Dutch pension investor APG Asset Management and Swiss pension fund Pensionskasse Stadt Zürich (PKZH) have acquired a 38% stake in Kallista – a French renewable energy operator. The transaction marks an exit for Ardian, a private markets investor involved in Kallista’s growth over 17 years.
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In a statement, the pension investors noted the transaction’s significance in the company’s evolution – marking the introduction of both new and patient capital. The investors’ statement also noted their ‘long-term investment horizon and a common ambition to invest in infrastructure platforms supporting the decarbonisation of the energy system’.
Kallista has a track record of developing assets in onshore wind and solar energy. The company is also expanding its presence in battery energy storage systems. The assets are spread across Germany, France and the Netherlands. APG has been a long-standing majority shareholder in Kallista.
“Having supported the company’s growth over the years, our decision to increase our investment reflects our conviction in Kallista’s role in accelerating the build-out of renewable energy capacity in Europe”, said Marjolaine Lopes, senior portfolio manager at APG. “We are also pleased to welcome PKZH as a new long-term partner and look forward to working together to support the next phase of the company’s development”, she added.
Ardian has now exited the asset after a 17 year holding period. “Over our 17 years holding period, Kallista has evolved from a 163 MW wind-farms platform into a diversified renewables power producer, with wind, solar, BESS and e-mobility businesses totalling 800 MW in operations or under construction”, commented Ardian’s managing director for infrastructure, Daniele Rizzolini.
The Kallista transaction expands the investment partnership between APG and Swiss pension funds. In 2024, APG on behalf of the Dutch pension fund ABP collaborated with PUBLICA, PKZH, Kanton Aargau and the Credit Suisse Group Pension Fund for a joint infrastructure equity investment programme.
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