Dutch civil service scheme ABP and OMERS Infrastructure have acquired an energy infrastructure solutions business, marking the pair’s second major joint investment in the Netherlands.
ABP, through Dutch pension asset manager APG, and OMERS Infrastructure have agreed to buy Kenter from Alliander Corporate Ventures for an undisclosed amount. Kenter provides medium-voltage infrastructure and meters to over 25,000 commercial and industrial business customers in the Netherlands and Belgium.
The latest joint venture follows the two pension funds’ joint investment created to buy renewable energy platform Groendus last year.
Once the latest deal completes, Kenter and Groendus are expected to partner to offer existing and new customers integrated energy solutions to support the decarbonisation of their operations and help them reach their net zero goals, the owners said.
Harmen van Wijnen, chairman of the board of trustees at ABP, said: “ABP likes to invest in the Netherlands in order to stimulate economic growth, employment and sustainable projects. We also want to contribute to the energy transition and wholeheartedly support our nation’s climate objectives. Therefore, investments in the electrification infrastructure are needed on a large scale.
“This investment benefits our three million participants in several ways. It not only contributes to sufficient and sustainably generated energy in the Netherlands but also generates long-term value for our pension participants.”
Jan-Willem Ruisbroek, the head of global infrastructure investment strategy at APG, said: “By investing in Kenter, building upon our previous venture with Groendus last year, we intensify our efforts. We are looking forward to working with the management teams and staff to establish a national champion in the energy transition sector in the Netherlands and abroad.”
Alastair Hall, senior MD and head of Europe at OMERS Infrastructure, said: “We’re thrilled to announce OMERS’ second investment to enable the energy transition in the Netherlands. We look forward to growing a B2B energy solutions platform in the region, delivering energy infrastructure for businesses looking to meet their sustainability goals.”
OMERS Infrastructure is the infrastructure investment advisor and manager of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
To read the latest edition of the latest IPE Real Assets magazine click here.