Dutch pension fund PME has invested €300m in renewable energy funds managed by Luxcara and Mirova.

The €59bn pension scheme for the Dutch technological industry has invested €150m each in Luxcara’s Flaveo IV and the Mirova Energy Transition 5 fund manager.

The investment, which was executed by PME’s investment manager MN, is part of a €1.2bn renewable energy investment programme initiated following the sale of PME’s fossil fuel investments last year.

As previously reported, PME sold €1.2bn in stocks and bonds of companies involved in the production or transportation of fossil fuels, including its investments in Shell, BP and Total. At the time, PME said it will use the proceeds of the sale of its fossil fuels allocation to more than double its €0.5bn renewable energy portfolio in the coming years. 

The new €300m investment adds to an earlier €355m investment in a number of similar funds. “As a result, we are now more than halfway our investment objective,” a spokesperson for PME told IPE Real Assets.

Marcel Andringa, executive director in charge of asset management at PME, said: “The new investments are another milestone in our goal to shift pension money away from fossil fuels and into assets that are genuinely sustainable. In this way we positively contribute to the energy transition.”

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