RPMI Railpen, the 拢30bn (鈧�33.5bn) UK railways pension Scheme, has teamed up with Greencoat Capital to invest in a UK renewable energy plant.
Greencoat said it has bought the 39MW Sleaford Renewable Energy Plant in Lincolnshire from Glennmont Partners for an undisclosed sum.
The investment was made with funds from Railpen and the Greencoat Renewable Income, a fund backed by local government pension schemes.
Sleaford is an operational combined heat and power plant, which uses a blend of straw and sustainable woodchip to generate renewable power and heat.
Greencoat, which will operate Sleaford, said the acquisition is the fourth investment of the recently launched Greencoat Renewable Income fund.
The acquisition represents Railpen鈥檚 first investment partnership with Greencoat.
The acquisition diversifies Railpen鈥檚 Long-Term Income Fund鈥檚 holdings in a portfolio focused on asset-backed investments in real estate and infrastructure. To date, the fund鈥檚 renewables assets have been concentrated in wind and solar investments.
Minal Patel, partner at Greencoat Capital, said: 鈥淪leaford is a high-quality asset that will deliver predictable cashflows and significant inflation protection over the long term, helping our clients meet their liabilities.
鈥滻t also plays an important role in the area, supplying sustainable heat to local community facilities and providing arable farmers with a reliable offtake for their excess straw.鈥�
Lewis Vanstone, deputy portfolio manager of Railpen鈥檚 Long-Term Income Fund, said: 鈥淭he project is an ideal match for the Long-Term Income Fund鈥檚 continued focus on investing in a diversified portfolio with sustainable, long-dated and asset-backed income characteristics, particularly in the current environment.
鈥淲e hope to continue playing an active role in the UK鈥檚 transition to a low carbon economy while securing stable cash flows for our members.鈥�
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