Morgan Stanley Infrastructure Partners Completes Investment in Valoriza Servicios Medioambientales S.A.

Morgan Stanley Investment Management (“MSIM”), through investment funds managed by Morgan Stanley Infrastructure Partners (“MSIP”), a private infrastructure investment platform within MSIM, announced it has closed the acquisition of Valoriza Servicios Medioambientales S.A. (“Valoriza” or the “Company”) from Sacyr, S.A. (“Sacyr”).

Valoriza provides waste services primarily to public entities (mainly municipalities) in Spain. The requirement to meet the European Commission’s 2035 landfill reduction target in Spain is expected to drive a sizeable value-add investment opportunity for Valoriza as the country moves to more environmentally friendly recycling and waste-to-energy alternatives. Valoriza operates a concession-based business, with medium to long-term contracts with local municipalities that are inflation-linked with limited volume exposure.

“As a well-established player in the waste sector with over 20 years of experience, we believe Valoriza, with its innovative environmental services offering, is well placed to contribute to the transformation of the Spanish waste market,” said Alberto Donzelli, Co-Head of Europe for MSIP. “We look forward to working with the company’s entrepreneurial management team to continue serving the local municipalities and further expanding the company’s waste treatment division.”

The acquisition of Valoriza further strengthens MSIP’s track record in Iberia, following the completion of several transactions in the region such as Madrileña Red de Gas in Spain and FastFiber and Omtel in Portugal.