PGGM and Shell to acquire Eneco?

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PGGM and Shell say they’ve “joined forces” to look at participating in the controlled auction for sustainable energy provider Eneco.

Eneco and its shareholders’ committee announced the start of the privatisation process in December last year.

‘A platform for growth’

In a press release, the consortium praised Eneco’s achievements in investing in sustainability and renewable energy.

“PGGM and Shell combine the knowledge, ambitions and financial commitment to build on Eneco’s sustainable strategy,” the press release stated, adding the consortium is “determined to competitively grow the renewable energy products and services offer for millions of customers in northwest Europe”.

The consortium envisages Eneco as a “platform for growth”, Rotterdam-based, with potential investments inside and outside the Netherlands.

Chief Investment Officer Private Markets PGGM Frank Roeters van Lennep said: “The energy transition offers good opportunities for long-term investments in a more sustainable economy. 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. This will support the delivery of affordable sustainable energy to a growing number of customers in northwest Europe.”

‘Societal and commercial value’

Through its existing business, claims Shell, it offers access to clean-tech research and development, connected mobility and digital start-ups.

“This provides opportunities along the entire energy value chain,” Shell’s Integrated Gas & New Energies Director Maarten Wetselaar said. “From generation of renewable power to trading and delivery at home, on the road and at work.

“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 … expanding and developing business models that create both societal and commercial value.”

The consortium partners understand that Eneco will come to the market via a controlled auction, subject to shareholder approval. Nevertheless, it’s sensitive to the circumstances. “It is up to the shareholders to determine the next steps,” the consortium said.