P Capital Transition: Pioneering Sustainable Debt Financing in Europe

P Capital’s Transition strategy ("PCP Transition") is a testament to our dedication to investing in the sustainability transition through tailored strategic private credit. By focusing on sectors such as low-carbon energy and the circular economy, P Capital aims to address underserved financing needs while delivering strong risk-adjusted returns and making a measurable impact on Europe’s sustainability goals.

PCP Transition is the continuation of P Capital’s two-decades-long history of funding transition companies, notably within the renewable energy industry. With its first close in June 2021, the fund secured EUR 550 million in committed capital, and by its final close in June 2022, the capital commitment had increased to nearly EUR 700 million. This fund exemplifies P Capital’s innovative approach to flexible financing solutions, receiving backing from some of P Capital’s longstanding investors.

PCP Transition is co-led by a team of three highly experienced investment directors, Petter, Douglas and Michele, who bring a wealth of expertise and dedication to the fund’s mission.

Petter Lindblad, joined us from the inception of the strategy in 2021, bringing with him deep experience from the renewable energy sector and leveraged finance. Before joining P Capital, Petter was responsible for the capital structure considerations of the Vestas group and before that, led both structured and corporate debt financings at SEB and Danske Bank.

Shortly after the first close of the Transition strategy in June 2021, Petter was joined by Douglas Thomson. Douglas has brought significant expertise to the team from his previous role at Société Générale where he led project finance structuring and debt advisory mandates in the international energy infrastructure sector. Previously, Douglas worked for Poten & Partners, where he advised on energy infrastructure M&A and corporate and asset financing transactions.

Completing the trio managing our Transition strategy is Michele Sindico. Michele joined us in 2022 from a distinguished career at S&P Global Ratings, where he spent over 15 years leading the credit analysis and ratings of infrastructure energy projects and structured finance transactions across the EMEA. Prior to this, Michele worked at J.P. Morgan.

The team has also recently expanded through the addition of Artiom Zaplitnii, and Eden Berhane and continues to look for relevant talent.

Rather than focusing on specific sectors, the PCP Transition strategy targets a specific phase of the scaling of important technologies and projects for the sustainability transition, what we think of as “early scaling”.

The early scaling phase presents itself when technology validation, commercial viability and demand have been confirmed for a certain technology or industry and it is well prepared for larger-scale projects. This is an underfunded phase, coming after equity and development funding but before larger institutional infrastructure credit is ready to step in. We refer to the funding status of these projects as “almost bankable”.

This focus has served PCP Transition well, leading to steadily growing deal flow, with the highest demand emerging from the renewable energy sector, structuring and funding over 10 transactions to date, creating a portfolio that is generating strong, inflation-protected returns from a low-risk set of loans, backed by tangible sustainable real assets.

Read more about PCP Transition and our investments here.