Pension Fund Providers OMERS Infrastructure and APG Acquire Groendus

Published on: 19 May 2022
by KnowESG

OMERS Infrastructure and APG, both pension fund providers, have recently signed an agreement to acquire Groendus, a Netherlands-based energy transition platform. It is the first infrastructure investment made by OMERS in the Netherlands. Both companies will support Groendus' ambitious energy transition growth plans.

Groendus was established in 2021 after merging six companies in the rooftop solar, metering, and energy services spaces.

Groendus develops, builds, and operates energy assets for its customers and offers a diverse range of auxiliary services. Groendus has worked with over 4,000 companies, municipalities, and institutions in the Netherlands and built over 170 MWp of solar energy and over 12,000 metres to date.

Groendus intends to expand its 300-project solar portfolio and supply customers with a growing range of energy transition options, such as electric vehicle charging and battery storage.

Alastair Hall, Senior Managing Director and Head of Europe, OMERS Infrastructure, said:

“We are thrilled to be announcing today our first investment in European renewables. In Groendus, we see an excellent opportunity for OMERS to invest in 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's Head of Global Infrastructure Investment Strategy, Jan-Willem Ruisbroek, said:

“APG is excited to announce the investment in Groendus, which is a rare opportunity in the accelerating Dutch energy transition space and fits the core of our strategy." As pension investors, we are continuously looking for attractive, long-term, responsible investments. Not only do we expect solid returns, but 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. We are grateful to NPM for establishing the Groendus platform, which serves as a foundation for future growth, and look forward to working together with OMERS Infrastructure in the years to come to support Groendus in its mission and ensure a long-term, stable and sustainable investment return for our pension fund client APB and its participants.”

René Raaijmakers, CEO of Groendus, said:

“There is an urgent need to transform the traditional energy supply into a sustainable, clean energy system. Together with our customers, Groendus makes a major contribution through its renewable energy assets, insights from smart metering data and our unique peer-to-peer sustainable energy trading platform. We build on the support and strong financial backing of our shareholders. We are grateful to NPM Capital for the huge impact it has made during the initial years of bringing together six companies into the Groendus platform. We are proud of the trust given to our team by OMERS Infrastructure and APG, allowing Groendus to accelerate its efforts to continue building the energy transition service portfolio for our customers.”

Source: OMERS