Economic infrastructure update Q3 2026

Explore the key Q3 developments across our economic infrastructure portfolio

Author

Aberdeen Investments

ระยะเวลา: 4 นาที

วันที่: 20 ต.ค. 2569

“The third quarter brought further progress across our economic infrastructure portfolio, from successful realisations to new investment and operational growth. The progress of our Next Generation Rail Fund also underlines the opportunity we see in lower mid-market transport infrastructure. Across the portfolio, disciplined asset management and close partnerships remain central to building resilient businesses and delivering long-term value.”

Dominic Helmsley, Head of Economic Infrastructure

The third quarter at a glance

Next Generation Rail Fund

On track to hold a final close in Q4 2026, with the TransPennine Trains transaction completed during the quarter.
Successful realisations
Liquidity delivered through UK rolling stock transactions and the sale of aventron Norway.
Portfolio growth
Bolt-on acquisitions, new energy services contracts and lower-carbon heat initiatives progressed across Finland.
Sustainability
Publication of our latest annual sustainability update, focused on resilience, transition and long-term relevance.

Building the next generation of UK rolling stock

The Next Generation Rail Fund continued to make strong progress and remains on track to hold a final close by year-end. Seeded with five UK passenger rolling stock fleets, the fund also has capital to pursue a pipeline of new opportunities.

During the quarter, the platform completed the TransPennine Trains transaction – its first investment in a new fleet and an important step in the platform’s next phase of growth. Read more about the TransPennine battery train deal.

Successful realisations

aventron Norway

Aberdeen Investments completed the sale of its stake in aventron Norway to SEB Nordic Energy through Locus Energy. The transaction concluded a competitive sales process and delivered a positive outcome for investors against a challenging backdrop for Norwegian renewable energy assets.

During our ownership, the business increased its scale and resilience through a transformational merger, three bolt-on acquisitions, targeted capital investment, refinancing and stronger long-term maintenance arrangements. The sale marks the successful conclusion of an investment that was initially made in 2015.

Rock Rail

Four UK rolling stock investments were transferred into the new platform through a competitively priced continuation transaction. The transaction generated liquidity while allowing existing investors to retain exposure through the new vehicle.

Growth across the Finnish portfolio

Loimua

Loimua acquired the remaining 50% of Oriveden Aluelämpö Oy, taking full ownership of the district heating network. It also launched a waste heat recovery partnership with a local water utility and secured a new energy services contract with Sharpcell – further steps in expanding its regional reach and lower-carbon energy offering.

ESE

ESE supported Finnish Defence Forces’ military exercises in Mikkeli, demonstrating the role of resilient local energy infrastructure in supporting communities and essential services. The company is also exploring an early-stage partnership with a data-centre operator, reflecting growing energy demand from Finland’s digital economy.

Auris Energia

Auris Energia expanded its energy-as-a-service presence by acquiring Hartwell’s operations from Lahti Energia. It also signed its first commercial contract for biogenic CO₂ from its biomethane facility, creating a platform for further growth.

Sharing expertise

Boards and management teams from Auris Energia and Outokummun Energia met recently in Edinburgh. They exchanged market perspectives and operational best practice, which strengthened collaboration across the portfolio.

Resilience and transition in focus

In September, we published our latest annual sustainability update. The report examines how policy, technology and changing demand influence infrastructure costs, revenues and long-term relevance, with examples from our energy and transport portfolios.

Engaging with investors

At IPEM Global 2026, discussions with investors and industry participants pointed to continued interest in lower mid-market core and core-plus infrastructure. The asset class is supported by defensive characteristics, income generation and a long-term investment horizon.

At Aberdeen Investments’ Edinburgh Investment Forum, our team shared its perspectives with institutional investors from 12 markets. We showcased the breadth of the investment platform and discussed opportunities across the sector.