UK business Phoenix Group to invest nearly £30 million into new renewable energy project
In the last few days, Phoenix Group has confirmed it has agreed on an investment into the renewable energy industry worth nearly £30 million. The biggest business involved in closed life and pension funds in the UK has made the investment into the offshore Walney Extension Project. The group intends to support the development and management of the offshore wind farm which is located approximately 50 miles north of Liverpool.
Phoenix Group has confirmed to provide debt-financing for a confirmed 50% share in the offshore wind farm project, which is owned by Orsted (previously Dong Energy) and Danish pension funds, PKA and PFA.
This is the first investment Phoenix Group has made into the renewable energy industry. The group intends to diversify its current portfolio. The Walney Extension Project is expected to be completed and operating later this year. The offshore farm will supply clean, renewable energy to a significant number of households across the nation.
The head of financial management for the Phoenix Group explained that in the last year the group has proceeded to diversify its investment portfolio with new, long-term funding into renewable energy projects and providing support to local authorities. Phoenix Group has suggested the new investment creates a secure and measurable flow of revenue that matches their pension liabilities.
Phoenix Group emphasises the investment signifies a critical step towards renewable energy and their overall business objectives. The group has suggested they are likely to make similar investments into additional projects in the near future.
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