On behalf of pension fund ABP, APG has invested in Kenter, a subsidiary of network company Alliander. Kenter provides future-proof energy solutions for business in the Netherlands, responding to the rising demand for energy and the growing urgency of problems associated with an overcrowded power grid. Kenter was acquired by a consortium of ABP, through its asset manager APG, and OMERS.
In late 2022, Alliander announced it would be looking for a new owner for Kenter. Kenter provides energy solutions to more than 28,000 companies. The company meets the growing need for facilitating local energy networks. Kenter is able to integrate various solutions with each other. For example, it provides business parks with a sustainable solution to grid congestion through solar panels and a collective battery. The companies can exchange energy through Kenter's metering services and energy management so that the grid does not become overloaded. The company has over 500 employees.
Participants benefit
Jan-Willem Ruisbroek, head of infrastructure investment strategy at APG Asset Management, says: “Our client ABP is happy to invest in the Netherlands to stimulate economic growth, employment and sustainable projects. Their three million participants benefit from this investment in various ways. It not only contributes to sufficient and sustainably generated energy in the Netherlands, but also generates long-term value for their pension participants. By investing in Kenter, building on our earlier partnership with Groendus last year, we are intensifying our efforts in this area.”
Full potential
The reason for the sale was that Kenter could not realize its full potential under the wings of Alliander. The energy transition started to take off in 2016, but at the same time Alliander was restricted from offering services, such as charging stations and batteries, due to stricter laws and regulations. The acquisition will enable Kenter to achieve its growth ambitions and respond to the rapidly changing energy market without restrictive laws and regulations. Kenter will operate as an independent company as of February 1, 2024.
The acquisition was made by a consortium of ABP, through its asset manager APG, and OMERS, the pension fund for public servants in the Canadian province of Ontario.