On the go: Master trust Nest has acquired a solar farm in Reading through its partnership with Octopus Renewables, meaning that one in three of the UK’s workforce is invested in the site.
The investment in the Reading solar farm, for an undisclosed figure, represents one of the largest deals by Nest into green UK renewable energy, with Octopus Renewables acting as the lead fund manager.
Octopus Renewables is helping the master trust to invest in green infrastructure over the coming decades, with £250m earmarked for projects across the UK and Europe this year.
Paul Todd, Nest’s director of investment development, said that rising gas and energy prices are “giving us a taste of a world with greater energy insecurity”.
He continued: “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.
“We believe it’s important that we tell people what we’re doing with their money. After all, our 10m savers are now the proud investors in this solar farm.”
The site contains 60,000 solar panels, capable of producing 15.4MW at any one point, the equivalent of powering 5,250 homes. Any member in one of Nest’s default Retirement Date or Higher Risk funds will have money invested in the site.
“Any Nest member travelling on the M4, near junction 11, can look across and see their pension in action,” Todd said.
Research conducted by YouGov and commissioned by Nest, which polled 2,010 UK adults, showed people care how their pension is invested, particularly in relation to climate change.
Sixty-five per cent of pension savers believe their pension should be invested in a way that reduces the impact of climate change. Just 4 per cent strongly disagreed.
Last year, pensions minister Guy Opperman argued that savers should engage with their schemes to encourage investments in sustainable opportunities.
He said: “I want to see our British pension funds investing in new technologies such as wind, solar and hydrogen. These innovative technologies can turbocharge the way we travel, help us achieve net zero, and provide the long-term return that savers need.”
