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EAPF commits £170 million to Schroders GRI

written by Bella Palmer

The commitment is also expected to help support the EAPF's climate targets and net zero strategy, as well as the UK government’s levelling up ambitions

The Environment Agency Pension Fund (EAPF) has made a £170 million commitment to Schroders Greencoat's UK private markets fund, Greencoat Renewable Income (GRI).

Following the commitment from the EAPF, Greencoat Renewable Income now stands at £1.35 billion, and will be open to investors until December 2024.

The commitment was held up as another example of Local Government Pension Schemes (LGPS), especially the Environment Agency Pension Fund and other like-minded funds in the Brunel Pension Partnership, taking steps to deliver impact-focused investments targeted at renewable infrastructure in the UK.

The commitment is also expected to help support the EAPF's climate targets and net zero strategy, as well as the UK government’s levelling up ambitions.

Greencoat Renewable Income exclusively invests in UK renewable infrastructure assets that generate stable income over the long term and target a diversified portfolio of wind, solar, and bioenergy assets, with £1 billion in capital already deployed, gaining exposure to more than 165 assets across the UK.

It also makes allocations to other energy transition infrastructure leveraging technologies such as heat pumps and green hydrogen electrolysis.

Commenting on the announcement, EAPF chief pensions officer, Craig Martin, noted: Driving the UK transition to a low carbon economy in partnership with Brunel, Schroders Greencoat and the GRI fund was a natural fit for Environment Agency Pension Fund.

We have a long-standing target of achieving 17% assets under management (AUM) in climate solutions by 2025. This investment will help us achieve this and support the UK’s levelling up agenda, he said.

Adding to this, Schroders Greencoat portfolio manager, Tatiana Zervos, said: Renewable infrastructure assets are the backbone of the energy transition and, as the biggest asset manager of operational wind and solar assets in the UK, Schroders Greencoat is able to offer its clients direct access to these opportunities with long-term reliable, inflation-linked cashflows through a diversified strategy.

Zervos said: Our track record means we are a trusted partner for influential investors such as the Environment Agency Pension Fund and we are delighted to build on our relationship with Brunel which dates back to the fund’s inception in 2019.


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