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Dutch energy innovator Ennatuurlijk: focus on the investors’ market

Jos de Wit, CFO

LinkedIn profiel

Jos de Wit, Financial Director at Ennatuurlijk on the Dutch energy innovator’s new adventure: a look at the choice for the investors’ market, Ennatuurlijk’s added value and the most important choices in the transition process.

Ennatuurlijk: an introduction

Comfortable warmth. For you it’s just a matter of turning a knob. You’ve gotten used to the comfort and warmth in your company. We consider it our challenge to generate this warmth locally, using innovative solutions. Ennatuurlijk supplies energy, but above all, comfort. We are an independent Dutch company. To make the Netherlands more sustainable, we need good, local ideas. Ideas that lead to solutions that we will develop with and for you.

Why did Ennatuurlijk put its focus on the institutional market for its refinancing?

As a company that supplies warmth, Ennatuurlijk invests mainly in infrastructure projects for long-term use. The institutional market, which our major shareholder PGGM is a part of, fits well with our long-term financing needs thanks to its profile.

Which aspects were paramount when choosing the investors?

 Aspects such as vision for long-term financing, a strategy to grow a significant part in green financing, the size of the current investment portfolio and a preference for Dutch investors played an important role. Parties who understand the Dutch market and regulations and appreciate them in their corporate culture and rates.

How do you look back on this process? What were you disappointed about and what went better than expected?

An important factor in the process was Rabobank’s role as consultant. Before we had to make a well-founded choice, they were already able to test a lot of potential scenarios using their knowledge of the market. Providing clarity to investors about what we stand for and what our strategy is. That is what helped us to create a connection between Ennatuurlijk and institutional investors. By openly announcing the desired financing conditions in the market, using a detailed term sheet, we limited ourselves in a commercial sense. Conditions turned out to be so attractive, that it resulted in oversubscription. However, we could have done a better assessment of the risk/reward ratio. The oversubscription does act as a sign to the industry and the company that institutional investors like to invest in companies like Ennatuurlijk. That is something that we as Ennatuurlijk are very proud of!

How would you describe the role of the consultant in the process?

As consultant, the Rabobank did a good job of safeguarding the progress and the quality of the process. In situations where Rabobank could have the roles of both investor and consultant, a clear distinction was made between the two. The consultant approached the financing role of the Rabobank the same way he would have any external party.

EUPDF | IIR

Jos de Wit will speak about the  EUPP solution for local and sustainable energy networks at The European Private Debt Forum on June 28th. The conference aims to lay the foundation for a Pan- European market for (corporate) alternative credits. It creates a valuable platform where both issuers and investors get the chance to get to know each other and share their knowledge. Read the full program.

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