Phoenix Group has funded over £43m of long-term debt to finance an operational wind farm in south-west Scotland, providing a long-term reliable income stream from a clean energy investment.
The Whiteside Hill Wind Farm in Dumfries and Galloway is owned by investors in funds managed by Capital Dynamics under their Clean Energy Infrastructure investment strategy. Capital Dynamics is one of the largest specialized renewable energy investment managers in the world with 4.7 gigawatts of gross power generation across more than 100 projects*. The wind farm has an approved export capacity of 27 megawatts and is accredited under the UK Government’s Renewable Obligation Certificate programme. The project will be operated by a subsidiary of the General Electric group, which also manufactured and installed the turbines.
The investment was arranged by Aberdeen Standard Investments on behalf of Phoenix.
Mike Chappell, Head of Illiquid Credit, said:
“Phoenix is committed to investing in clean energy projects that contribute to the UK’s renewable energy target. This investment provides us with a stable and predictable longterm return, helping us to match our long-term liabilities.”
*As of March 31, 2019
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Enquiries
Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com
Notes to editors
Phoenix Group is Europe's largest life and pensions Consolidator, specialising in the acquisition and management of closed life insurance and pension funds – known as heritage books. Phoenix is the largest consolidator of heritage life insurance books in Europe but also runs an open book underpinned by a strategic partnership with Standard Life Aberdeen. The Group is a member of the FTSE 100 index, and has over 10 million policies and £226 billion of assets under management – including the recently acquired Standard Life Assurance business. With operations in the United Kingdom, Ireland and Germany, the Group has four operating life companies which hold policyholder assets, and a distribution business, SunLife Limited.