Renewable & Sustainable Energy Investments

€3.0 Billion Strategic Allocation to the Global Energy Transition: Renewable and sustainable energy is a core long-term pillar of the portfolio, supported by a €3.0 billion allocation focused on the transition to cleaner, more resilient energy systems. The strategy targets value across the decarbonization chain, driven by climate policy, regulatory support, corporate commitments, and declining costs in renewable technologies. Capital is balanced between stable, infrastructure-backed assets—such as solar, wind, hydro, and storage with long-term contracts—and selective exposure to emerging technologies like advanced storage and grid modernization.

Allocation overview

Total capital allocated: €3.0 billion

The €3.0 billion Renewable & Sustainable Energy allocation is diversified across several high-conviction segments of the global energy transition. Each sleeve targets a distinct but complementary component of the emerging low‑carbon energy system, combining infrastructure-backed cash flows with exposure to scalable growth themes.

Allocation segments

Where the capital is deployed

Solar Energy Infrastructure – €1.1 Billion

Capital is primarily deployed into utility‑scale and selected commercial and industrial (C&I) solar projects, including ground-mounted, rooftop, and solar‑plus‑storage installations. Investments focus on assets supported by long-term power purchase agreements (PPAs), feed‑in tariffs, or regulated frameworks, often with investment-grade counterparties. The objective is to capture predictable, inflation‑linked cash flows underpinned by the continued decline in solar levelized cost of energy (LCOE) and the increasing competitiveness of solar in global generation mixes.

Wind Energy (Onshore & Offshore) – €850 Million

This sleeve targets both onshore and offshore wind platforms across established and select emerging markets. Capital is allocated to operating and late-stage development projects with contracted or quasi‑regulated revenue structures, as well as to high-quality developers and operators with robust pipelines. The strategy aims to benefit from strong policy support, resource quality, and scale efficiencies that drive attractive risk‑adjusted returns and long asset lives.

Energy Storage & Grid Modernization – €500 Million

Investments in this segment focus on battery energy storage systems (BESS), grid-scale storage, and technologies that enhance grid flexibility, resilience, and integration of intermittent renewables. Capital is directed toward storage assets with contracted revenues, capacity payments, or ancillary services income, as well as grid modernization initiatives such as advanced transmission, distribution upgrades, and digital grid solutions. This allocation is designed to capture value from the increasing need for system balancing, peak shaving, and grid stability.

Green Hydrogen & Emerging Clean Technologies – €350 Million

This allocation provides selective exposure to next-generation decarbonization solutions, with a primary emphasis on green hydrogen value chains (electrolyzers, renewable‑powered hydrogen production, storage, and transport) and complementary emerging technologies. Capital is deployed into platforms and projects with credible pathways to commercial scale, supportive policy frameworks, and strong industrial or offtake partnerships. The objective is to gain early exposure to high‑potential technologies that can play a critical role in hard‑to‑abate sectors over the medium to long term.

Electric Mobility & Charging Infrastructure – €200 Million

This sleeve targets infrastructure and platforms that enable the electrification of transport, including public and private charging networks, depot and fleet charging solutions, and selected enabling technologies and services. Investments are focused on business models with visibility on utilization growth and recurring revenues, supported by rising electric vehicle (EV) penetration, supportive regulation, and corporate fleet decarbonization commitments.

Return Generation Framework

The €3.0 billion Renewable & Sustainable Energy allocation is structured to deliver attractive, risk‑adjusted returns through multiple, complementary channels. Together, these channels combine infrastructure-backed cash flows, upside participation in asset revaluation, and exposure to long-term structural growth in clean energy demand.

Infrastructure-Based Income

A core component of returns is derived from long-term, contracted cash flows associated with renewable energy and grid-related assets, balanced between infrastructure-backed assets—such as solar, wind, hydro, and storage with long-term contracted revenues—and selective exposure to emerging technologies including advanced storage, grid modernization, and low-carbon fuels.

Capital Appreciation

The allocation is positioned for long-term capital appreciation through asset revaluation as demand for contracted renewable projects drives yield compression and higher valuations, the development and monetization of strong project pipelines within scalable platforms, and continued expansion across developed and emerging markets as renewable adoption increases and capacity scales globally.

Inflation-Linked Revenue Structures

Many renewable investments benefit from inflation-linked features that help preserve real returns over time. Revenues from PPAs, feed-in tariffs, and regulated frameworks are often indexed to inflation, while the long-lived, capital-intensive nature of renewable and grid infrastructure provides real asset characteristics that support purchasing power over extended holding periods.

Governance & Oversight Framework

Renewable energy investments are managed within a disciplined governance framework focused on stability, capital protection, and long-term alignment—including ongoing monitoring of regulatory and policy developments, careful assessment of contract counterparties, geographic diversification, and continuous tracking of asset performance to ensure reliable cash flow generation.

Long-term structural drivers

The €3.0 billion renewable allocation is anchored by durable, global forces that are reshaping energy systems and supporting multi-decade investment opportunities. Decarbonization and net‑zero commitments by governments and corporates are driving sustained demand for low‑carbon generation, storage, and enabling infrastructure. In parallel, the electrification of transport and industry is increasing overall electricity demand and reinforcing the need for scalable renewable capacity. Continued declines in the cost of solar, wind, storage, and related technologies are improving the competitiveness of renewables versus conventional generation. At the same time, growing institutional demand for ESG‑aligned, climate‑resilient assets and large-scale infrastructure modernization is channeling additional capital into the sector.

Strategic Role Within the Portfolio

The €3.0 billion renewable allocation plays a key strategic role by combining stable, infrastructure-like income with long-term growth exposure. A large portion is supported by long-term contracted revenues, providing predictable cash flows and enhancing portfolio stability, while aligning with ESG and decarbonization objectives. The allocation also diversifies the energy mix beyond traditional assets, reducing exposure to conventional energy cycles.

Strategic Outcome

The Renewable & Sustainable Energy strategy is designed to deliver sustainable, long-term returns by combining infrastructure resilience, policy alignment, and exposure to innovation-driven opportunities. By focusing on high-quality assets closely aligned with evolving climate policy and decarbonization targets, the strategy remains well-positioned as the global energy system transitions toward lower-carbon, more resilient configurations.