OMERS and APG have completed an EUR 662m refinancing of their Dutch energy infrastructure business Kenter Groendus, the investors told Infralogic in an emailed statement.

Commercial banks and institutional lenders took part in the deal, which was twice oversubscribed, they said.

The group of lenders included DNB, LBBW, Export Development Canada, Societe Generale, ABN Amro, SEB, Rabobank, RBC and Macquarie Asset Management, a spokesperson for OMERS told Infralogic.

Kenter Groendus supplies, finances and operates medium-voltage power infrastructure such as transformers and switchgear to commercial and industrial customers, as well as metering, solar PV, battery storage, EV charging and energy management services. It helps companies electrify their businesses without depending on lengthy grid connection queues.

The company was established following the merger of Kenter, which APG and OMERS acquired in early 2024, with Groendus, a smaller peer bought by the two investors in 2022.

Infralogic reported earlier this year that APG and OMERS had mandated RBC Capital Markets to advise on a refinancing of the combined business, to replace around EUR 420m of existing debt and fund more capex.

The latest deal comes amid a flurry of refinancings in the Dutch energy transition sector. Earlier this month 3i Infrastructure refinanced Joulz, a peer of Kenter Groendus, with EUR 585m of debt provided by six banks. Last year, CVC DIF- and PGGM-backed Fudura raised EUR 765m of debt in another deal.

Other recent refinancings by OMERS for its portfolio companies include an EUR 770m holdco deal in December to refinance its stake in Spanish tank storage business Exolum, which was then sold this year. Over the past year it also agreed debt raises for Texas electricity grid operator Oncor and Canadian nuclear power generator Bruce Power.

Earlier this month, the Canadian investor sold its 30% stake in UK port operator Associated British Ports to IFM Investors.

APG’s latest debt deals include a holdco refinancing of its Swedish district heating operator Stockholm Exergi, and an EUR 850m refinancing for Spanish motorway operator Itinere Infraestructuras. Its portfolio company SkyNRG in February raised more than EUR 800m of debt in Europe’s first project financing for a greenfield sustainable aviation fuel (SAF) project.