Solar farm run by Nest pension funds powering 5,250 homeswritten by Bella Palmer
According to data from the Nest pension funds company, which is working with Octopus Renewables to run the site, 35,000 people in Reading have an interest in the solar farm
A solar farm with 60,000 panels in Reading is able to power more than 5,000 homes. The site has been bought by the Nest pension funds company, which is working with Octopus Renewables to run the site that is located near junction 11 of the M4 at Reading.
The farm has been built on a former landfill site near the motorway and is now being used to generate green energy.
It is thought the energy generated from the panels can power 5,250 homes.
The two companies are working together to invest billions into green infrastructure over the coming decades.
The deal means people who have invested in Nest pensions are now investors in the farm. The company's data says 35,000 people in Reading have an interest in the solar farm. Savers in Nest were invited to visit the site on Monday, October 18.
Paul Todd, Nest’s Director of Investment Development, said: Rising gas and energy prices are giving us a taste of a world with greater energy insecurity.
Solar and wind farms are the energy of the future and present very attractive investment opportunities. We’re aiming to invest billions of pounds into green energy over the coming decade, he said.
We believe it’s important that we tell people what we’re doing with their money. After all our 10 million savers are now the proud investors in this solar farm, he said. Any Nest member travelling on the M4, near junction 11, can look across and see their pension in action.
He said: The fund in which Nest is the cornerstone investor benefits from a healthy pipeline of assets across a range of technologies, geographies and assets across their lifecycle – all of which will create a meaningful impact that Nest’s members can be proud of.
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