Linking Capital
to Outcomes
to Outcomes
To drive real impact through our investments we take a tailored approach to financing; assessing each opportunity individually from a commercial, financial and sustainability perspective. This enables us to understand not only the risks and challenges a company faces, but also where there is potential to drive positive change.
All borrowers need to comply with our Responsible Investment Policy and Code of Conduct. When we see a clear opportunity to support a company’s sustainability performance, we can also structure a Sustainability-Linked Loan (SLL). These go beyond the standard ESG clauses included in all P Capital Partners V, Transition, and Growth Fund agreements, by tying financial terms directly to company-specific sustainability targets.
By the end of 2024, we had structured nine investments classified as SLLs, linking sustainability achievements to margin adjustments. Each loan is customized to the borrower’s context, with targets covering environmental, social, or governance factors. We are committed to expanding our share of sustainability-linked-loans by actively identifying situations where our capital, and close partnership, can accelerate sustainability improvements. Our target is to have 25% of SLLs in the portfolio.
Spotlight on Impact
The following case studies illustrate how our approach to sustainability-linked financing is already translating into real-world change across sectors and geographies.
Pluq – Building Accessible EV Infrastructure
Country: Netherlands | Year: 2024 | Fund: PCP V
As the shift toward electric mobility gains momentum, charging infrastructure must evolve accordingly. Pluq, a Dutch provider of destination-based AC charging solutions, addresses this need by focusing on locations where vehicles are typically parked for extended periods—such as offices, retail parks, hotels, and hospitals. By aligning deployment with regional grid capacity and leveraging existing infrastructure, Pluq transforms idle parking time into cost-effective and energy-efficient charging opportunities.
By the end of 2024 Pluq had 1,400 active charging sockets, with an additional 675 already contracted and ready for installation. This targeted and efficient rollout supports broader EV adoption by improving access to affordable, clean energy in everyday settings.
Alongside operational growth, our financing was designed to enhance Pluq’s governance structure. The loan agreement includes three ESG undertakings: 1) By the end of 2025, Pluq must publish an annual sustainability report aligned with CSRD standards 2) Pluq must implement a supplier Code of Conduct no later than the end of 2025 3) Ensure that at least 50% of its external board members are women.
This reflects our conviction that long-term sustainability is not solely driven by technical solutions or scale, but also by strong governance practices that promote transparency, accountability, and inclusivity.
As the shift toward electric mobility gains momentum, charging infrastructure must evolve accordingly. Pluq, a Dutch provider of destination-based AC charging solutions, addresses this need by focusing on locations where vehicles are typically parked for extended periods—such as offices, retail parks, hotels, and hospitals. By aligning deployment with regional grid capacity and leveraging existing infrastructure, Pluq transforms idle parking time into cost-effective and energy-efficient charging opportunities.
By the end of 2024 Pluq had 1,400 active charging sockets, with an additional 675 already contracted and ready for installation. This targeted and efficient rollout supports broader EV adoption by improving access to affordable, clean energy in everyday settings.
Alongside operational growth, our financing was designed to enhance Pluq’s governance structure. The loan agreement includes three ESG undertakings: 1) By the end of 2025, Pluq must publish an annual sustainability report aligned with CSRD standards 2) Pluq must implement a supplier Code of Conduct no later than the end of 2025 3) Ensure that at least 50% of its external board members are women.
This reflects our conviction that long-term sustainability is not solely driven by technical solutions or scale, but also by strong governance practices that promote transparency, accountability, and inclusivity.
MTD – Delivering Clean Water Where It’s Needed Most
With climate challenges intensifying, global water quality regulations tightening, sustainability demands growing, and natural water resources becoming ever scarcer, ensuring access to safe, clean water in temporary settings is becoming increasingly more important.
MTD designs and delivers temporary water and wastewater systems to places where no water infrastructure exists. The company provides services to major events like the Olympics, but they also support hospitals, construction sites, and refugee camps. In 2024, MTD delivered 833 temporary water systems and carried out 4,947 water quality tests to ensure every drop met their safety standards.
Since their environmental focus and track record was already strong, we focused on enhancing governance. This includes an undertaking in the loan agreement to appoint an external board member by September 2025.
MTD designs and delivers temporary water and wastewater systems to places where no water infrastructure exists. The company provides services to major events like the Olympics, but they also support hospitals, construction sites, and refugee camps. In 2024, MTD delivered 833 temporary water systems and carried out 4,947 water quality tests to ensure every drop met their safety standards.
Since their environmental focus and track record was already strong, we focused on enhancing governance. This includes an undertaking in the loan agreement to appoint an external board member by September 2025.
Luneos Green Energy – Scaling Renewables in Poland
Poland remains one of Europe’s most coal-reliant power systems, responsible for approximately 6% of the continent’s CO₂ emissions. Luneos Green Energy is directly addressing this challenge by building a new generation of unsubsidised, merchant-based renewable power plants—without relying on PPAs or state support.
With financing from Transition Partner Fund, Luneos is developing a 169 MW portfolio of solar PV and wind assets across high-irradiation regions in Poland. The platform is jointly owned by SUSI Partners and a group of seasoned Polish energy professionals, combining international energy transition capital with deep local expertise.
The financing includes sustainability-linked features and strict ESG due diligence requirements, including supply chain audits, factory inspections, and biodiversity safeguards. Once operational, the portfolio is expected to avoid over 127,000 tonnes of CO2 emissions annually—while supporting Poland’s energy security and reducing import dependence.
With financing from Transition Partner Fund, Luneos is developing a 169 MW portfolio of solar PV and wind assets across high-irradiation regions in Poland. The platform is jointly owned by SUSI Partners and a group of seasoned Polish energy professionals, combining international energy transition capital with deep local expertise.
The financing includes sustainability-linked features and strict ESG due diligence requirements, including supply chain audits, factory inspections, and biodiversity safeguards. Once operational, the portfolio is expected to avoid over 127,000 tonnes of CO2 emissions annually—while supporting Poland’s energy security and reducing import dependence.