HSBC's UK operations are already powered by the Swindon Solar Farm. Source: Science Museum Group.
HSBC UK Pensions Scheme is to invest £250 million (US$329.9 million) in UK solar and wind farms under a new agreement with renewables investor Greencoat Capital.
The pledge, announced yesterday as part of Green Great Britain Week, will see the pension fund invest in operating solar and wind farms, with Greencoat responsible for identifying assets.
Russell Picot, chair of the trustee board at HSBC Bank Pension Trust, said: “Renewable energy infrastructure can provide attractive risk-adjusted returns for investors seeking predictable cash flows derived from real assets over the long term. The investment characteristics of inflation-linked assets such as these are well suited to provide the income required to meet our long-term pension liabilities.”
HSBC is no stranger to UK solar. The bank’s UK premises are powered by solar generated from the 61MW Swindon Solar Farm – amongst the UK’s largest – under a 15-year power purchase agreement via a sleeving arrangement.
Richard Nourse, managing partner at Greencoat Capital, said: “We’re delighted to be partnering with one of the country’s largest pension funds, and helping to finance the implementation of the UK’s climate objectives.”
Dec 15, 2020 GMT
Hear from market leaders experienced with delivering the largest projects and portfolios in the UK. Understand the challenges they face bringing NSIP (Nationally Significant Infrastructure Project) projects and multi-GW portfolios to shovel ready stage and hear their perspectives on the continued growth of UK solar and the construction boom expected over the next few years.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Mar 09 - Mar 11, 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content and online networking.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.