Holland’s largest pension swells renewables portfolio by buying clean energy assets in US

APG, the largest pension provider in the Netherlands, has agreed to buy a 33% minority interest in a portfolio of clean energy assets, the retirement scheme told Net Zero Investor.

The portfolio, which APG bought from Global Atlantic, consists of 26 operating solar facilities and two battery storage projects. The remaining ownership stake is held by Southern Power.

APG’s stake will add approximately 600 net megawatts (MW) to its U.S. renewables portfolio, which has grown to 9 gross gigawatts (GW) across investments in solar energy, battery storage, and hydroelectricity, the pension said in an email.

APG has over $2 billion invested across utility-scale solar, storage, and hydroelectric assets, including the largest solar + battery storage project in the U.S.

“APG’s investment in this clean energy portfolio is well-aligned with our broader strategy to grow our renewable energy footprint in the Americas,” explained Steven Hason, managing director, head of Americas real assets at APG. 

He stressed the pension fund "sees strong opportunity in the U.S. to generate long-term returns while contributing to the energy transition on a significant scale.”

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Last year, APG snapped up a minority stake in solar energy and storage project Gemini in the US, which is majority-owned by Quinbrook Infrastructure Partners, an investment manager, and its subsidiary Primergy Solar. 

APG paid a reported $1.2bn for a 49% stake on behalf of ABP, another Dutch pension fund. 

The Gemini project is a 690MWac solar plus 1,416 MWh battery energy storage facility and is the largest solar and storage project under construction in the US. 

Regarding today's announcement, "the acquisition furthers APG’s aim to accelerate the transition to clean energy and to generate stable, long-term returns," APG said.

"The total portfolio will offset 3.8 million metric tons of CO2 annually. APG’s 600 net MW stake alone will offset 1.3 million metric tons of carbon emissions each year, which is equivalent to powering 160,000 homes with clean energy, taking 281,238 passenger cars off the road or charging 153 billion smartphones or sequestering carbon dioxide in 1.5 million acres of forest land."

APG is the largest pension provider in the Netherlands, with roughly 4.8 million participants. As of September, it manages around €517 billion in pension assets. With approximately 3,000 employees, it has offices in the Dutch city of Heerlen, Amsterdam, Brussels, New York, Hong Kong, Singapore, Shanghai, and Beijing.

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