Dutch PGGM invests in 275-MW SolarCity portfolio

Dutch pension fund manager PGGM has made a multi-million dollar investment in a SolarCity (NASDAQ:SCTY) rooftop solar portfolio of about 275 MW in the US.

The regular payments for solar systems installed at 38,000 locations will bring stable return for at least 20 years for PGGM clients, among which the healthcare sector pension fund PFZW, the pension fund manager said earlier this week.

Jeroen Wolfs, senior investment manager at PGGM, told Dutch newspaper Het Financieele Dagblad (FD) that PGGM usually invests between EUR 200 million (USD 218m) and EUR 500 million, and the deal with SolarCity was near the bottom of the range. The exact amount has not been disclosed.

PGGM Infrastructure’s first sustainable energy investment was in 2010 when it bought a stake in the 367-MW Walney offshore wind project in the Irish Sea. Since then it has made more deals in wind, solar, smart meters and other technologies. According to Erik van de Brake, Head of Infrastructure, PGGM investments now cover almost the entire spectrum of current sustainable energy production and consumption.

SolarCity was acquired by Tesla Inc (NASDAQ:TSLA) in November.

(EUR 1 = USD 1.09)

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