Our Portfolio

• Fund : Cube III
• Status : Current
• Sector : Energy Transition
• Location : Czech Republic
• Investment Date : December 2022
• www.mvv.cz

ENETIQA (former MVV Energie CZ) provides services to customers in 15 cities and is among the leading
producers and distributors of heat in Czech Republic. It is also
engaged in high-performance electricity generation, waste-to-energy production,
energy consulting, water management and the provision of electronic
communications services. It offers its nearly 500 employees stable employment
in the regions where it operates. In 2021, the Company sold 690 GWh of heat and
170 GWh of electricity, and generated 78 million euros in revenue.

• Fund : Cube III
• Status : Current
• Sector :
• Location : Austria
• Investment Date : December 2022
• muellertransporte.at

Müller Transporte is one of Austria’s
leading transport companies in the field of temperature-controlled logistics.
It is headquartered in Wiener Neudorf in the Vienna area and offers temperature-controlled
transport solutions to its clients in the food and pharma sectors by leveraging
a network of 4 strategically-located platforms and a fleet of c. 375 Euro-6
trucks and other vehicles. The group employs c. 700 people and generated
revenues of over €100 million in the financial year ending June 2022.

• Fund : CEBF
• Status : Current
• Sector : FttH
• Location : Italy
• Investment Date : November 2022
• cliofiber.it

ClioFiber is an
innovative company focusing on building ultra-modern FTTH networks in rural and
semi-urban areas, in Southern Italy, with the goal of enabling all telecom
operators to provide their customers with any communication access services
available anywhere in the market and bridge the digital divide. ClioFiber plans
to cover c. 20+ municipalities with its transmission infrastructure, and
provide full fiber broadband to 130,000 premises, and a number of businesses,
within the next two years whilst also creating many job opportunities in the
process.

• Fund : Cube III
• Status : Current
• Sector : Energy Transition
• Location : Slovakia
• Investment Date : November 2022

TEPLO is a district heating
operator located near the city of Trenčin, Slovakia. It has a strong operational
track record and has built up a diversified asset base through three business segments: the production and sale of heat and hot
sanitary water to clients including local flat cooperatives and municipal
clients under long-term contracts; the treatment and sale of biomass
to external customers, as well as for internal consumption; and energy
services provided to local heat plants and residential buildings. In 2021, through its five different heating networks, it supplied 79.9 GWh of heat and had an installed capacity of 83.7 MWth in c. 30 local heat plants.

• Fund : Cube III
• Status : Current
• Sector : Communication
• Location : Germany
• Investment Date : October 2022
• first-colo.net

Founded in 2007, firstcolo is a Frankfurt-based independent data centre business and provider of colocation, dedicated servers, managed services and private cloud solutions. It owns two state-of-the-art Tier III+ data centres and hosts 482 operational racks as at 2021. The company complements its core colocation offering with a wide range of infrastructure managed services and cyber security solutions that significantly drive profitability and customer retention. As such, firstcolo has a loyal customer base of c. 460 B2B customers, which include tech-savvy companies such as hosting providers and SaaS players, with a utilization rate of c.95% for both facilities and c. 50 annual customer wins on average.

• Fund : CEBF
• Status : Current
• Sector : FttH
• Location : Finland
• Investment Date : October 2022
• fibernet.fi

Fibernet is a new wholesale FTTH
operator based in Finland. It plans to cover c. 6 municipalities with
its transmission infrastructure and provide full fibre broadband to 41,000
premises within three years. Fibernet has a strong local management team and support
from municipalities in target areas. In addition, the company has a partnership
with Ociusnet Group, an established Sweden-based professional services and
turn-key telecom contractor specializing in the planning and construction of
FTTx networks.

• Fund : Cube III
• Status : Current
• Sector :
• Location : France
• Investment Date : July 2022

Dispam is a multi-regional logistics provider in
France, offering temperature-controlled transport solutions for fresh food
produces. It manages complex and critical just-in-time flows of perishable
goods on behalf of its clients within the food industry and distribution by leveraging
a network of 7 strategically-located platforms, a specialized fleet of 170
vehicles and tailored IT systems. In 2021, the company transported more than
1,200,000 tons of food produces across France. Since its creation in 1970,
Dispam has primarily grown by offering to its loyal customer base effective and
reliable solutions in response to the increasing complexity of food transport
flows.

• Fund : Cube III
• Status : Current
• Sector :
• Location : France
• Investment Date : February 2022
• www.sepur.com

Founded
in 1965, Sepur is the largest pure-play municipal waste collection player in
France. Sepur serves c. 220 municipalities with more than 30 agencies, 1,700
vehicles and 3,200 FTEs. Revenues are predominantly derived from a diversified
portfolio of more than 200 medium- to long-term contracts with local
authorities. Remuneration is largely availability-based, providing resilience
to economic cycles. The company is led by a highly experienced management team
which has been key to the continuous success of the company over the past 10
years, including the recent
geographic expansion into Normandie, Centre-Val de Loire and Gironde.

• Fund : Cube III
• Status : Current
• Sector : Smart Cities
• Location : Norway
• Investment Date : January 2022
• www.kople.no

Kople currently operates a network of more than 2,000
chargers across Norway, including over 300 owned by the company and the rest
operated on behalf of Kople’s partners. With the combined strategic and
financial support of Cube and Ringerikskraft (a local Norwegian energy
utility), Kople intends to scale up its platform to develop its services to
existing and potential partners, including local authorities, and accelerate
the deployment of its own network across Norway and the Nordics.

• Fund : Cube III
• Status : Current
• Sector : Energy Transition
• Location : Norway
• Investment Date : November 2021

Norsk Vannkraft was founded in 2021, with the aim to consolidate the
highly fragmented Norwegian hydro power market, by experienced
management team with a strong track record in the small-scale hydro sector.
Norsk Vannkraft operates in the small-scale hydropower segment
in Norway with a seed portfolio of 7 plants. 

• Fund : Cube III
• Status : Current
• Sector : Smart Cities
• Location : France
• Investment Date : October 2021
• stations-e.com

Stations-e
is a smart infrastructure operator, deploying a new generation of electric
vehicle charging stations coupled with telecom infrastructures (“towerco”) to
provide wireless telecommunication solutions to telecom operators, to improve
access to highspeed mobile communication and enable IoT and smart cities
solutions. Stations-e is strongly positioned at the intersection of Cube’s core
investment strategies as it combines energy transition, mobility and telecoms.

• Fund : CEBF
• Status : Current
• Sector : FttH
• Location : Spain
• Investment Date : July 2021

Based in Illescas, Spain Asteo
Red Neutra deploys and operates a fibre-to-the-home
network in rural areas of Extremadura and Castilla Leon. The network will
provide the wholesale fibre-to-the-home services on an open-access basis, which
aims at covering ca. 160,000 households in ca. 450 municipalities and building
ca. 1,300km backhaul to interconnect those municipalities.

• Fund : CEBF
• Status : Current
• Sector : FttH
• Location : Italy
• Investment Date : December 2020

Based in Rome, Unifiber aims to create and operate a high-quality,
open-access fibre optic network for residential and business users in the grey
areas of Lazio region in Italy, covering about 115,000 households and 5,000
business units.

• Fund : CEBF
• Status : Current
• Sector : FttH
• Location : The Netherlands
• Investment Date : November 2020

Based
in Groningen, Netherlands, Rodin Group deploys and operates a fibre-to-the-home
network in rural areas of Groningen. The network will provide the wholesale fibre-to-the-home
services on an open-access basis, which will cover 127,000 households.

• Fund : Cube II
• Status : Current
• Sector : Communication
• Location : Germany, Switzerland, Austria, Slovenia and Liechtenstein
• Investment Date : September 2020
• www.heliotgroup.com

Created in 2017 as exclusive operator of the Sigfox network
in Switzerland, Heliot has expanded to Austria and Slovenia, and, thanks to its
partnership with Cube, acquired the Sigfox network in Germany, creating the
largest independent Sigfox operator in the largest and most dynamic economic
area in Europe. 

Heliot operates a low power wide area network (LPWAN) based
on Sigfox’s Internet of Things (IoT) technology, with the critical mission to
ensure that data sent from IoT devices is properly collected and delivered to
clients. As connectivity provider in the largest European economic area, Heliot
is a key player within the Sigfox ecosystem.

• Fund : CEBF
• Status : Current
• Sector : FttH
• Location : Spain
• Investment Date : July 2020

• Fund : CEBF
• Status : Divested
• Sector : FttH
• Location : Czech Republic
• Investment Date : July 2020

• Fund : Cube II
• Status : Current
• Sector : Power Generation Renewable Energy
• Location : Norway
• Investment Date : September 2019
• www.varanger-kraft.no

Varanger Kraftvind is the owner of the
Raggovidda wind farm, located approximately 17 km away from the Berlevag
municipality in Finnmark county. The wind farm consists of a 45 MW operating
wind farm and a 52 MW expansion
project that is expected to come online in 2022. Raggovidda has
excellent wind conditions demonstrated with a strong historical production by
the existing wind farm since 2014. The site is located approximately 350-400
meters above sea level and has an average wind speed of 9.5 m/s combined with a low frequency of storms. The existing wind farm is equipped with 15 Siemens
Gamesa SWT-3.0-101 turbines of 3.0 MW. The expansion project will be equipped
with 12 Siemens Gamesa SWT-DD-130 turbines of 4.3 MW and will benefit from the
existing grid line, existing roads, established land lease agreement and an
experienced operator with a solid track record.

• Fund : Cube II
• Status : Current
• Sector : Smart Cities
• Location : UK & France
• Investment Date : July 2019
• ospreycharging.co.uk

Via Novus
is focusing on the French and UK markets by developing, deploying and operating
tailor-made public EV charging networks. With transportation representing about
40% of total energy consumption and air pollution becoming a fast growing
concern, new mobility solutions are critical in achieving the European energy
transition targets. In UK, Via Novus is present through Osprey charging
Networks. Launched in 2013 with the objective of developing a leading network
of electro-mobility charging solutions across the public space in the UK,
Osprey is today one of the UK’s fastest growing electric vehicle rapid charging
networks. The network of rapid charging points covers strategic locations in
urban and inter-urban areas with high traffic flows and high dwell time, such
as retail parks, supermarkets, public car parks…

In France, Via Novus
through Métropolis was awarded in July 2020 a 15-year partnership contract by
the Métropole du Grand Paris authority to refurbish, install and operate a
network of c 1,300 charging points in the 130 municipalities of the Greater
Paris area. The network is a mix of slow/residential and rapid charging
stations.

• Fund : CEBF
• Status : Current
• Sector : Communication
• Location : Croatia
• Investment Date : February 2019
• www.ruralnetwork.eu

High-quality fiber-to-the-home (FTTH), open-access network for
residential, business and public administration in the rural areas of the
Primorje-Gorski Kotar and Istria regions - the two North-Western counties in
Croatia covering over 135,000 locations.

• Fund : CEBF
• Status : Current
• Sector : Communication
• Location : Slovenia
• Investment Date : June 2019
• www.ruralnetwork.eu

RuNe Slovenia is a high-quality fiber-to-the-home (FTTH),
open-access network for residential, business and public administration in the
rural areas of Slovenia covering over 240,000 locations.

• Fund : CEBF
• Status : Current
• Sector : Communication
• Location : United Kingdom
• Investment Date : May 2019
• www.trooli.com

Trooli is bringing ultrafast, full-fibre broadband to additional
small towns across South East England. This investment is the first step in
Trooli’s ambition to build full-fibre networks that pass over 500,000 premises
in the next five years, starting in towns and villages across Kent that are
usually among the last to benefit from access to ultrafast broadband.

• Fund : Cube II
• Status : Current
• Sector : Power Generation Renewable Energy
• Location : Iberian Peninsula
• Investment Date : February 2019

Green Energy Platform (“GEP”)
builds further on Cube II’s core investment strategy and vision of owning high
yielding assets with strong ESG considerations in the Iberian Peninsula in
partnership with a renowned local management team. GEP offers a
well-diversified mix of renewable energy assets and currently includes 28
operating mini-hydro power plants located in catchments offering a high load
factor in the Spanish regions of Galicia, Asturias and Castilla y Leon with an
aggregate installed capacity of c.50 MW and two solar photovoltaic projects
located in Zaragoza and Ciudad Real in Spain with an aggregate installed capacity of c.100 MW that are expected to become operational over the course of 2022 and 2023.

GEP aims to grow its portfolio to c.200 MW of aggregate power generation capacity over the coming months and continues
to seek attractive assets in Spain and Portugal.

• Fund : Cube II
• Status : Current
• Sector : Communication
• Location : United-Kingdom
• Investment Date : October 2018
• www.g.network

Based in Mayfair, G.Network provides affordable full fibre broadband connectivity to businesses across Central London, in partnership with local boroughs and estates, and effectively bridges the gap between old constrained copper-based broadband and long lead-time expensive leased lines. The company offers a suite of great value tariffs providing faster and more reliable services to businesses without the need for long contracts or prohibitive upfront charges. G.Network’s high capacity ducts and fibre infrastructure cover today more than one hundred streets in Westminster and ambitions to roll-out new networks in Central London in the coming years.

• Fund : Cube II
• Status : Current
• Sector : Energy Transition
• Location : Italy
• Investment Date : October 2018
• www.cogeninfra.it

CogenInfra is the owner and operator of
nine district heating networks in Northern Italy and an energy service business. The company's cogenerative power plants integrate efficiently low carbon
technologies, producing heat and power simultaneously. The company provides
heat and energy to its customers, and offers technological and engineering
solutions dedicated to the energy efficiency market.

• Fund : Cube II
• Status : Current
• Sector : Public Transport
• Location : France
• Investment Date : April 2018 & July 2018 & December 2018
• www.groupe-lacroix.fr
• www.vfd.fr
• www.savac.fr

CFTR is a holding company created to
develop a leading player in the French public transport market through the
acquisition and development of several public transport companies. CFTR has
acquired four companies to date of which Lacroix and SAVAC are the two leading
independent public transport operators in the greater Paris area. These
Parisian companies operate a fleet of c. 1350 buses mainly in the public
transport sector with availability based contracts. VFD and Maisonneuve are
public transport operators in the greater Lyon area. These companies operate c.
550 buses with the majority of revenues secured with availability based
contracts with the department of Isère and routes serving ski resorts.

• Fund : Cube II
• Status : Current
• Sector : Communication
• Location : Portugal
• Investment Date : March 2018
• www.dstelecom.pt

dst telecomunicações is a leading open-access FttH network owner and operator, which was created by dst Group, a family-owned Portuguese construction group located in Braga. Since its inception, dst telecom has invested more than €120 million in telecom infrastructure. It today covers approximately 20% of the Portugal territory, mainly in rural areas across the North, Alentejo and Algarve regions. dst telecom’s mainly operates two networks under gap-funding contracts with the Portuguese government. The acquisition fits perfectly within Cube’s buy-&-grow strategy.

• Fund : Cube II
• Status : Current
• Sector : Public Transport
• Location : Sweden
• Investment Date : December 2017
• www.mekkatraffic.se

Mekka Traffic is the #5 operator of
regulated public transport in Sweden, with a strong regional presence in South
Sweden. Mekka Traffic is at the forefront of clean mobility with a fleet
including ca. 700 biogas and hybrid electric buses (out of a total fleet of c.
1,350 buses).

• Fund : Cube II
• Status : Current
• Sector : Public Transport
• Location : Denmark
• Investment Date : May 2017
• www.umove.dk

Umove is the third largest bus public transport operator in
Denmark. The company operates a fleet of ca. 700 buses in the
regulated Danish bus market and provides transportation services for daily
urban and interurban bus connections through medium to long term gross costs
contracts (i.e. no volume and price risk). With the successful start of the
Movia A16 contract in Roskilde, Umove was the first public transport company in
Denmark to run a fleet of 100% electric vehicles in city operations.  

• Fund : Cube I
• Status : Divested
• Sector : Public Transport
• Location : Belgium
• Investment Date : March 2014
• Divestment date : August 2019
• www.hansea.be

Hansea is the second largest private bus operator in
Belgium. The company provides transportation services for daily urban and
interurban bus connections mainly for the Flemish Public Transport Authority. It enjoys a leading position amongst private operators in
Flanders and Wallonia.

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : United Kingdom
• Investment Date : December 2011
• Divestment date : October 2014
• www.newlincs.com

Newlincs owns an integrated waste-to-energy plant in the mid-eastern UK, which has been operational since 2003 under a 25-year build, own and operate waste management and disposal contract. The plant manages annually approximately 130,000 tons of waste and incinerates about 50,000 tons to produce electricity and steam.

• Fund : Cube I
• Status : Divested
• Sector : Communication
• Location : France
• Investment Date : July 2011
• Divestment date : December 2020
• www.covage.com

Covage is a leading open-access fibre
infrastructure platform with a national footprint across low-density and
medium-density areas in France. Under Cube’s stewardship, Covage has
successfully increased the number of networks from 14 in 2011 to 45 in 2019 with
2.4 million homes to be passed (including 0.8 million homes already built) and
21,000 businesses connected. These networks are complemented by a fully owned
national fibre backbone of 9,000 km. The vast majority of the networks are
operated on behalf of local authorities under long term concession agreements. In November 2019, Cube entered into exclusive
negotiations with SFR FTTH to sell Covage. The transaction remains subject to
customary regulatory approvals and is expected to close during the first half
of 2020.

• Fund : Cube I
• Status : Divested
• Sector : Public Transport
• Location : Norway
• Investment Date : May 2011
• Divestment date : March 2018
• www.boreal.no

Boreal is the fourth largest public transport operator in Norway, operating more than 30 ferries and fast ferries, 900 buses and 6 trams, pursuant to long term concession contracts with local public authorithies.

In a country with challenging geographical constraints and a dispersed population, Boreal’s ferry connections represent an essential part of the national infrastructure, allowing efficient mass transport of people and goods by bridging the local and national routes across the numerous fjords of the Norwegian archipelago.

With a strong competitive position as a leading public transport company in a market with healthy underlying growth and consolidation opportunities, Boreal is an asset with attractive yield characteristics and strong growth perspectives.

• Fund : Cube I
• Status : Divested
• Sector : Public Transport
• Location : Germany
• Investment Date : February 2011
• Divestment date : December 2020
• www.netinera.de

Netinera is the largest private operator in the regional rail transport market in Germany, operating more than 39 million train-kilometers and 36 million bus-kilometers per year.

With a sizeable public transport platform with a good operating record, Netinera is poised to expand due to the significant on-going liberalization of the regional rail and S-Bahn markets in Germany, as well as opening up of the rail market in the state of Baden-Wurttemberg.

• Fund : Cube I
• Status : Divested
• Sector : Energy Transition
• Location : France
• Investment Date : December 2010
• Divestment date : August 2018
• www.idex.fr

Idex is the the third largest operator in both the district heating and energy efficiency services markets in France, with a growth strategy focused on the development of district heating networks. It operates more than 11,300 energy services contracts, 39 district heating networks and 8 Waste-to-Energy plants.

The Idex platform was created through a series of acquisition that were carried out between December 2010 and July 2012, and it is the holding company for Idex Infra (formerly NeoElectra) and Idex Services.

The increasing focus on energy efficiency, economic and sustainability concerns, and fast-changing regulatory environment are significant growth drivers for Idex.

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : France
• Investment Date : December 2010 (Idex Infra’s acquisition).
• Divestment date : August 2018
• www.taranis-energy.com

Created in 2012 as a spin-off of NeoElectra’s cogeneration assets, TARANIS Energy is an independent power producer specialized in small to medium size cogeneration, biomass and biogas plants. It was set up to become part of Cube’s newly created Power Generation platform in Europe.

Headquartered in Paris, France, TARANIS Energy’s main asset is a cogeneration plant located in St. Etienne de Rouvray in Normandy with 103 MW of installed capacity. In addition, TARANIS Energy’s portfolio includes a landfill biogas concession of 1.5 MW capacity and 15-year duration located in Aquitaine, France.

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : France
• Investment Date : December 2009
• Divestment date : April 2018
• www.boralex.com

Boralex develops, builds and operates renewable energy power facilities in France and is France’s largest independent producer of onshore wind power. Boralex started its activities in France in 2001, and has since then experienced a very strong development and had in 2014 274 MW of installed capacity (mainly wind, but also solar and cogeneration).

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : Spain
• Investment Date : July 2008
• Divestment date : November 2019

In 2008, the Cube signed a partnership agreement with EDF Energies Nouvelles to jointly own and operate solar farms in Spain. The partnership’s investments are carried out through a holding company, Fotosolarium Holding. In 2017, Cube acquired EDF Energies Nouvelles minority stake in the company and became owner of 100%.    Fotosolarium currently has an installed power generation capacity of 6.1 MW. The operation of the assets has been assigned to RPIPE in order to achieve cost efficiencies.

• Fund : Cube I
• Status : Divested
• Sector : Communication
• Location : Spain
• Investment Date : July 2008
• Divestment date : November 2014
• www.islalink.com

IslaLink is an independent and neutral telecom infrastructure provider of submarine fiber. It deploys and operates submarine cables, providing telecom operators with the managed bandwidth services they require for their retail operations.

Since inception in 1999, the company has experienced a strong development and has deployed the following systems:
- BalaLink (the Spanish Peninsula to the Balearic Islands)
- CanaLink (the Spanish Peninsula to the CAnaryIslands
- OranLink (Valencia to Orna in Algeria, with a Point of Presence in Marseille)
- EulaLink (Europe to Latin America, on-going)

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : France
• Investment Date : July 2008
• Divestment date : October 2013
• www.saur.com

Founded in 1933, the Saur Group is the third largest player in the French water distribution and waste water management market. In addition to its core activity, the company has also developed into municipal waste collection and treatment, and also certain ancillary services to local authorities.

In 2011 the group served 12 million of consumers in more than 10 000 municipalities.

• Fund : Cube I
• Status : Divested
• Sector : Public Transport
• Location : UK & France
• Investment Date : March 2008
• Divestment date : December 2012
• www.eurotunnel.com

Eurotunnel holds the long-term concession to operate the cross-channel fixed link below the bed of the Straits of Dover, comprising two twin rail tunnels, a service tunnel, two terminals in Folkestone (Kent, UK) and Coquelles (Pas-de-Calais, France), and a fleet of shuttle trains.

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : United Kingdom
• Investment Date : 2008/2009
• Divestment date : August 2018
• www.cnim.com

CNIM Development has a leading position In the UK Energy from Waste market, through its Investments in four Energy from Waste plants. All four plants have been in operation for more than a decade, and the assets are operated at some of the highest availability standards in the UK.

- South East London Combined Heat and Power (SELCHP), ca 400,000 tons of waste incineration
- Wolverhampton Waste Services, ca 110,000 tons
- Dudley Waste Services, ca 90,000 tons
- Hanford Waste Services, ca 180,000 tons

• Fund : Cube I
• Status : Divested
• Sector : Power Generation Renewable Energy
• Location : Spain and Portugal
• Investment Date : June 2011
• Divestment date : December 2021
• rpi-e.es

RPIPE is an independent power producer, headquartered in Madrid. It owns and operates thirteen Spanish and seven Portuguese hydro power plants (“HPP”) together with a minority stake in three other Spanish HPPs totalling 87.9 MW of operating capacity.

RPIPE’s asset portfolio is broadly diversified across various climatic regions, river, basins and plant characteristics, and has an average remaining life of 26 years.