APG and OMERS Infrastructure have announced the signing of an agreement to jointly acquire Groendus from NPM Capital. Groendus is an energy transition platform in the Netherlands that was established in 2021 through the merger of six companies in the rooftop solar, metering and energy services spaces. APG’s investment is done on behalf of its pension fund client ABP. APG is the largest pension provider in the Netherlands; OMERS Infrastructure is investing on behalf of OMERS, one of the largest pension plans in Canada. Groendus develops, builds, and operates energy assets as well as provides a wide portfolio of ancillary services for its customers. With its team of over 130 people in the Netherlands, Groendus has so far worked with more than 4,000 companies, municipalities, and institutions, and has installed more than 170 MWp of solar capacity and over 12,000 meters to date. Groendus is committed to grow its portfolio of 300 solar projects and expects to provide customers with an increasing suite of energy transition solutions, such as EV charging and battery storage.
Following close of the transaction, Groendus will become OMERS Infrastructure’s fifth global investment in renewable power, alongside Azure Power (India), FRV Australia, Leeward Renewable Energy (USA) and Navisun (USA). For APG, the investment builds on its already substantial global energy transition portfolio following its previous investments in renewable energy assets like Merkur (Germany) and Vasa Vind (Sweden). APG and OMERS Infrastructure were advised by Voltiq, Rothschild, Latham & Watkins, Loyens & Loeff, Strategy&, Arcadis and EY. The closing of the transaction is expected in Q3 2022, subject to customary regulatory approvals. Terms of the deal are not being disclosed.