Nest pension fund buys multi-million dollar solar park

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The Nest Pension Scheme has purchased a multi-million pound solar farm as part of its partnership with Octopus Renewables.

Nest is one of the UK’s largest pension funds by members. It has an investment portfolio of $ 20 billion.

The investment in the Reading 60,000 panel solar farm is one of the largest green renewable energy deals in the UK.

In total, almost 10 million Nest members – a third of the UK workforce – are now investors in the solar park.

Octopus Renewables is the leading fund manager for investments in renewable energy. It will help the pension system invest billions of pounds in green infrastructure over the coming decades.

Nest believes its members will benefit from the “strong returns on investment” the solar farm is expected to generate over the coming decades.

According to the study, greening pensions is the best way to combat climate change

Research shows that people are careful about how their pension is invested, especially when it comes to climate change.

A study by YouGov last year found that 65% of retirement savers believe that their pension should be invested in ways that reduce the effects of climate change. Only 4% disagree.

After the transaction, each person will invest money in the solar farm in one of Nest’s pension funds – its default fund – or Higher Risk.

The site contains 60,000 solar panels that can produce 15.4 MW at each point. This corresponds to the electricity supply of 5,250 households.

The area is around 500 m by 400 m – that’s about five soccer fields.

Weekend Essay: Can My Pension Save The World From Climate Change?

The site used to be a superfluous landfill. Solar parks can revive fallow areas that are unsuitable for other forms of development and generate green electricity.

Paul Todd, Nest’s director of investment development, said, “Rising gas and energy prices give us a taste of a world of greater energy uncertainty.

“Solar and wind parks are the energy of the future and offer very attractive investment opportunities. Our goal is to invest billions of pounds in green energy over the next ten years. “

Alex Brierley, co-chief of Octopus Renewables, said: “Institutions, including pension funds, will play a critical role in unlocking the pent-up capital to fight climate change.

“The fund, in which Nest is the primary investor, benefits from a healthy pipeline of assets across a range of technologies, regions and assets across their lifecycle – all of which will make a significant impact that Nest members will be proud of can.”

The latest government report from Digest of UK Energy Statistics (DUKES) found that 2020 saw the share of renewable energy production exceed fossil fuels for the first time.

Renewable electricity now accounts for 43.1% of total generation, up from 36.9% in 2019.

Chart: Generation growth by fuel, 2019-2020
Source: Department of Economic, Energy and Industrial Strategy

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