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01
February
2024
|
10:00
Europe/Amsterdam

NN Group partners with Macquarie Asset Management to finance climate investments

NN Group announces today it has partnered with Macquarie Asset Management (“Macquarie”) with the aim of financing a portfolio of assets focused on climate change mitigation and adaptation, the transition to a circular economy and the broader energy transition. NN Group has committed EUR 350 million to the strategy, which will pursue debt investments across a wide range of sectors.

The strategy will target high yield private debt investments primarily in Europe and the US including sectors beyond traditional wind and solar generation, such as hydropower, green hydrogen, energy efficiency, energy storage, bioenergy and sustainable industrial production. The first investment will be financing a large-scale green steel project in Sweden, which aims to produce steel with up to 95% lower CO2 emissions compared to steel production from coke-fired blast furnaces.

The collaboration supports NN Group in its target to more than double investments in climate solutions to around EUR 11 billion by 2030. The strategy has been jointly designed and developed by NN Group and Macquarie. It will be managed by Macquarie, which has a long-standing track record of providing infrastructure debt financing, having deployed approximately EUR 14 billion in infrastructure and energy debt on behalf of its clients since 2012.

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘We are pleased to support the launch of this new strategy with Macquarie as our trusted partner in infrastructure investments.  It will enable us to further support our contribution to the energy transition across a wide range of sectors beyond traditional renewable energy.’

Tom van Rijsewijk, Co-Head of Macquarie Asset Management’s Private Credit team in Europe, said: ‘There is a considerable and growing demand for debt financing in green investments beyond wind and solar. Substantial investment in these more nascent and critical elements of energy transition ecosystems is needed urgently to accelerate the transition to net zero.’

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