PMT acquires 15% stake in Dutch windfarms
Netherlands-based pension fund Pensioenfonds Metaal & Techniek (PMT) has acquired a 15% Stake in the 731.5MW Borssele III and IV offshore windfarms.
The transaction was undertaken through pension investors MN, in partnership with the Nuveen European Core Renewable Infrastructure (NECRI) strategy. The windfarm was acquired from private markets firm Partners Group.
The NECRI vehicle invests in renewable projects on brownfield sites across Europe, including the Netherlands, the UK, France, Spain, Italy, the Nordics, Germany, and Belgium.
PMT is the third largest pension fund in the Netherlands, with 1.4 million pension plan participants and $81 billion in assets under management.
The windfarms are situated in the Dutch North Sea and have been in operation since January 2021. Shell was one of the original partners in the Blauwwind Consortium that was awarded the right to develop the project in 2016, with Partners Group joining in 2018.
Sebastiaan Ranner, principal portfolio manager at MN, said today that "the investment in Borssele III and IV aligns perfectly with the fund's strategy, delivering both promising returns and supporting our client PMT's commitment to advancing the energy transition. Wind farms such as Borssele are crucial operating assets that meet the growing demand for renewable energy in the Netherlands.”
Last year Swiss Life Asset Managers purchased a 20% stake in Borssele III and IV, also from Partners Group.
First reported in March this year, an investigation by Dutch NGOs Groen Pensioen and BothEnds found that pension fund PME scored 100% in terms of voting pro-climate, while BPL, PF Vervoer, PFZW, PMT and PNO Media were shown to have a “mixed climate signal” backing 70-89% of the climate votes.