UK pension fund Railpen, which has £34bn of assets under management, has acquired a 50% shareholding in London-based renewable energy and sustainable infrastructure developer AGR Power.
As part of the partnership, Railpen has committed to invest in AGR’s UK solar Battery Energy Storage System (BESS) and its second sustainable greenhouse project, facilitating the construction of 160MWp of solar photovoltaics and 150MW of BESS.
So far, AGR Power has delivered 55 sustainable infrastructure projects totalling over 1.1GW of renewable power. According to Railpen, its latest commitment to AGR Power will help the company achieve its target of putting over 500MW of renewable assets in operation by 2029.
Cristiana Dochioiu, investment manager at Railpen, said: “We’re delighted to complete this investment in AGR, as part of our commitment to investing in innovative assets that grow our members’ capital over the long term.
“AGR’s approach to sustainable infrastructure development and investment matches Railpen’s ethos for sustainability and providing essential infrastructure to the UK.”
According to Railpen, this latest commitment means that the pension fund has invested £500m in UK energy infrastructure projects since 2019.
Oliver Breidt, cofounder of AGR, said: “Railpen’s investment and reputation will help propel AGR into new territories and technologies, including our 1GW pipeline in Italy, and see us expanding our presence in Germany and into further agricultural assets.”
