LONDON (Alliance News) - Royal Dutch Shell PLC on Monday said it and a Dutch pension provider are mulling the acquisition of the sustainable energy firm Eneco Holding NV.
Oil major Shell is plotting the move alongside PGGM, a co-operative pension fund with EUR215 billion in assets under management as of last June.
"This consortium is impressed with Eneco's achievements in transforming the Dutch energy system through investments in sustainability and renewable energy," said Shell, London's largest listed company.
"PGGM and Shell combine the knowledge, ambitions and financial commitment to build on Eneco's sustainable strategy and are determined to competitively grow the renewable energy products and services offer for millions of customers in north-west Europe."
Shell understands Eneco will be brought to market via a controlled auction, and noted the process is still at an early stage.
Frank Roeters van Lennep, chief investment officer at Private Markets PGGM, said: "The energy transition offers good opportunities for long-term investments in a more sustainable economy and we think Eneco can play a central role in realising the consortium’s shared ambitions.
"PGGM and Shell bring complementary experience and expertise across Eneco's activities, which will support the delivery of affordable sustainable energy to a growing number of customers in north-west Europe."
Shell 'A' shares were 0.2% lower Monday at 2,357 pence each, while 'B' shares were flat at 2,389p.
