Bilal leads on the growth equity and infrastructure investments mandate in power-to-x and industrial decarbonisation at Octopus Energy's fund management arm. Prior to Octopus, Bilal was part of the CCUS and hydrogen investments team at BP and has a background in the development and execution of upstream oil & gas projects.
Cyril brings over 26 years’ experience in energy and infrastructure investment, with a strong track record in developments, acquisitions, portfolio management and capital raising. His international experience spans roles in Asia-Pacific, Europe and the Middle East, where he successfully managed large portfolios and led high-profile infrastructure projects. His extensive board experience includes working in the renewables, utilities, transport, social infrastructure and natural resources sectors. His previous roles include as Managing Director at global investment group CDPQ, Senior Vice President at Marubeni Asian Power and Director at RREEF Infrastructure (DWS). Cyril holds a Master’s Degree in Business and Strategy from ESCP Business School, Paris and is an accredited company director from the Australian Institute of Company Directors.
Gordon is Head of Corporate & Sustainable Securitisation EMEA at Barclays in London, with 12 years of banking experience in corporate and structured debt and derivatives. Gordon is currently responsible for origination, structuring and execution of corporate and sustainable securitisation financing for asset classes including Leasing, Corporate Receivables, Rental Car, SME & Fintech financing, Renewable
Energy and Digital Infrastructure ABS, and is a member of the Sustainable Finance Leadership Group for Barclays Investment Bank. He was previously based in New York, where he focused on securitization and warehouse financing origination and execution across RMBS and a number of Esoteric ABS asset classes, including acting as structuring lead on over $5bn of public securitisations and 10+ financing transactions. Gordon started his career in the Risk Solutions Group at Barclays in London, covering UK corporate clients for interest rate and inflation derivative solutions.
Gordon holds a Masters in Finance and Economics from Gonville & Caius College, Cambridge, where he completed an undergraduate degree in economics. Outside of the office Gordon’s interests include music, running and volunteering.
Luke is the sector lead for Telecoms Structured Finance in EMEA and is based in London. He joined SMBC Group in 2014 having previously been in the Infrastructure Corporate Finance group at KPMG. He is responsible for the bank's involvement in Data Centre financings in EMEA totaling more than €1.3bn in 2024 so far and €3bn in 2023.
Hansin has led both lending and advisory mandates across Digital Infrastructure, Transport and Social Infrastructure. He holds a Master of Engineering degree from Oxford University and is a Fellow of the Institute of Chartered Accountants of England and Wales.
Aldo Cardoso is a Managing Director at DTCP focusing on the data centre, fibre and tower infrastructure sector.
Prior to joining DTCP, Aldo served as director in the Telecommunications Investment Banking team at Citi in London for more than 13 years, where he focused on Digital Infrastructure. During his time at Citi, Aldo supported numerous Telco companies across Europe, Middle East and Africa on the monetization of their digital assets and advised institutional investors on mergers, acquisitions and divestments of digital infrastructure businesses. He brings a profound knowledge of the TMT sector in crucial target markets to DTCP.
Aldo is a CFA charterholder, has an MBA from the University of Chicago Booth School of Business and a Masters in Finance from London Business School. Aldo graduated with honours from the Catholic University of Peru where he studied industrial engineering.
Christian is a co-founder of Apex Rail - a leading rail finance advisory boutique - has more than 25 years of experience in rail and infrastructure financing. Prior to establishing his own company in 2017, Christian held various senior positions in the advisory, banking, leasing and manufacturing industries.
In his banking time (Deutsche Bank and HSH Nordbank) he led large debt financings of commuter rolling stock, high-speed trains and freight cars in Europe and the US and was also an advisory board member of the rolling stock lessor Railpool, a company which he helped to establish and fund. His career in rail began in the manufacturing industry, then gained further experience in rolling stock leasing at GATX Rail Europe while initially being a project finance manager in the energy and transport infrastructure sectors for ABB.
Christian holds an MBA equivalent degree from the University of St. Gallen. He is fluent in German (mother tongue), English and Norwegian and with good working knowledge of Italian and French.
Mark founded Rock Rail in 2014, having established sister company Rock Infrastructure in 2011, following a highly successful career in law at Clifford Chance (10 years) and DLA Piper (18 years).
Mark has over 35 years of experience working in the City of London, New York and Europe. For the last 28 years, he has specialised in developing innovative funding, financing and procurement strategies for major infrastructure projects, working to ensure the alignment of public and private sector interests and to deliver substantially improved public sector value for money.
Since founding Rock Rail, Mark has led the business in securing £3 billion of institutional investment into new passenger rolling stock for UK rail franchises. He is a director for the companies established to finance and lease each of Rock Rail’s fleets to the rail franchises.
Under Rock Infrastructure, Mark was Commercial Director on the landmark Mersey Gateway Bridge Project and principal advisor on the transformation of CAE’s helicopter training facility PPP.
As a lawyer, Mark created and led DLA Piper’s Commercial and Projects Group and in 2007 became Global Head of DLA’s Infrastructure and Defence Sector.
Michael is Global Head of Infrastructure Coverage leading the efforts of our regional coverage teams in London, Paris, Madrid, New York and Hong Kong with infrastructure investors.
Michael started his career at Scotiabank in Toronto in the bank’s Structured Credit business working with leading alternative credit managers. Moving to London in 2007, he was a founding member of the European Infrastructure Finance & Advisory team, active in developing this platform into the bank’s cross-product hub for infrastructure investors.
At Scotiabank, he acted as both financial advisor and debt arranger to leading infra investors and corporates in the EMEA region. He led the bank’s coverage of UK Regulated Assets and was responsible for originating transactions with infrastructure investors focused on transport, midstream gas and renewable energy.
In 2014, Michael joined Mediobanca based in London where he served as Co-Head of the Infrastructure & Transportation M&A group with teams in London, Milan, Madrid and Paris advising on many of the largest infra transactions in southern Europe including the take private of Atlantia by Blackstone and the acquisition of Italo by GIP. He also led the development of Mediobanca’s financing franchise with infra investors, notably outside of the bank’s historical markets.
Building on this success, he was later appointed as Head of Infrastructure & SWF Coverage, responsible for driving all infra sponsor-led transactions across products with a particular focus on M&A.
Dominic heads up the Core Infrastructure team at abrdn. He has over 20 years’ experience in the infrastructure sector combining extensive mergers and acquisitions experience with asset management expertise. Dominic spent 12 years with BAA plc where he headed their international acquisitions group and oversaw the acquisition and management of a number of overseas investments. Dominic then spent eight years in the fund management industry, initially with Babcock and Brown, as part of the European Infrastructure team that raised a €2.2bn infrastructure fund, and then as a Partner with Arcus Infrastructure Partners, which completed an MBO from Babcock and Brown in 2009.
John joined Basalt at its inception and is located in the London office. John advises on the origination, execution, management and operation of investments for the Firm. John is currently a director of Caronte & Tourist, Mareccio Energia and Unilode. John has co-responsibility for the ESG activities across Basalt.
Previously, John was a transaction director within Balfour Beatty Investments and has 18 years of infrastructure investment and advisory experience. While at Balfour Beatty Investments, John was involved in the origination and acquisition of infrastructure assets in sectors such as airports and offshore transmission and has been actively involved in the management of investments across Balfour Beatty Investments’ wider portfolio.
Prior to joining Balfour Beatty Investments, John worked in the infrastructure financing teams at both PricewaterhouseCoopers and KPMG, advising private sector bidders and government bodies on transactions across the transport and social infrastructure sectors.
John holds a BA from Manchester Metropolitan University.
Steve has been involved in financing global infrastructure projects for over 25 years both in the private and public sector.
Steve joined HM Treasury in 2010 and helped establish the Infrastructure Finance Unit before becoming involved in the set-up of the Green Investment Bank. In 2012 the team established the £40 billion UK Guarantees Scheme (UKGS) which issued over £4billion of guarantees.
During the last 3 years Steve has played a leading role in the set-up and launch of the UK Infrastructure Bank being one of the first to join, Co-Heading the Banking Team during the first year of operations.
Bart runs Santander's Energy financing activity across Europe, Middle East and parts of Latin-America. The team of over 50 professionals is primarily focused on financing and financing advisory of Renewables where Santander had a leading presence (#1 in 2023 Europe) but also Hydrogen, CCS, BESS, Biogas, EfW, Smart Meters and other tangential subsectors. Previously Bart ran Santander's UK and Nordics structured finance business, and before that Santander's European structured finance advisory practise. Bart previously worked at UBS leading their Utilities and Infrastructure Finance business, and RBS. Bart holds an MA in Physics from the University of Oxford.
Profile to follow shortly.
Profile to follow shortly.