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Shell, Dutch pension fund announce joint interest in Eneco

Eneco's Delfzijl Noord wind farm in the Netherlands. Source: Eneco (www.enecogroup.com).

January 14 (Renewables Now) - Pension fund service provider PGGM and gas giant Royal Dutch Shell Plc (AMS:RDSA) have formed a Dutch consortium to explore the opportunity to buy local utility Eneco.

The two parties said today they want to initiate a dialogue on this matter with Eneco’s shareholder committee, its board of directors, management and other stakeholders. The Dutch utility will be sold through a controlled auction, which is currently at an early stage, according to the announcement.

The suitors mentioned in an open letter that they share Eneco’s strategy to grow its renewable energy and customer portfolio, and help clients reduce their carbon emissions both at home and in the rest of Europe. Furthermore, they noted that each of them is determined to further invest in renewables, specifically in North West Europe. Shell, in particular, is focused on investing in offshore wind, solar and e-mobility.

“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,” commented Maarten Wetselaar, Shell’s Integrated Gas & New Energies Director.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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