FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
Pinnacle Group Limited has signed an agreement with independent infrastructure fund manager, DIF Capital Partners (DIF), that will see DIF owning a significant majority in Pinnacle Group’s district heating business, Pinnacle Power, with the Pinnacle Group management team retaining a minority stake.
The agreement follows a 10-year investment by Pinnacle Group that has seen Pinnacle Power grow to be one of the leading heat network providers in the country. Service provision ranges from installing city scale networks, through to operating large scale low carbon power plants and running its own heat utility.
As a result of the partnership with DIF, Pinnacle Power plans to invest in £1 billion worth of green energy infrastructure projects, leading to the deployment of town-and-city-scale heat networks across the UK.
Commenting on the announcement, Peregrine Lloyd, Group CEO of Pinnacle Group, said: “This agreement is the culmination of a 10-year journey since founding Pinnacle Power. I am incredibly proud of the work our management team has done to grow and nurture Pinnacle Power to see it become one of the country’s leading heat network platforms. The time is now right to hand over the reins to DIF, who will take Pinnacle Power to the next level and enable the scale of investment needed in the energy market. I look forward to following this exciting next phase in Pinnacle Power’s development.”
Toby Heysham, CEO of Pinnacle Power, said: “We are excited to be working with DIF to deploy the scale of investment this market needs. We are looking forward to unlocking the vast amount of local, wasted heat and delivering that heat into homes and businesses. Many towns and cities have declared climate emergencies with 2030 targets, but very few have credible solutions to the ‘heat challenge’. This investment offers a clear pathway to achieving decarbonisation, through local investment in locally generated, low-carbon heat. I would like to thank the Pinnacle Group, where we have grown and developed hugely as a business, and we are now looking forward to the next step.”
Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We share Pinnacle Power’s view that district heating networks will play a pivotal role in the energy transition story of the UK. We are impressed with what the Pinnacle Power management team has achieved to date and firmly believe in their ability to grow the business, backed by strong regulatory tailwinds. Pinnacle Power represents a compelling investment proposition for DIF, with an opportunity to invest in a build-to-core sustainable energy platform operating in a rapidly growing market.”
With the current economic crisis resulting in higher prices and more of a squeeze on resources, FMs need to ensure that they have robust building and maintenance services in place to control costs and reduce the need for emergency repairs. When it comes to drainage and plumbing there are also the challenges of dealing with extreme weather, from droughts to flooding, the need to meet stringent regulations and to avoid causing environmental damage.
UK drainage specialist, Metro Rod, has launched a survey which explores the main areas of interest for FMs in maintaining drainage and plumbing, including how they currently assess their supply chains to ensure they’re working with partners that meet the highest possible standards and provide value for money.
The results will be published online so that you can see how you compare to others within the sector.
The survey should take just 5-10 minutes of your time, and as a thank you, you will be entered into a prize draw, where one lucky winner will be picked at random to receive a £100 Amazon voucher.
To take part click here.
