UK railways pension scheme Railpen has added a 30MWp solar project to its UK renewable energy portfolio.
The £37bn (€42bn) pension scheme has acquired the Bracks solar farm in Cambridgeshire from global renewable energy company BayWa re.
The Bracks solar farm acquisition is the second deal between Railpen and BayWa re. In 2019, Railpen bought the Tralorg Wind Farm in South Ayrshire in Scotland from BayWa re.
The deals also expand Railpen’s UK renewables portfolio which includes the Margam and Sleaford renewable energy plants and the grid-scale battery energy storage platform Constantine Energy Storage.
Alena Antonava, investment manager at Railpen, said: “Bracks is a great addition to Railpen’s renewable assets portfolio, alongside our existing onshore wind, biomass, and energy storage investments. Bracks, once constructed, will be delivering secure and stable income to our scheme members whilst supporting Railpen’s commitments to achieve Net Zero across its investment portfolio.
“Our continued investment in renewable energy also supports the UK government in achieving its decarbonisation targets. We look forward to our continued working relationship with the experienced team of BayWa re.”
John Milligan, BayWa re’s UK & Ireland managing director, said: “Securing reliable and economic long-term supply of domestically generated energy is more essential than ever in the face of the climate and energy crises.
“The implementation of renewable energy projects is key to this, and we are delighted to have brought Bracksto the point of being an attractive investment opportunity for our customers.
“These projects will also make an important contribution to the UK government’s ambitions in meeting its Net Zero emission commitment by 2050. We look forward to continuing our work in the UK to help achieve vital sustainability goals.”
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