PGGM and Shell explore potential joint acquisition of Eneco
The companies are considering to participate in the controlled auction for the Dutch sustainable energy provider Eneco, which announced the start of the privatisation process last December.
This consortium appreciates Eneco’s achievements in transforming the Dutch energy system through investments in sustainability and renewable energy.
PGGM and Shell envisage that Eneco will be a platform for growth, operating from Rotterdam, with potential investments inside and outside of the Netherlands. Eneco could realise this as a separate entity, leveraging a strong identity, durable customer relations and a committed and experienced workforce within the company.
“The energy transition offers good opportunities for long-term investments in a more sustainable economy and we think Eneco can play a central role in realising the consortium’s shared ambitions. PGGM and Shell bring complementary experience and expertise across Eneco’s activities, which will support the delivery of affordable sustainable energy to a growing number of customers in North West Europe,” commented Chief Investment Officer Private Markets PGGM, Frank Roeters van Lennep.
“Eneco’s business neatly fits with Shell’s New Energies activities and ambitions to continuously find new ways to reduce carbon emissions and provide more and cleaner energy. The consortium is committed to expand and develop business models that create both societal and commercial value”, said Shell’s Integrated Gas & New Energies Director, Maarten Wetselaar.
The consortium partners understand that Eneco will be brought to the market via a controlled auction, subject to shareholder approval. Shell and PGGM look forward to further assessing the potential opportunity and have shared a joint open letter further outlining their intent.
