The additional capital comes from London LGPS CIV Limited. Other investors in the fund include LGPS Central Limited, Border to Coast Pensions Partnership, Merseyside Pension Fund, Brunel Pension Partnership, Strathclyde Pension Fund, plus investors from the Middle East and Japan. The UK Infrastructure Bank provided cornerstone match-funding capital of £250m and since then the Fund has been backed by a number of LGPS investors, helping them access solar PV projects in their local jurisdictions as well as pursuing levelling up agendas.
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Operational and construction assets in the portfolio now stand in excess of 75% of NPUK’s total capacity with the Fund remaining on track to outperform its return, with dividends to date being significantly above the target. Once fully deployed at approximately 2GW capacity, NPUK will provide enough clean energy to power around 500,000 UK households per year, making a significant ESG impact in the UK.
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NPUK ESG is a private UK solar fund that focuses on acquiring utility-scale solar and battery storage (“BESS”) assets at the ready-to-build stage, constructing them through energisation in order to build a large operating portfolio of solar and BESS assets. Once the assets are operational, NPUK monetises the power generated through a fully contracted strategy enabling a high degree of predictability and visibility on the Fund’s cash yield. During the holding period, the investment team will take a hands-on approach to risk mitigation and value creation, optimising the assets over the fund's life before looking to exit the portfolio. Since its launch in August 2022, NPUK has already been able to make two distribution payments to its investor base, which have been in excess of target, alongside reporting impressive Net Asset Value growth. (mfo)
