APG, the asset management arm of Dutch civil service pension fund ABP, is investing up to €250m in sustainable aviation fuels (SAF) firm SkyNRG, as part of a €300m investment round that also includes existing SkyNRG investor Macquarie Asset Management (MAM).
The investment will enable SkyNRG to progress with constructing SAF facilities in Delfzijl, the Netherlands, alongside its planned SkyKraft project in Sweden and the Wigeon project in the US.
APG’s investment, combined with MAM’s latest commitment, builds on MAM’s €175m investment from late 2023 via the Macquarie GIG Energy Transition Solutions fund to support SkyNRG in developing and operating SAF production facilities.
Arjan Reinders, head of infrastructure Europe at APG, said: “We look forward to collaborating with the SkyNRG management team as they expand their business operations and further contribute to the global efforts in reducing carbon emissions within the aviation sector.
“Through this partnership, we aim to foster advancements in sustainable aviation and reinforce our dedication to environmental stewardship and sustainable growth.”
Martin van der Pot, head of private investments at ABP, said SkyNRG is ABP’s first investment in the SAF sector and is closely aligned with the pension fund’s plan to create “impact by investing at the forefront in energy transition assets that meet our investment criteria”.
Van der Pot added: “This strategic investment underscores our commitment to supporting innovative solutions that drive the decarbonisation of the infrastructure industry. As a long-term investor, this investment fits well with ABP’s strategy to invest in companies that seek both financial and social returns.
“This investment further shapes our investment mix, which aims to provide our members with purchasing power and a stable pension.”
Kate Vidgen, chair of the board of SkyNRG and operating partner at MAM, said: “The aviation industry continues to be one of the hardest to abate sectors, and meeting the demand for sustainable aviation fuel continues to be a key challenge. Macquarie has been an investor in SkyNRG since 2023, during which time SkyNRG has continued to be a frontrunner in its approach to tackling this globally important problem.
“We are delighted to welcome this additional investment from APG and to work alongside them and the SkyNRG management team to grow the business and support the decarbonisation of the industry together.”
Maarten van Dijk, CEO and co-founder of SkyNRG, said: “The investment from APG, along with MAM’s existing equity commitment, will not only support SkyNRG as a company but also demonstrates that the SAF market is ready for facilities dedicated solely to the production of SAF.
“By bringing together actors from across the industry, including OEMs, technology providers, corporates and airlines, we are helping pave the way for global sustainable aviation fuel adoption.”
To read the latest IPE Real Assets magazine click here.
