Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, announced today the acquisition of a 50% stake in Compagnie Electrique de Bretagne (CEB) from TotalEnergies, owning the remaining 50%. CEB owns the Landivisiau natural gas combined cycle power plant in Brittany, France. The Landivisiau plant will provide significant and stable electricity capacity with state-of-the-art technology and superior thermal efficiency, producing around 20% of the region’s needs.
In February 2012, TotalEnergies won a tender issued by the French government for the construction of a natural gas-fired combined-cycle power plant in Landivisiau. The project is part of the Pacte Électrique Breton, which aims to secure Brittany’s electricity supply, underpinned by a long-term capacity contract. Landivisiau provides long-awaited relief for the power system of the area after a long period of vulnerability, driven by limited power production capacity constraining the grid to import electricity from other regions, high electricity demand increases from sound economic and demographic growth, and rising penetration of renewables.
The Landivisiau CCGT, with a production capacity of 446 MW, was commissioned in early April 2022 and will provide electricity to nearly 400,000 homes in Brittany. The power plant is a supplement to other forms of electricity production and supports the variability of renewables, being a crucial part of the overall energy transition. It will be managed by Compagnie Electrique de Bretagne, in collaboration with the Siemens Energy team in charge of operations. The investment complements Asterion’s existing portfolio of European investments across the telecoms, energy, and utilities sectors.
Asterion has also announced the addition of Irene Otero as Operating Partner in April 2022. Her professional career in energy and utilities extends over 20 years, combining industrial, financial, and investing experience. Irene previously held positions at Macquarie, Thesis Energy, Morgan Stanley and Endesa, as well as board positions in companies in the energy sector in Spain and Italy. She brings incremental asset management and technical experience, in addition to a strong alignment and cultural fit, having previously worked with several members of the Asterion team in different positions of her prior life. With Irene, Asterion’s Operating Partner team is strengthened to a total of 10 members with over 270 years of combined experience across telecoms, energy, utilities, and mobility, with highly differentiated and deep industrial expertise.
Operating Partner David Jones and Partner & Portfolio Management Committee Chair Silke Scheiber have recently joined Asterion’s Investment Committee. The Investment Committee, which was previously formed by Asterion’s Founding Partners Jesús Olmos, Winnie Wutte and Guido Mitrani, has been expanded to include the two new members. David and Silke, with a combined experience of over 40 years in private equity and infrastructure across a number of different subsectors, markets and economic cycles, bring additional expertise, breadth and depth to the Asterion team and specifically the Investment Committee.
Jesus Olmos, CEO and Founding Partner of Asterion commented: “We are excited about the continued evolution of Asterion’s portfolio and our platform. We are proud to be able to partner with TotalEnergies in a sector so critical for the energy transition in Europe and we are equally delighted that our team now includes Irene Otero as well as David and Silke as part of the Asterion IC to further contribute to the robustness of our investment decision making. We are enormously thankful for these partnerships.”
ABOUT ASTERION INDUSTRIAL PARTNERS
Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance, and a strong culture both for itself and in the companies in which it invests.
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