UK Infrastructure Bank invests in £327m solar fund

The UK Infrastructure Bank (UKIB), an investment bank wholly owned by the UK Treasury, has said that it will invest £162.5m in a fund managed by NextEnergy Capital, an asset management company. According to UKIB, the investment will enable the construction of up to 60 subsidy-free solar plants across the UK, adding up to an annual supply capacity of 2GW of renewable energy. The fund reached a first close at £327m and has a £500m target. John Flint, CEO of the UKIB, said that investment in subsidy-free solar was “vital in order to realise our net-zero ambitions” and he was “pleased” that UKIB is a cornerstone investor. “That means more solar plants will come online across the country, providing greater capacity to power homes and businesses in a sustainable, renewable way," Flint added.