On 27 December 2013, PGGM and Dalkia announced the acquisition of the Dutch heating business of one of Europe’s leading utilities RWE (which acquired Essent in 2009). In addition, both companies will also acquire from RWE Generation NL three combined heat and power stations (CHP’s) in Helmond, Eindhoven and Enschede which are connected to the heat networks. In the first quarter of 2014 the heat grids and the CHP’s will form a new company.

The portfolio of assets (ELES — Essent Local Energy Solutions) comprises 64 heating networks all over the country, spanning 1,950 kilometers, along with a number of RWE Generation Nederland’s medium-size units and services. The networks serve more than 62,800 households and 1,240 business customers. The business will be owned by PGGM (80%), the country’s second-biggest pension fund service provider, and Dalkia (20%).

Patrick Lammers, CCO of Essent: ‘The growth and promotion of heat projects is and remains important. The limited scale in which these projects occur leads to more focus on innovation of local projects, than to the supply of district heating. We are convinced that PGGM and Dalkia will provide both heat supply and the employees involved an excellent future outlook.’

ABN AMRO acted as sole financial adviser to the seller.


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