Dutch pension fund asset manager PGGM has acquired a 49% stake in Carbon Collectors to help support project development and speed up project delivery.
PGGM, which invests on behalf of its pension fund client PFZW, has also secured exclusive rights to invest up to €200m in the infrastructure needed to collect, transport and inject CO2 into permanent geological storage sites, such as depleted offshore gas fields.
Carbon Collectors provides carbon capture, transport and storage services to industrial clients, particularly those in sectors difficult to decarbonise, such as steel, cement, waste treatment and recycling. The Dutch company company expects its first projects will be operational before 2030.
Simon Nicolaas, investment director at PGGM Infrastructure, said: “This investment in Carbon Collectors is a perfect fit with PFZW’s ambition to capitalise on the opportunities presented by the energy transition. We are looking for companies that are well positioned in this respect and achieve the long-term returns we need to pay successive generations of workers in the health and social care sector a good pension.
“Carbon Collectors also contributes to PFZW’s goal of achieving a net zero investment portfolio by 2050, in line with PFZW’s commitment to the Paris Climate Agreement.”
Ludo van Hijfte, CEO of Carbon Collectors, said: “This investment will enable Carbon Collectors to complete the design of vessels and other required infrastructure and to accelerate ongoing feasibility studies with industrial clients and CO2 storage partners. With PFZW’s financial support and Carbon Collectors’ expertise, the first projects can be operational within three years of an investment decision.
“Our flexible CO2 transport and storage approach will aid both large and smaller companies, including those outside industrial clusters, in responsibly reducing their CO2 emissions. This will allow us to accelerate the reduction of CO2 emissions while maintaining key industries for the Netherlands and Europe.”
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