The deal marks the first infrastructure investment in the country for the Canadian group, which invests on behalf of OMERS, one of the largest pension plans in Canada. APG invests for ABP, the largest pension provider in the Netherlands.
Created through the 2021 merger of six companies in the rooftop solar, metering and energy services sectors, Groendus has more than 130 staff and aims to increase its portfolio of 300 solar projects and expand into areas such as battery storage.
"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 decarbonize," said Alastair Hall, senior managing director and head of Europe, OMERS Infrastructure.
Following the deal close, expected in the third quarter, Groendus will become OMERS Infrastructure's fifth investment in renewable power, globally. Previous deals include India's Azure Power (India) and U.S.-based Navisun.
"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," said Jan-Willem Ruisbroek, head of global infrastructure investment strategy at APG.
"As a pension investor, we are continuously looking for attractive, long-term, responsible investments."
(This story corrects APG to ABP in 2nd paragraph)
(Reporting by Simon Jessop in London; Editing by Matthew Lewis)
