Schroders Greencoat, which manages renewable and energy transition infrastructure for Schroders Capital, announces today that the Environment Agency Pension Fund (EAPF) has committed £170 million to its UK flagship private markets fund, Greencoat Renewable Income LP (GRI).
GRI is the biggest UK secure income fund of its kind and will welcome investors until the end of the year.
GRI exclusively invests in UK renewable infrastructure assets that produce steady, inflation-protected income over a long period, aiming for a varied portfolio of wind, solar, and bioenergy assets. The fund also makes occasional investments in other energy transition infrastructure using technologies like heat pumps and green hydrogen electrolysis.
So far, it has invested over £1 billion, gaining exposure to more than 165 assets across the UK. Recent investments consist of stakes in the largest operational solar portfolio ever traded in the UK, the largest district heating platform in the UK, the largest portfolio of hydrogen infrastructure in development supported by the UK Government, and a 630MW operating offshore wind farm. With the EAPF commitment, GRI now stands at £1.35 billion with the final close scheduled for December 2024. The EAPF is a founding member of the Brunel Pension Partnership, a long-time client of Schroders Greencoat and significant investor in GRI and other Schroders Greencoat funds., This commitment showcases another example of Local Government Pension Schemes (LGPS) and specifically the EAPF and similar funds in the Brunel Pension Partnership, taking actions to deliver impact-focused investments focused on UK renewable infrastructure. It also supports the EAPF's climate targets and net zero strategy, as well as the UK Government's levelling up ambitions., Tatiana Zervos, Portfolio Manager at Schroders Greencoat, commented:"Renewable infrastructure assets are essential for the energy transition, and as the biggest asset manager of operational wind and solar assets in the UK, Schroders Greencoat is able to provide its clients direct access to these opportunities with long-term reliable, inflation-linked cashflows through a diversified strategy."1.
"Our track record makes us a trusted partner for influential investors such as the EAPF, and we are thrilled to strengthen our relationship with Brunel, which goes back to the fund's inception in 2019."
Craig Martin, Chief Pensions Officer at Environment Agency Pension Fund, stated:
"Partnering with Brunel, Schroders Greencoat, and the GRI fund to drive the UK's transition to a low carbon economy was a natural fit for EAPF. We have had a longstanding goal of achieving 17% AUM in climate solutions by 2025. This investment will help us reach this target and support the UK's levelling up agenda. We are excited to collaborate with the team and our Brunel partner investors to scale UK renewables."
Richard Fanshawe, Head of Private Markets at Brunel Pension Partnership, mentioned:
“We are very happy to have helped make this investment possible for the Environment Agency Pension Fund to invest in Greencoat Renewable Income with its Brunel pool partners Avon, Cornwall, Dorset, Oxfordshire, and Wiltshire. This investment achieves several Impact, Levelling Up, energy transition, and return goals at once for the Environment Agency, whose responsibility is nationwide, not specific to a county.”
Issued by Schroder Investment Management Limited. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority.
Schroders Greencoat, the specialist renewables and energy transition infrastructure manager of Schroders Capital, today announces a £170 million commitment from the Environment Agency Pension Fund (EAPF) into its UK flagship…
Richard Fanshawe, Head of Private Markets, Brunel Pension Partnership, said:“We are very pleased to have facilitated this investment for the Environment Agency Pension Fund to invest into Greencoat Renewable Income alongside its Brunel pool partners Avon, Cornwall, Dorset, Oxfordshire and Wiltshire. This investment achieves multiple Impact, Levelling Up, energy transition, and return ambitions in one fell swoop for the Environment Agency, whose remit is country-wide, not county-specific.”Issued by Schroder Investment Management Limited. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority.
