Greater Manchester Pensions Fund (GMPF) and the London Pensions Fund Authority (LPFA) today announced they have jointly committed £60m towards funding the construction and operation of British renewable energy assets. The funds will work with Iona Capital who will be responsible for sourcing and management of the individual projects.
The investment, which is the first made by the two Funds’ £500m infrastructure investment joint venture (currently known as GLIL), will immediately fund £9m towards Leeming Biogas, a biogas to grid plant based in Yorkshire, with several more projects in the pipeline.
Iona will lead a series of investments in UK bioenergy infrastructure projects. The investments will utilise proven biological and thermal conversion technologies such as anaerobic digestion and biomass Combined Heat and Power. The joint venture will finance projects from planning consent through construction, with the intention of holding the operational plants through their economic life.
Iona Capital www.ionacapital.co.uk
Julia Safiullina firstname.lastname@example.org