UK Pension Giant Sinks £200m Into PV Player
The Universities Superannuation Scheme (USS), the largest private pension fund in the UK by assets, has taken a 50% stake in Iberian renewables investor Bruc Energy for £200m.
USS has invested the cash in return for the stake in a pipeline of 4GW of solar photovoltaic (PV) farms in Spain and Portgual.
Bruc was created by Canadian pension fund OPTrust and the Spanish businessman, Juan Béjar.
It has a growth plan that goes beyond PV to invest in other green energies, such as wind power.
USS Investment Management CEO Simon Pilcher said: “We are delighted to be committing further finance to renewables and particularly to a major Spanish solar platform like this.
“We have already invested or committed around £1 billion to renewable energy and demand for this will only increase as more and more countries transition to lower carbon.
“We know that our members care very much about climate change and ESG and we are convinced that USS playing its part in supporting the transition to a low carbon economy makes good financial sense, too.”