Investment Solutions CSA Energy Infrastructure Switzerland

CSA Energy Infrastructure Switzerland

CSA Energy Infrastructure Switzerland:

  • Swiss investment foundation focused on investments in existing supply-critical energy infrastructure in Switzerland with a defensive risk/return profile denominated in Swiss francs
  • Largest energy infrastructure investment solution focused on Switzerland, currently managing more than CHF 1.2 bn on behalf of 136 Swiss pension funds
  • Unlimited investment horizon ("evergreen structure") with targeted net returns in Swiss francs of 4.5% p.a.1 achieved through recurring and stable cash distributions and a hold-to-maturity approach
  • Long-term investments with mostly regulated or contractually secured cash flows as well as partial inflation hedge
  • Long-term, strategic partnerships with industrial players and the public sector as a central pillar of the investment strategy

CSA Energy Infrastructure Switzerland is an investment group of the Credit Suisse investment foundation (Credit Suisse Anlagestiftung). It focuses on investments in energy transmission and energy generation assets, which can be complemented by investments in energy storage and energy efficiency. The structure of the investment group is unlimited in time and therefore ideally suited to the long investment horizon of energy infrastructure assets.

The investment group invests in Switzerland, primarily in key existing energy infrastructure facilities and, to a lesser extent in energy infrastructure construction projects that use proven technologies. 

What we do

  • Equity investments in the Swiss energy infrastructure
  • Concentration limit of 15% per asset, 5% for listed investments
  • Focus on long-term recurring income and risk reduction measures/structures
  • Project development – 25%, existing assets – 75%

What we don't do

  • Direct investments in nuclear energy
  • Pilot facilities/development stage technologies
  • Debt capital at investment foundation level

Further investment restrictions

  • Energy infrastructure in the subsectors power generation and storage, transmission of energy and energy efficiency
  • Energy supply companies with a strong infrastructure
  • Only companies with headquarters in Switzerland
  • At least 85% of the investment group’s assets in Swiss assets
  • Focus on minority interests in non-listed investments
  • Transmission & distribution
  • Generation & storage
  • Renewable energy, efficiency & heat
Company Consortium ownership Type of infrastructure Investment year
Swissgrid AG 36% Transmission and distribution December 2014/ November 2016
FluxSwiss Sagl/Transitgas AG 37% Transmission and distribution June 2016
Romande Energie AG  4% Transmission and distribution April 2016
Energie Zürichsee Linth AG  34% Transmission and distribution November 2016
Holdigaz 5% Transmission and distribution October 2017/April 2018
Alpiq Holding AG 25% Production and storage May 2019

CSA Energy Infrastructure Switzerland has an investor base that is broadly diversified over Switzerland geographically as well as by industry origin. The fund is exclusively open to tax-exempted Swiss pension funds, given it is under the umbrella of a Swiss investment foundation.

Currently, more than 130 Swiss pension funds are invested. They are characterized by size and origin as follows:

Pension fund by size2

Pension fund by origin2

Pension funds by size and origin