Economic infrastructure update Q4 2025

Investment updates

Auris partners with Fazer to power new chocolate factory in Lahti

Auris has been selected as the long-term energy partner for Fazer’s new chocolate factory in Lahti, Finland. Auris provides steam, heat, cooling and compressed air as a fully integrated service. The solution is built entirely on electrified systems, delivering over 35 gigawatt-hours of utilities annually, while combining heating and cooling into one highly efficient process. Flexible steam production also enables a demand-side response, which supports Finland’s wider energy transition. This partnership extends Auris’ decade-long relationship with Fazer’s Vantaa site and demonstrates how tailored energy solutions can enhance sustainability, reliability, and cost predictability for industrial clients. 

“We are delighted to support Fazer with a comprehensive energy package that allows them to focus on their core business, while ensuring efficient and resilient operations.” 
Perttu Lahtinen, Chief Executive Officer (CEO) of Auris Energy Services

DIGI Andalucía – Hold Co debt raising and further rollout

On 1 October 2025, DIGI Andalucía acquired the fourth and final batch of fibre assets (measured by ‘homes passed’ (HP)) from DIGI Spain. There are now 250,000 HP, and DIGI Andalucía finalised the envisaged fibre network perimeter for the platform to own 2.5 million HP, a year ahead of the initial acquisition plan. Given its sale-and-lease-back structure, the business is on track to reach its full EBITDA[1] potential over the next few years and to deliver an attractive yield.

In parallel with finalising the fibre rollout plan, Aberdeen Investments completed a debt raising process to optimise the capital structure for the benefit of investors. We maintained conservative leverage versus the market, supporting the long-term operations of DIGI Andalucía.

Airband – World Communications Award

In December, Airband won a World Communications Award (WCA) in the Connecting Communities category for its new wireless technology. Winning a WCA is a significant achievement for Airband, because it’s one of the most respected global awards in the telecoms and connectivity industry. It recognises innovation, impact, and excellence on an international stage. The award also comes in quick succession to the Wireless Innovation Award the company won in September at Connected Britain. For Airband, these awards validate the quality of its technology, its commitment to bridging the digital divide, and its success compared with major global players.

Continued expansion of Greenaero GSE platform

Aberdeen Investments’ economic infrastructure team was recently featured in Infralogic for our ambitious plans to scale Greenaero, the Italian ground support equipment (GSE) leasing business launched by ASCI III in 2024. The article highlights our intention to grow our equity investment and to raise debt to support growth, driven by strong demand for low-carbon GSE. It showcases our strategy to focus on lower-mid-market investments in the core/core-plus market. We expect to build a scalable platform by winning upcoming Italian tenders, exploring future European expansion, and leveraging the current decarbonisation tail winds in the industry. Vittorio Mazza’s (CEO) industry expertise will also be vital. 

This coverage reflects the team’s commitment to delivering sustainable infrastructure solutions and to creating long-term value for our investors. It was a positive year of growth for Greenaero and, to date, we have deployed more than €20 million of equity into the business. We have also secured contracts with five of the key ground handling operators in Italy.

NGT – Appointment of Chief Financial Officer (CFO)

Mats Hagström, NGT CFO

Mats joins NGT from Chane Terminals Group, a pan-European liquid bulk storage, processing and logistics platform. Mats has extensive experience in financial management, shareholder relations, and governance within energy infrastructure projects. The addition of Mats to the NGT management team is part of a wider upskilling effort to support the delivery of the business’s longer-term strategy in navigating the energy transition.

Sustainability

The fourth quarter saw lots of activity across the portfolio. Wessex Internet was recognised at the IJ Global ESG Awards – Social Impact category, celebrating its community-first approach to connecting rural England. From heritage-sensitive builds to grassroots engagement and local job creation, Wessex demonstrates how digital infrastructure can deliver real social value. It’s improving inclusion, creating economic opportunity, and strengthening communities. 

Our latest GRESB[2] results underline strong performance across multiple assets. All our submitted assets improved their scoring. Loimua Oy achieved a perfect score of 100/100 and retained its five-star rating and sector leader status. This was supported by excellent year-on-year emissions reductions and continued progress on decarbonisation. Both Rock Rail fleets – East Anglia and Moorgate – also scored 100/100 and maintained five-star ratings. These outcomes reflect a consistent focus on governance, resilience, and sustainability across the portfolio.

Events

European Alternative Investments Conference – Copenhagen

Ruairi Revell spoke at the second European Alternative Investments Conference, which gathered over 180 industry leaders to examine themes shaping the future of private markets. The conference’s topic was The economics of the energy transition: investing for profit or the planet? Discussions focused on portfolio resilience in times of crisis, mobilising capital for defence and the green transition, and integrating private markets. On the panel, Ruairi spoke about balancing financial materiality with sustainability objectives, which highlight the need for pragmatic approaches that align long-term value creation with decarbonisation goals.

PEI Responsible Investment Forum Europe – London

At the Responsible Investment Forum, Ruairi joined a panel on policy and regulation trends for infrastructure, coinciding with the Omnibus vote and the release of SFDR 2.0. Conversations across the event reflected a shift in emphasis from disclosure towards risk and value, signalling a more mature approach to sustainable finance. The panel explored how evolving frameworks can support responsible investment without losing sight of practical implementation. This reinforced the importance of integrating sustainability into core investment decisions.

Infralogic panel session – London

Speaking at the Infralogic Investors Forum 2025, Alex Anderson, Investment Director, joined a panel exploring what sets a successful mid-market strategy apart. This reinforced our now decade-long commitment to the lower end of the market, where there is generally less competition for assets. There’s also the ability to generate unique and proprietary deals. And there’s room to take on significant hands-on value creation, to generate consistent and attractive risk-adjusted returns versus the large-cap market.

Watch the full panel on demand here.

Release of the latest transport publication

Aberdeen Investments published its latest insights article, Infrastructure: transport as a mainstay and as a megatrend. The piece highlights how, as cities expand and the focus remains on the energy transition, private investment is driving innovation across the transport sector. From electrified rail networks to smart traffic systems, the transport sector is positioned to deliver stability and inflation‑linked returns, while creating meaningful real‑world impact. Over the past decade, the Aberdeen Investments’ economic infrastructure team has played a leading role in modernising UK passenger rail, having invested more than £2.4 billion into passenger rolling stock since 2016 and funding over 10% of the current national fleet.

Political unrest and preparing for conflict: key takeaways from December’s seminar

In December, Aberdeen Investments hosted a strategic seminar on geopolitical risk and operational resilience, attended by CEOs and senior leaders of eight infrastructure portfolio companies. It brought together participants and industry experts from Finland, Poland, the UK and the Netherlands to examine the evolving threats. The session highlighted the increasing complexity of hybrid threats, the need for integrated cyber and physical security measures, and the importance of proactive risk management across critical infrastructure.

“Being prepared is not a one-off exercise – it’s a continuous process of building intelligence capability, linking risk to strategy, and stress-testing plans through wargaming and crisis simulations. Every organisation must embed resilience into its processes to adapt and respond effectively when disruption occurs,” said Arto Räty, Aberdeen Senior Advisor. This initiative reflects our commitment to supporting portfolio companies across various key initiatives. They benefit from the wider Aberdeen Investments’ network, including its resilience against geopolitical and operational risks.

Awards – nomination for FundsEurope Private Markets Manager for Institutional Clients

The Aberdeen Investments’ economic infrastructure team was delighted to be nominated for FundsEurope Private Markets Manager of the Year for Institutional Clients. The awards dinner, held at the Hilton London Bankside on 20 November, was attended by several members of the team. This nomination reflects the team’s strong commitment to its investors and highlights the success of the platform as its global investor base evolves.

10-year anniversary celebration

The Aberdeen Investments’ economic infrastructure team was proud to mark its 10‑year anniversary with a celebratory event in London. Attendees included our valued network of senior advisors and non‑executive directors, alongside partners from the investment banking, legal, and tax sectors. We were delighted to be joined by Jason Windsor, Aberdeen Group CEO, and Xavier Meyer, Aberdeen Investments’ CEO, who both took part in the celebration. A highlight of the evening for many was the model replica of the East Anglia train set – a feature that Dominic was particularly proud to showcase!

Contact us

If you would like to find out more, please contact one of our investment specialists below: 

Dominic Helmsley, Head of Economic Infrastructure

dominic.helmsley@aberdeenplc.com

Maciej Tarasiuk, Head of Investments, Economic Infrastructure

maciej.tarasiuk@aberdeenplc.com