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May 18, 2022

APG and OMERS Infrastructure to buy energy platform Groendus

The deal is OMERS Infrastructure’s first infrastructure investment in the Netherlands and its fifth global renewables investment.

Dutch pension investment company APG and OMERS Infrastructure have brokered a deal to jointly purchase energy transition platform Groendus from NPM Capital.

Groendus develops, builds and operates energy assets and offers a wide array of ancillary services for its clients, which include companies, municipalities and institutions.

The company has installed more than 170MWp of solar capacity to date, as well as more than 12,000 electricity meters.

It intends to increase its solar project portfolio and enter new sectors such as electric vehicle (EV) charging and battery storage.

OMERS Infrastructure has made the investment on behalf of Canadian pension plan OMERS.

The deal is expected to close in the third quarter of this year if given regulatory approval.

The financial details and other terms of the deal have not been made public.

The acquisition marks OMERS Infrastructure’s first infrastructure investment in the Netherlands and its fifth global investment in renewable power.

The pension plan previously invested in Azure Power, FRV Australia, Leeward Renewable Energy and Navisun.

OMERS Infrastructure head of Europe Alastair Hall said: “In Groendus, we see an excellent opportunity for OMERS to invest into an energy transition growth platform with a clear mission to enable its commercial, industrial and public customers to decarbonise.

“Alongside APG, we look forward to working with Groendus’ experienced leadership team and playing an active role in helping the company continue to grow and deliver on its purpose to enable 100% clean energy for every organisation and institution in the Netherlands.”

APG head of Global Infrastructure Investment Strategy Jan-Willem Ruisbroek said: “As a pension investor, we are continuously looking for attractive, long-term, responsible investments.

“Not only do we expect solid returns, it also contributes to APG’s ambition to support the development and scale up of technology enabling a rapid energy transition in the Netherlands as well as the UN Sustainable Development Goals.”

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