UK pension giant sinks ₤ 200m right into PV gamer
- Universities Superannuation Scheme takes 50% stake in Bruc Energy
The Universities Superannuation Scheme (USS), the biggest exclusive pension fund in the UK by assets, has actually taken a 50% stake in Iberian renewables financier Bruc Energy for ₤ 200m.
USS has actually invested the money in return for the stake in a pipe of 4GW of solar photovoltaic (PV) farms in Spain and also Portgual.
Bruc was produced by Canadian pension plan fund OPTrust and also the Spanish entrepreneur, Juan Béjar.
It has a growth plan that exceeds PV to buy other environment-friendly energies, such as wind power.
USS Financial Investment Management Chief Executive Officer Simon Pilcher said: "We are delighted to be committing additionally fund to renewables as well as specifically to a major Spanish solar platform like this.
" We have currently invested or committed around ₤ 1 billion to renewable resource and need for this will just increase as more and more countries change to lower carbon.
" We know that our members care significantly about environment change and ESG and also we are persuaded that USS playing its part in sustaining the transition to a low carbon economic situation makes good monetary sense, also."
