Luxembourg-based Cube Infrastructure Managers has finalised the purchase of the Czech activities of German energy firm MVV Energie AG. The transaction has been done through the “Cube Infrastructure Fund III” brownfield reserve alternative fund, under the corporate form of Cube III Energy CZ s.r.o. Financial details were not disclosed.
The MVV Energie CZ group provides energy services to customers in 15 cities and is among the leading heat producers and distributors in the Czech Republic. The group is active in electricity generation, waste to energy production, energy consulting, water management and the provision of electronic communication services. In 2021, the group sold about 690 GWh of heat and about 170 GWh of power in the Czech Republic, generating 78 million euros in revenue. MVV Energie CZ employs about 500 people.
“This investment reflects Cube’s commitment to delivering sustainable infrastructure assets to local communities and authorities,” said Saket Trivedi, managing director of Cube IM. “We have a clear and ambitious decarbonization objective and will also seek to modernize facilities and improve the operational efficiency.”
In recent years, Cube IM has raised 4.0 billion euro across four European-focused funds including its brownfield Cube Infrastructure Fund I, II and III funds and its greenfield telecoms-focused Connecting Europe Broadband fund.