Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

UK Pension Fund Invests £10 Million In Community-Scale Renewables

The Greater Manchester Pension Fund announced Monday that it intends to invest £10 million into community-scale renewable energy projects.

The pension fund responsible for numerous employers in and out of local authorities in the Greater Manchester area of the UK, Greater Manchester Pension Fund (GMPF) announced on Monday that it intends to invest a total of £10 million into community-scale renewable energy projects being developed by Albion Community Power (ACP) — which builds, controls, and operates community-scale renewable energy projects across the United Kingdom.

GMPF joins the UK Green Investment Bank and (GIB) and Strathclyde Pension Fund (SPF) in supporting the development done by ACP, one of the largest single sources of equity funding for community-scale renewable energy projects in the country.

“We are delighted to welcome the Greater Manchester Pension Fund as a new investor in ACP,” said Volker Beckers, Chair of Albion Community Power. “It is a clear reflection of the growing institutional demand for access to high-quality community-scale renewable energy projects as they have a proven track record of generating strong and stable returns for investors.”

The UK GIB and SPF invested £50 million and £10 million respectively into ACP earlier this year, while GMPF’s investment announced Monday represents around a quarter of the further capital ACP is hoping to raise as it builds a £100 million pool to fund small-scale projects.

“We are excited to be joining GIB and Strathclyde Pension Fund as investors in ACP and we look forward to supporting the continued expansion of community-scale renewable energy schemes across the UK,” said Councillor Kieran Quinn, Chair of Greater Manchester Pension Fund. “ACP will play a key role in this regard as the pressure to diversify beyond carbon-based energy sources becomes even greater.”

ACP celebrated GMPF’s announcement by revealing the details of a 499 kW hydropower scheme as its latest project, set to be located on the River Arkaig in Lochaber, Scotland. The project, worth £3.3 million, is set to generate approximately 3.3 GWh of renewable electricity annually, which is the equivalent of the power needed to supply around 550 homes.

 
 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica member, supporter, or ambassador — or a patron on Patreon.
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

New Podcast: How NVIDIA Is Bringing Autonomy To Automakers

Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

EV Press Releases

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Air Quality

Volkswagen is using Airlite paint that neutralizes certain pollutants in the air for its outdoor ads in the UK.

Cars

Let's explore plugin vehicle market share trends in 7 top countries with some bar charts and line graphs.

Cars

Hyundai and Kia are giving a nice boost to their EV buyers in the UK — access to a large number of charging stations...

Cars

As the electric vehicle transition speeds up, you see higher EV market share, more EV charging station deployment, and bigger EV fleet orders. In...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.