A community energy project has been announced by the Greater Manchester Pension Fund (GMPF), in which it has invested £10m, to be delivered through total investment of £100m.
Albion Community Power (ACP) is the developer and the project has also received investment from the Green Investment Bank (GIB) and Strathclyde Pension Fund (SPF).
Serving the Greater Manchester area, the development will include a number of renewable energy projects.
ACP says it aims to create a total fund of £100m and has secured investment of £50m from the GIB, along with £10m each from GMPF and SPF.
Welcoming the latest GMPF investment, ACP chair Volker Beckers said it was a clear indication “of the growing institutional demand for access to high-quality, community-scale renewable energy projects as they have a proven track record of generating strong and stable returns for investors.”
His company has also announced a £3.3m 499kW hydropower scheme on the River Arkaig in Lochaber, Scotland, which is expected to generate around 3.3GWh of renewable electricity per annum.