AGM Site visits​

23rd of April | Hemiko and Verdant

On April 23rd we will host two site visits, being Hemiko and Verdant. The bus will leave at 12:00 GMT sharp from the London DIF office. Please note that lunch is included and will be served on the bus.

For more information on the sites, please see below.

About Hemiko

Hemiko is a UK-based developer, builder, owner and operator of district heating networks. It provides full turnkey services to both public sector authorities and property developers.

The company was founded in 2012 as a general low-carbon heating solutions company. It started specialising in district heating a year later, when it won a contractor role (developer and operator) on the Greenwich Peninsula project, which is a flagship city-scale project in East London. Leveraging its strong performance on the project, it has since grown to become a leading player in the nascent, but fast-growing, UK district heating market.

DIF will provide funding to further transform the company into a nationwide owner of district heating networks. The company is expected to benefit significantly from sector tailwinds and has a strong project pipeline.

During the site visit you will get to meet senior management. You will see the low carbon gas fired energy centre that is in the process of being decarbonised. This is designed to deliver 87MW of heat generation, which will provide heat for more than 16k residents, the O2, schools, hotels and commercial space.

About Verdant

Verdant was signed in November 2022 and is a portfolio of seven co-located solar PV and battery storage (BESS) projects with a combined capacity of c. 700MW (split c. 50:50 Solar and Battery). As such, it is the largest ready-to-build ‘RtB’ co-location portfolio to be transacted in the UK to date. DIF Capital Partners and ib Vogt (as delivery partner and small minority shareholder) will take on the commercialisation of the projects including financing, construction and securing offtake. The projects are to be acquired when they reach RtB stage ((i.e. all land, grid and permits are fully secured thus no binary development risk).  Five projects have been successfully acquired, while the remaining two projects should be acquired in Q2 2024. All projects in the portfolio are anticipated to be energised between 2024-2026.

This portfolio technology comprising solar PV generation and flexible charging and dispatch from BESS is perfectly positioned to support the energy transition. As grids decarbonise, there will be an increasing need for flexible assets that can help grid operators manage over and under supply, and grid stability from intermittent renewable generation. The site you will visit is substantively complete and it’s expected it will be fully operational in Q2 2024 . The site has a network connection capacity of 57MW which is shared between the Solar and BESS with the Solar expected to generate energy equivalent of 24,500 average homes annual consumption* or 33,600 tonnes of carbon emissions saved**.

*DESNZ Jan 2024

** DESNZ July 2023

During this visit you will meet the DIF deal team and the Verdant MD, who will guide you through the history of this landmark investment, from the origination of the deal to the realisation of the first project within the portfolio.