PGGM, DIF to buy metering business from Dutch utility Enexis

A consortium comprising PGGM and DIF Capital Partners is planning to buy an electricity infrastructure company in the Netherlands.

The €291bn Dutch pension provider’s PGGM Infrastructure Fund and the DIF Infrastructure VI fund have agreed to both buy a 50% stake in Fudura, a company owned by Dutch utility services firm Enexis.

Financial details were undisclosed.

Fudura provides medium-voltage electricity infrastructure, metering devices and related data services to its 22,000 business customers in the Netherlands.

René Pruijssers, a director at Fudura, said having DIF and PGGM as partners will help Fudura to further develop as the energy transition platform for business customers.

“Fudura’s customers, employees and partners will benefit from the knowledge and ambition of DIF and PGGM to make the Netherlands more sustainable.”

Erik van de Brake, head of Infrastructure at PGGM, said: “Fudura fits perfectly into PGGM’s strategy to make long-term investments for our clients, including Pensioenfonds Zorg en Welzijn, which are not only financially attractive, but also have a positive impact on our society.

“We are faced with the enormous task of making the Netherlands CO2 neutral within a few decades, and companies such as Fudura play a very important role in this. Fudura will become part of our investment portfolio, which, in addition to Fudura, also contains a number of other investments that play a key role in realizing the energy transition and will help to accelerate it.”

Gijs Voskuyl, head of Core Infrastructure at DIF, said: “We are delighted with the acquisition of a 50% stake in Fudura. The company’s leading role in the energy transition in the Netherlands fits seamlessly with DIF’s own ambitions including having a CO2-neutral investment portfolio by 2050 the latest.

“In addition, we expect that DIF’s expertise in previous energy transition investments will contribute to a fruitful collaboration with both Fudura and co-shareholder PGGM.”

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