3i Infrastructure has agreed to invest c. €220m to acquire 100 percent of Joulz Diensten, an owner and provider of essential energy infrastructure equipment and services in the Netherlands. Joulz is being acquired from Stedin Holding NV, a Dutch distribution grid operator. Completion is subject to certain third-party approvals.
Joulz 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, each generating c. 50 percent of total revenue: infrastructure services and metering.
The infrastructure services business unit designs, installs, leases and maintains medium-voltage electricity infrastructure such as transformers, switchgear and cables under long-term contracts. Medium voltage equipment is used in large commercial, office and multi-story residential buildings and industrial sites with high electricity load and is critical for customers’ operations.
The metering business unit leases, operates and reads c. 50,000 electricity and gas meters for non-household customers under medium-term contracts. Joulz is one of the market leaders in this sector and also provides data analytic services to help customers understand their energy usage and improve energy efficiency.
Joulz is set to benefit from the Dutch government’s commitment to decarbonizing the economy (the Energy Transition) through the electrification of heat and transport, a focus on increased energy efficiency and the expansion of renewable generation. The Energy Transition is expected to increase electricity consumption and demand for medium-voltage equipment, and the focus on increased energy efficiency is expected to drive growth in sub-meters and data analytics.
