ING and PGGM enter into € 5 billion energy transition-focused credit risk sharing transaction

ING and PGGM, acting on behalf of Dutch pension fund PFZW, have entered into a credit risk sharing transaction referencing a € 5 billion portfolio of project finance loans across the EMEA and APAC regions. Through the transaction, ING shares the credit risk associated with the portfolio. The majority of the underlying projects directly contribute to the energy transition.

This is ING’s first large-scale significant risk transfer (SRT) transaction involving project finance assets (Linden-1) and lays the foundation for a broader risk sharing partnership between ING and PGGM.
 
The risk sharing portfolio comprises loans to projects financed by ING’s Wholesale Banking division, specifically by its Energy, TMT&H and Infrastructure teams. The transaction is structured to meet the European Union’s Simple, Transparent and Standardised (STS) criteria and provides capital relief to ING, enhancing the bank’s capital efficiency and creating capacity to provide new financing for its clients. To further support ING’s lending capacity, the transaction includes a feature that allows ING to add newly originated eligible loans and thereby increase the size of the referenced portfolio over time.

ING and PGGM are both committed to supporting clients in accelerating the transition to a more sustainable economy and supporting the shift towards renewable energy.

For PGGM and its end investor, PFZW, the transaction provides an opportunity to not only generate financial returns for pensions for Dutch health care workers but to also support the energy transition. It reflects PGGM’s and PFZW’s long-standing commitment to contributing to the Sustainable Development Goals, while also strengthening the strategic relationship with ING.

Barend van Drooge, Head of Credit Risk Sharing at PGGM, said: “This transaction reflects our 3D investment approach, in which we weigh risk, return and sustainability in the PFZW investment portfolio. It offers an attractive investment while supporting the energy transition and freeing up lending capacity at ING. We are particularly pleased to partner with ING, a like-minded institution that shares our long-term perspective. Together, we show how credit risk sharing connects institutional capital with bank lending, increasing financing for the real economy.” 

Theo Korver, Wholesale Bank Head of Capital Management at ING, said: “This transaction demonstrates how we can use innovative risk-sharing structures to manage capital more efficiently and create additional lending capacity for our clients. We thank PGGM for their trust and partnership. By working with long-term institutional investors, we are able to support further origination of project finance transactions and help mobilise more capital for essential infrastructure and other major projects across Europe and Asia.”

About PGGM Investment Management 
PGGM Investment Management is part of PGGM, the Dutch not-for-profit pension fund service provider. It fulfils a social mandate: sustainably investing the pension assets of approximately three million participants in PFZW, the pension scheme for the Dutch health and welfare sector. On 30 June 2026, PGGM IM managed € 271 billion in public and private markets globally. More information about PGGM Investment Management is available in its annual report and at www.pggm.nl.

About ING
ING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N). ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of July 2026, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 16.7 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate.