NGT

NGT is a North Sea gas pipeline system.

Acquisition

October 2014

Exit

April 2108

Sector

Energy

Country

Netherlands

Fund

Infrastructure II

NGT (i.e. Noordgastransport) owns and operates an approximately 320 km offshore pipeline system and one onshore gas treatment plant in Uithuizen. NGT is the largest pipeline in the Netherlands with approximately 45% of the offshore volumes (at the time of acquisition) being shipped through its system. We acquired a stake in NGT from Engie in 2014 and it was at the time one of the first transactions completed in the European midstream infrastructure sector.

During the holding period, NGT continued to tightly manage bookings and developed new transportation agreements as new fields had been discovered. We also supported initiatives aiming to potentially connect NGT to the UK to attract UK volumes. Operational improvements carried out during the holding strengthened the cash generation profile of this asset.

We exited the investment in 2018 on the back of increased M&A interest for North Sea high quality yielding energy assets.

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