Schroders Greencoat has received a £170 million commitment from the Environment Agency Pension (EAPF) to bolster investment in wind, solar, bioenergy, heat pumps and hydrogen.
Greencoat, which is the specialist renewables and energy transition infrastructure manager of Schroders Capital, a UK-headquartered asset management firm with £750 billion assets under management (AUM), will allocate the funds to its UK flagship private markets fund, Greencoat Renewable Income LP (GRI).
GRI was launched in 2020 with £277 million in investment from Brunel and SAUL, as reported by our sister publication Solar Power Portal. With this new commitment, the total now stands at £1.35 billion, and the final close is set for December 2024.
The Fund invests exclusively in UK renewable infrastructure assets, targeting a diversified portfolio of wind, solar and bioenergy. The fund also invests in more nascent technologies such as heat pumps and green hydrogen electrolysis – both key components of a net zero UK.
To date, GRI has deployed over £1 billion across the UK. This includes the UK’s “largest-ever” solar acquisition, in which the firm secured 53 solar farms from Toucan Energy. The Fund is also supporting the development of a 500MW-strong hydrogen portfolio with support from energy infrastructure development company Carlton Power.
It is worth noting that Greencoat launched a new semi-liquid energy transition fund earlier this year ( 18 January) to support renewable technologies such as solar, wind, hydrogen and battery energy storage.
Tatiana Zervos, portfolio manager at Schroders Greencoat, said: “Renewable infrastructure assets are the backbone of the energy transition and, as the largest asset manager of operational wind and solar assets in the UK, Schroders Greencoat is able to offer its clients direct access to these opportunities with long-term reliable, inflation-linked cashflows via a diversified strategy.
“Our track record means we are a trusted partner for influential investors such as the EAPF and we’re delighted to build on our relationship with Brunel which dates back to the fund’s inception in 2019.”
This article first appeared on Solar Power Portal’s sister publication Current±.
