PGGM, the Netherlands’ second biggest pension fund, has entered into an agreement with SolarCity on an investment in a portfolio of 38,000 solar energy systems set up in 21 states in the United States. Together it will account for about 275 megawatts of power.
The investment is approximately €200 million ($218 million). The acquisition is part of PGGM’s plan to invest in more long-term investments in sustainable energy projects and companies. In addition, PGGM expects to achieve an “attractive and stable return.” It is the pension fund’s first investment in this form of renewable energy generation.
Tesla acquired SolarCiy in November of last year.