Six pension funds invest £230 million in solar power

The new investment forms part of the largest operational solar deal ever transacted in the UK.

It's the first investment made through a fund called ‘Wessex Gardens LP’ which is designed to deliver climate-friendly investments, at scale, mainly in the south-west.   

The collaborative investment in south-west solar will generate around 196MW, equivalent to powering nearly 70,000 homes.

Solar investment shows what collaboration can achieve

It involves the Avon, Cornwall, Devon, Gloucestershire, Oxfordshire and Wiltshire LGPS Funds, who share a strong commitment to tackling climate change.

This investment in local renewable energy will deliver attractive financial returns to help protect Avon Pension Fund members’ pensions.

With the market value of LGPS funds reaching £359.1 billion (as at March 2023) initiatives like this show what can be achieved through collaboration, delivering real world change at scale. 

The manager of Wessex Gardens LP is Schroders Greencoat, the specialist renewables manager of Schroders Capital.

Nick Dixon, Head of Avon Pension Fund, said:

We are pleased to see the close of the first investment as part of this ground-breaking collaboration. We are clear that climate change is an existential threat, and we want to drive real change through how we invest.

This partnership allows us to make a significant contribution to achieving our climate objectives. It’s been a really positive experience working with other LGPS Funds and the team at Schroders Greencoat to achieve this investment.

Jenny Devine, Head of Wiltshire Pension Fund, said:

We're delighted with this cornerstone investment in Wessex Gardens. Our collaboration with other LGPS Funds has enabled us to invest in solar at scale across the south-west, earning strong returns for our members while also supporting our goal of net zero by 2050.