From biomass to sustainable heat: a new step forward for Ennatuurlijk

The energy transition requires investments that look beyond the challenges of today. Investments that not only deliver strong returns for our participants but also contribute to a liveable world for future generations. That is precisely why, as the sole shareholder of Ennatuurlijk, we have been working together for many years to support the decarbonisation of heat supply in the Netherlands. 

A good example is the project in Geertruidenberg, where two large electric boilers will soon replace the Amer power plant as a heat source for the district heating network. This marks an important step towards a more sustainable heat supply for around 90,000 households and businesses. 

A challenge identified years ago
When PGGM invested in Ennatuurlijk more than ten years ago, it was already clear that the Amer power plant would not remain the primary source of heat indefinitely. The heat it had supplied for many years would eventually need to be replaced. Addressing a challenge of this scale requires long-term thinking. 

Replacing a heat source that serves tens of thousands of households and businesses requires significant investment, technical expertise and, above all, a long-term vision. 

That is why we are proud that this project has been delivered on time and according to plan. This is important not only for the continued decarbonisation of the district heating network, but also for ensuring security of supply. 

Decarbonisation in practice
At PGGM, every investment is assessed through the lens of return, risk and sustainability. These three dimensions are always considered together, and the same principle applies to Ennatuurlijk. 

We believe that heat must not only be sustainable, but also reliable and affordable. Only then can a solution remain viable over the long term, both for the company and for the participants of our clients. 

The new electric boilers represent an important step forward. As heat was previously supplied by a biomass-fired power plant, an alternative heat source was needed that is available today. 

Active ownership
As the sole shareholder of Ennatuurlijk, we are closely involved in the company's strategic direction. That does not mean managing the business on a day-to-day basis, but it does mean actively contributing to discussions on strategy, investment decisions and long-term development, including through Dennis van Alphen's role on Ennatuurlijk's Supervisory Board. 

Together with the management team, we continuously explore ways to further decarbonise the district heating network. Major investment decisions are carefully assessed through the lens of return, risk and sustainability. Throughout, our objective remains the same: to help build a future-proof heat supply while delivering good pension outcomes for participants. 

Dennis van Alphen, member of Ennatuurlijk's Supervisory Board and Head of Infrastructure at PGGM, explains: "This partnership demonstrates what active ownership looks like in practice, both through the Supervisory Board and beyond. It is not simply about providing capital. It is about working together to develop solutions that create long-term value and support the transition to a more sustainable heat system." 

This is only the beginning
The electric boilers represent a major milestone, but they are by no means the final destination. Ennatuurlijk is also exploring and developing other sustainable heat sources, including geothermal energy and waste heat. Step by step, this is helping to create a more sustainable and flexible heat system. 

Projects such as this also help address broader challenges within the energy transition. For example, Ennatuurlijk has worked with TenneT to develop arrangements for the flexible use of the electricity grid. As a result, the project not only provides sustainable heat, but also helps alleviate grid congestion. 

A project to be proud of
The project in Geertruidenberg demonstrates how PGGM contributes to the energy transition as a long-term investor. As the sole shareholder of Ennatuurlijk, we support the company's transition towards more sustainable heat sources and help enable investments that create both societal and financial value. 

We are proud of what has been achieved. Not only because this is the largest project Ennatuurlijk has delivered in years, but above all because it demonstrates that decarbonisation, security of supply and a strong business case can go hand in hand. That is exactly the combination we seek to achieve as an investor.