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Shell consortium mulls acquisition of Dutch renewables company

Dutch pension fund service provider Pggm Coöperatie U.A. and Royal Dutch Shell PLC are considering the potential acquisition of Dutch energy provider Eneco, Shell said Jan. 14.

The consortium has already filed a letter of intent and expects the company will grow inside and outside the Netherlands. Eneco, which announced the start of its privatization process in December 2018, also has operations in Belgium, France, Germany and the U.K.

Shell said Eneco fits with its New Energies unit, which finds ways to reduce carbon emissions and provide cleaner energy. Eneco generates and supplies energy from wind, heat, biomass and solar farms.

The Anglo-Dutch oil giant said any potential investment should competitively fit within the company's strategy and financial framework and stated capital investment guidance range of US$25 billion to US$30 billion per year.

The potential acquisition of Eneco would hike PGGM's portfolio of sustainable investments, which currently amounts to over US$8 billion.