Smart Pension has announced a GBP 330 million investment in two funds managed by Octopus Energy Generation. The UK workplace pension provider will invest 5% of its default fund in two funds managed by the renewables investor: Sky (Octopus Renewables Infrastructure SCSp) and OETF (Octopus Energy Transition Fund SCSp).
Smart Pension’s investment is expected to help finance a range of UK clean energy projects, including the United Kingdom’s first investor-funded ground source heat pump network in South Wales. The project is being delivered by UK heat pump manufacturer Kensa and when complete, will deliver heating and hot water to 114 new homes.
The investment in Kensa was welcomed by UK Chancellor of the Exchequer Rachel Reeves. The United Kingdom’s finance minister credited government reforms with “unlocking investment” that will “put more money in the pockets of working people.”
“That’s why I’m so excited about Smart Pension’s investment in the UK’s first commercially funded ground source heat pump network in South Wales, delivering returns, growth and jobs,” said Reeves.
James Lawrence, director of Investment Proposition at Smart Pension, said partnering with Octopus and Kensa “allows us to invest in British infrastructure to deliver measurable environmental and social impact for years to come.”
As part of the investment in Octopus, 1.5 million Smart Pension members will be given access to materials such as case studies and carbon reporting, showing how their investment is being used to support renewables deployment.
Octopus Energy Generation manages 4.3 GW of green energy projects in 21 countries. The Sky fund is a diversified portfolio invested in renewable energy assets, while the OETF fund targets the rollout of energy transition technologies into new sectors, such as ground source heat pumps and long-duration energy storage.
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