PGGM & Shell explore potential joint acquisition of Eneco

PGGM and Shell have joined forces to explore the opportunity to participate in the controlled auction for the sustainable energy provider Eneco. In December 2018 Eneco and its shareholders’ committee announced the start of the privatisation process.

This consortium is impressed with Eneco’s achievements in transforming the Dutch energy system through investments in sustainability and renewable energy. PGGM and Shell combine the knowledge, ambitions and financial commitment to build on Eneco’s sustainable strategy and are determined to competitively grow the renewable energy products and services offer for millions of customers in North West Europe.

With their roots in Dutch society, both PGGM and Shell understand Eneco’s unique position in taking on the challenges and opportunities of the energy transition. The consortium envisages 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 consortium partners understand that Eneco will be brought to the market via a controlled auction, subject to shareholder approval. PGGM and Shell realise this process is at an early stage and respect that it is up to the shareholders to determine the next steps in the sale process.