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Phoenix Group, one of the UK's largest long term savings and retirement business, today announces its participation as a lead lender in the recent €200 million senior unsecured notes issuance by Encevo, a leading and sustainable energy player in Luxembourg and the Greater Region.
Phoenix Group contributed €120 million to the transaction, supporting Encevo's growth strategy and underscoring its commitment to backing robust businesses in the energy sector. Encevo Group is a leading energy provider in Luxembourg and the Greater Region, covering the full energy value chain—from renewable energy production and supply (via Enovos) to grid operation (via Creos), and energy services (via Teseos).
Phoenix has been enhancing its direct origination and execution platform in private debt with 75% of executed transactions directly sourced, and £1.5bn directly executed in the last 2 years. H1 2025 has seen this trend accelerated with close to £800m directly originated and executed, representing more than 90% of Phoenix’s private credit allocation year to date.
Cedric Rozier, Head of Private Credit at Phoenix Group, said:
"Our €120 million 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, commented:
"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.”
The transaction highlights Phoenix Group's capability to participate in significant financing deals and its commitment to supporting businesses with strong fundamentals and growth potential in the European market. This investment was made possible from the premiums received from BPA transactions under the Standard Life brand.
Phoenix Group is one of the UK’s largest long-term savings and retirement business with c£290 billion of assets under administration.
As life expectancy continues to increase and the pension landscape continues to shift, we offer our 12 million customers a broad range of pensions, savings and life insurance products across our family of brands which include Standard Life, SunLife, Phoenix Life and ReAssure. Our vision is to help even more people on their journey to and through retirement, providing the right support at the right time.
We are a growing and sustainable business united by a common purpose – helping people secure a life of possibilities. This drives everything we do and means taking responsible and sustainable investment decisions, and using our presence and voice to drive forward change for the better, for our customers, our colleagues, and our wider community.
A FTSE 100 company, we also feature in the FTSE100 ESG Select Index series and we are playing an active role in helping to invest in a sustainable future. As part of this, we have committed to our operations being net zero carbon by 2025 and for our investment portfolios we have set an interim target of a 50% reduction in the carbon emission intensity of c£250bn by 2030, as we progress towards our portfolios being net zero carbon by 2050 or sooner.
We have been recognised as a leading employer for many years. We are accredited as a Living Wage Employer, Living Pension Employer and as a Carer Positive Exemplary Employer for offering the best support to colleagues who are carers.
