UK long-term savings and retirement business Phoenix Group has led a €200m financing for Encevo, a sustainable energy company operating in Luxembourg and the Greater Region.
Phoenix Group said it contributed €120m to the transaction, supporting the growth strategy of Encevo, a company that operates across the full energy value chain, including renewable energy production, supply, grid operation and energy services.
Phoenix Group said the investment was funded by premiums generated from bulk purchase annuity transactions conducted under its Standard Life brand.
Cedric Rozier, head of private credit at Phoenix Group, said: ”Our €120m commitment to this transaction reflects our confidence in Encevo’s resilient business model, experienced management team, and strategic vision.
“Encevo’s position as a defensive asset with a high proportion of earnings derived from regulated networks, aligns perfectly with our strategy of supporting well-managed companies with strong market positions and stable cash flows.”
Marc Schroeder, CFO at Encevo, said: “We are pleased to have Phoenix Group as a key financial partner in this transaction. Their support will help us accelerate our growth plans and strengthen our position as a leading energy provider in Luxembourg and the Greater Region.
“This financing will enable us to invest in sustainable energy solutions and infrastructure, supporting our commitment to the energy transition.”
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