Grand Canal Capital Partners
Internal · BPA Live Pipeline · Archived Edition
Live BPA Pipeline · Bi-Weekly Update
What's active. What's stuck. What we need from SONG.
Single internal view of the 8 BPA opportunities currently in motion across Aaron, Dave and Chris.
Astatine — SONG has come back; pre-brief call Fri 15 May 14:00 + principals call Tue 19 May 12:15. SEGAT — fee agreement with GCCP now signed.
Bi-weekly refresh cadence. Read alongside pipeline/live-deals-private.md.
🔒 GCCP team only · Never circulate outside the Grand Canal Capital Partners team
The board
Eight opportunities — one is brand new today.
Ranked by impact-weighted state (anchor deals first, new deal flagged, then the rest by recency of movement). "Risk-adj" = fee × probability — read as expected economic value today, will move as deals advance.
| # | Target | Stage | Size | GCCP share | Prob | Risk-adj fee | Next action | Owner |
|---|---|---|---|---|---|---|---|---|
| 1 | HPC / Eclairion Data centre · IE-S01 |
Legal Prep | >€700m | 40% (HPC framework) | 80% | ~€2.1m | Tom update expected Friday | Aaron · Dave |
| 2 | Astatine Ltd 🆕 Energy infra IE/UK/EU · 774MW + Aviva platform |
SONG Engaged | ~€665m (€100m HoldCo + €565m project) | 100% (Chris-direct) | 15% (SONG engaged) | ~€1.0m today €2m+ post-IM |
SONG has come back · pre-brief Fri 15 May 14:00 · principals Tue 19 May 12:15 | Chris · Aaron · Dave |
| 3 | Power Capital Solar / BESS · IE-S02 |
Paused | €200–400m+ | 100% | 10% | ~€0.30m | Counterparty seems to have paused · still chasing · tried again today 14 May | Aaron |
| 4 | ESB Multi-facility · 6 instruments €1.8–3.4bn |
Meeting Mon 18 | TBC | TBC | TBC | TBC | Board · amount · several highlighted opportunities | Aaron · Dave |
| 5 | Sports Ireland via Alpha Real channel |
In Talks | ~€200m | TBC (Alpha Real) | TBC | TBC | Dave leading via Alpha Real | Dave |
| 6 | United Parks Theme parks · US-S01 |
Cold | ~$1bn | TBC | ~1% | TBC | Dave + Aaron email to CEO · no feedback · trying another contact | Dave · Aaron |
| 7 | SEGAT France Infrastructure · FR-S01 |
NDA + Fee Signed | TBC | Fee agreement signed with GCCP ✅ | 5% | TBC | SEGAT reached out to clients · update 1–2 weeks | Dave |
| 8 | Tom Jelley channel (Natif) Funeral directors >€200m · 1–2 HNW families |
Channel | TBC | 25% Jelley-routed · 50/50 floated contingent on Aaron sharing FR research | TBC | TBC | Chris-Jelley call 14 May · funeral directors + HNW families flagged · 50/50 renegotiation live | Dave · Chris |
Spotlight · Astatine · SONG has come back
Astatine — the second Power Capital, with an Aviva tailwind.
Chris's framing to Tom & Val: "broadly comparable in scale and profile to the Power Capital introduction". Dublin-HQ, fully Irish-owned energy-infrastructure specialist. NDA signed by Pat Nolan (COO) 13 May. SONG has now come back — pre-brief call Fri 15 May 14:00 (David Farrell + Tom) → principals call Tue 19 May 12:15 (founders + advisor + SONG). Advisor: David Farrell (Chris's 30-year relationship). 100% GCCP fee share.
The Astatine platform
Integrated industrial energy-transition — IE → UK → EU.
Selectively progressed / RTB / near-term build-ready assets · diversified contracted revenue (RESS · CRM · CPPAs) · explicitly not speculative development.
Transaction concept: ~€100m HoldCo + ~€565m project-level across initial portfolio, with flexibility for subsequent capital to scale.
Multiple financing angles for SONG.
01
EPC delivery proven
Engie's first IE onshore renewables — 3 RESS solar farms in Galway + Limerick. Builder, not paper sponsor.
02
~774 MW near-term
Solar + wind + BESS · IE primary, scaling UK + EU. Build-ready end of pipeline.
03
~5 GW pipeline
Grid-connected + on-site industrial energy assets for high-energy industrial off-takers.
04
Aviva platform ~€800m
European industrial energy-transition partnership. Solar PV · BESS · substations · heat pumps · heat recovery · EV / electric fleet for hard-to-abate sectors.
Per-deal status
What's moving · what's stuck.
1
HPC / Eclairion
LEGAL PREP
S&P rating in progress → legal → Aug 2026 close. Competitor SocGen (same ballpark pricing, French brand advantage).
Expect Tom update Friday 15 May call. Biggest deal in the book at €2.6–2.8m fee at 80%.
2
Astatine Ltd
SONG ENGAGED
Update 14 May: SONG has come back. Two-call structure now scheduled (pending Rabby confirmation): Fri 15 May 14:00 — pre-brief call (15-30 min) with David Farrell + Aaron + Chris + Tom, so David can frame the offering for the principals. Tue 19 May 12:15 — full principals call with founders Tom Marren + Pat Nolan + David Farrell + Aaron + Chris + Tom. Pat Nolan (COO) signed Song template NDA · sent to Tom & Val for countersignature 13 May. David Farrell to release IM around the principals call.
H-rule first-pass: H1 size ✅ (€565m project alone clears €200m), H10 N/A ✅, H11 BESS needs Senior Term routing ⚠, H2 fixed rate ⚠ (confirm at IM), H3 indexation ⚠ (RESS/CRM/CPPA read-through at IM), H12 dev checklist if any greenfield exposure ⚠.
3
Power Capital
PAUSED
Update 14 May: Power Capital seem to have put this on pause. Still chasing for an update — tried again today.
Friday Tom Pritchard call is the natural unblock if SONG signal lands first; otherwise this drifts to MONITOR.
4
ESB — meeting Monday 18 May
MEETING
Agenda: board composition · quantum (amount + structure) · several highlighted opportunities · ecosystem expansion (NIE Networks, ESB Generation).
Important conversation; sets up the rest of Q3.
5
Sports Ireland (via Alpha Real)
IN TALKS
Dave running this through the Alpha Real relationship. Tracking — fee economics determined by Alpha Real channel, not direct.
6
United Parks
COLD · ~1%
Update 14 May: Dave + Aaron email has been sent to the CEO with no feedback to date. Will try another contact inside the organisation. Probability ~1% until a warm reply lands.
7
SEGAT France
WAITING
Update 14 May: NDA signed AND fee agreement with GCCP now signed ✅ — Rule 13 cleared. SEGAT has reached out to several clients about the relationship; update expected within 1–2 weeks on 2–3 potential deals.
8
Tom Jelley (Natif) channel
CHANNEL · 25% (50/50 in play)
Update 14 May (Chris-Jelley call this afternoon): Jelley has flagged a couple of opportunities:
- Large funeral director businesses with assets >€200m (UK/EU operator base — new sector for SONG; long-WALT freehold operator-owned RE is conceptually MA-eligible · H-rule first-pass: H1 size ✅, H3 indexation TBC, H4 freehold/long-leasehold TBC at IM)
- 1–2 high-net-worth families — structure / asset class TBC
Channel economics
The 25% vs 100% asymmetry.
We have three live introduction channels feeding SONG: Chris-direct (100%), Dave-direct (100%), and Tom Jelley / Natif (25%). Same deal value, four-times-different fee outcome depending on routing. This needs to inform how we steer flow.
⚠ Tom Jelley routing — 25% vs 100% · 50/50 renegotiation LIVE (14 May)
Chris-Jelley call this afternoon flagged two specific opportunities (large funeral director businesses >€200m + 1–2 HNW families) and — crucially — opened the door on fee economics.
Chris floated: if Aaron shares the French target research, the split moves back to 50/50. Jelley was receptive.
Action: (1) Aaron prepares a sharable French research package · (2) Dave/Chris convert the 50/50 conversation into an updated written agreement before any new Jelley-sourced deal advances · (3) any deal that lands while the 25% default is still in force gets tracked at 25% — don't assume 50/50 retroactively.
Irish A-tier review · Aaron + Dave call · 13 May 2026
Irish target list — action points from today's review.
Reviewed + re-prioritised by Aaron post-call (HIGH → MEDIUM → LOW → closed-gate). HIGH = active outreach this week, MEDIUM = chase selectively, LOW = entry-point research only, closed-gate = do not pursue. Name fragments resolved at this pass: Niall Ryan (Hines) · Jarlett Quinn (Savills industrial — Mountpark intro) · Cormac (ex-CBRE) (Dublin Port route). Remaining ⚠ flagged for Friday call.
| # | Target | Status / context | Action | Owner | Priority |
|---|---|---|---|---|---|
| 1 | Gas Networks Ireland (GNI) Semi-state · utility |
Top priority. Tara has checked — possible 10-year link on contract. Dave to review angle. | Check our contacts · frame the angle · move toward a meeting with conviction. | Aaron · Dave | HIGH |
| 2 | Whitbread UK hotels · PI freehold angle |
Two-step routing — Aaron has prior work to share; Dave to review before Paul Collins loop-in. | Aaron sends prior info to Dave → Dave reviews + comments on dashboard → Dave loops Paul Collins. Chase Aaron's earlier letter. | Aaron → Dave → Paul Collins | HIGH |
| 3 | Greencoat Renewables platform · Furlong intro |
Promoted from medium. Furlong introducing us to the CFO. | Take Furlong's intro; engage CFO directly. | Aaron · via Furlong | HIGH |
| 4 | IPUT IE commercial RE platform |
Promoted to HIGH. Pursue meeting. | Dave to follow up for the meeting. | Dave | HIGH |
| 5 | Shannon Airport Authority Semi-state · airport · TWO contact lanes |
Shane Cafferty at Shannon — primary contact for follow-up meeting. Adrian Turek (ex-Knight Frank) now Chairman of Board — warm-route via Dave. | Dave LinkedIn → follow-up meeting with Shane Cafferty. Aaron to send around to review the opportunity again. Adrian Turek warm-route in parallel. | Dave · Aaron | HIGH |
| 6 | Hill Path United Parks / Hillpath outreach |
Promoted from watch. Email already sent — needs active follow-through, not passive monitoring. | Dave to follow up. Continue monitoring for response. | Dave · Aaron | HIGH |
| 7 | Bord na Móna Semi-state · energy transition |
Promoted from low — bundle into the ESB meeting on Mon 18. Dave knows John Keegan there. | Raise at ESB meeting Mon 18 May as adjacent semi-state opportunity. | Aaron · Dave | HIGH |
| 8 | EirGrid Grid operator IE · semi-state |
Split out from Greencoat. Aaron knows the CFO. Debt not required for ~1–2 years — but good sounding board on what works / doesn't. | Aaron to have an informal chat with CFO. Listening session, not a pitch. | Aaron | MEDIUM |
| 9 | Mountpark Logistics · PIMCO-owned IE asset |
Jarlett Quinn at Savills (industrial) can make the introduction. PIMCO asset. Per S49 platform-aggregation rule — divestiture check required. | Quick call to Savills to see if there's an angle, or bin it. | Aaron | MEDIUM |
| 10 | Hines IE RE platform · cross-portfolio |
Niall Ryan contact (surname confirmed). Promoted from low. | Dave to set up an informal chat with Niall Ryan. See if there's a conversation there. | Dave | MEDIUM |
| 11 | Cormac (ex-CBRE) · Dublin Port Semi-state · port · capex master plan 2024 |
Dublin Port route via Cormac (ex-CBRE). Possible quick chat to see if there's a bigger route into the IE semi-state space. | Set up a meeting with Cormac. Quick chat — explore wider route. | Aaron · Dave | MEDIUM |
| 12 | Dalata · Maldron / Clayton freehold carve-out UK freehold carve-out only |
Two-lane carve-out idea. Rule: do NOT pursue Irish freehold carve-outs. UK lane only. | Dave to close-look at the structure. | Dave | MEDIUM |
| 13 | Statkraft (Irish Solar) Norwegian sovereign IG parent · AA · largest IE renewables producer |
Downgraded from high. No named contact yet · requires more research before any move. | More research. Find CFO details. Hold action until contact identified. | Aaron | LOW |
| 14 | Bord Gáis Energy Centrica IE sub · 334MW Galway OCGT |
Downgraded from medium. Probably might need the money, but no clear entry point. Kerry McDonald / Kerwin ⚠ floated. | Review whether we have an entry-point contact. No action until one is identified. | Aaron | LOW |
| 15 | Kennedy Wilson PE / RE platform |
Low-odds. Dave will arrange coffee opportunistically. | Dave to arrange coffee. | Dave | LOW |
| 16 | DAA · Dublin Airport Authority Semi-state · airport |
Move down. Dave's view: Euro bonds, likely waste of time. | Track only if a warm-contact route appears. Otherwise no action. | Aaron | LOW |
| 17 | IRES REIT Canadian-owned IE PRS |
Margaret Heflin departing / Sharon McMahon taking over ⚠ confirm role + effective date. | Watch — onboarding is the opening. No direct outreach yet. | — | WATCH |
| 18 | Energia Group Ardian-owned |
PIMCO all over the structure; refinanced January 2025. | Closed-gate. Revisit only on structural change. | — | Closed-gate |
| 19 | CIE Semi-state transport |
Bureaucratic. Only angle = SEGAT-style fleet finance (lend to buy DART). | Closed-gate unless fleet-finance becomes structurable. | — | Closed-gate |
✅ Names resolved this pass
Niall Ryan — Hines IE contact ·
Jarlett Quinn — Savills industrial (Mountpark intro route) ·
Cormac (ex-CBRE) — Dublin Port route confirmed (surname still pending).
⚠ Still to confirm at Friday call
"Rowan" (GNI — status unclear, may have departed) ·
"Kerry McDonald / Kerwin" (Bord Gáis) ·
Cormac (Dublin Port — surname) ·
Sharon McMahon → IRES succession (role + effective date).
Sports Ireland → political-chain pivot (Dave)
If the ~€200m Sports Ireland conversation lands and they like the model, Dave to route up via Tony to ask: "Can you put this in front of the minister / route up the political chain as a solution for many government bodies?" — turns one mandate into a category opening for IE semi-state and public-sector financing. Live pivot to watch over the next 4–6 weeks.
Calendar
Critical actions — this week.
| Day | Action | Owner |
|---|---|---|
| Wed 13 | Astatine NDA email sent to Tom & Val ✅ · SONG has come back ✅ | Chris |
| Wed 13 | DE Hub ZT stripped ✅ · gccp-bpa-germany now public | Aaron |
| Fri 15 · 14:00 | Astatine pre-brief call — David Farrell + Aaron + Chris + Tom (15-30 min) · pending Rabby confirm | Chris · Aaron |
| Today (Wed 14) | Power Capital — chased again, awaiting reply | Aaron |
| Today (Wed 14) | Joint dry-run for Tom Pritchard call · Aaron + Dave | Aaron · Dave |
| Thu 14 | Resolve KfW contact placeholder on TenneT pre-clearance memo | Dave |
| Fri 15 · 12:30 | Tom Pritchard call — expect HPC update · system reveal · Astatine flag · push for Power Capital release | Aaron · Dave |
| Fri 15 (post-Tom) | Aaron + Dave Irish-target follow-up — prioritise list · confirm name fragments · agree top-5 outreach this week | Aaron · Dave |
| Next week | Jonathan pitch (Aaron originally tomorrow Thu, Dave unavailable — pushed to next week) | Aaron · Dave |
| Mon 18 | ESB meeting — board · quantum · highlighted opportunities · bundle Bord na Móna | Aaron · Dave |
| Tue 19 · 12:15 | Astatine principals call — founders Tom Marren + Pat Nolan + David Farrell + Aaron + Chris + Tom · pending Rabby confirm | Chris · Aaron |
| Mon 18 → Wed 20 | Power Capital — push substantive question post-Tom-call sign-off | Aaron |
| Rolling | Astatine — IM release coordination + intro call | Chris · Aaron · Dave |
| Rolling | SEGAT — track 1–2 week client update | Dave |
| Rolling | Tom Jelley flow — accept, track origin (25% vs 100% routing) | Dave |
Fee envelope
Risk-adjusted view.
HPC is the anchor · Astatine is now live with SONG · the rest is optionality.
HPC delivers €2.1m risk-adj alone at 80%. Astatine is the strongest new entrant since Eclairion — SONG has come back, pre-brief Fri 15 May + principals call Tue 19 May 12:15, €1.0m today rising to €2m+ post-IM. Power Capital paused (still chasing) · SEGAT fee letter now signed · ESB Monday is the next informational catalyst.
~€2.1m
HPC anchor
40% × €7m fee × 80% prob. Aug close target.
~€1.0m
Astatine today
100% × €6.65m fee × 15% (SONG engaged). Material upside on IM.
~€0.30m
Power Capital
€2–4m+ fee × 10% · counterparty paused, still chasing.
~€3.4–3.7m
Cohort total
Risk-adjusted across all 8 active. SEGAT fee letter now signed; ESB + Sports Ireland still TBC quantum.