On the go: The £24bn National Employment Savings Trust has acquired a stake in an offshore wind farm.
The master trust has invested £200mn in the Hornsea One Offshore Wind Farm via Octopus Energy Generation, its unlisted infrastructure equity manager.
The deal is a joint venture with GLIL Infrastructure, which invests in infrastructure on behalf of various local government pension schemes and has also allocated £200mn to the project.
The £400mn joint venture has acquired a 12.5 per cent stake in the wind farm, which is located off the Yorkshire coast and is the world’s largest wind farm with 174 190m-tall turbines. It is operated by Danish power company Ørsted.
“Renewable energy sources have huge potential for long-term investors like Nest. Its desirability should only increase in the coming years, and as the UK accelerates towards net-zero, we’re confident Hornsea One will deliver inflation-beating returns and grow the money our members have invested,” Nest’s head of private markets Stephen O'Neill said.
Last year, Nest acquired a solar farm in Reading through Octopus, as reported by Pensions Expert's sister title MandateWire.
This article originally appeared on MandateWire.com
