Phoenix Group today announced that it has completed a multi-million pound renewable energy investment deal. The UK’s largest consolidator of closed life and pension funds, has invested £27 million in the Walney Extension Project to assist with the construction and operation of the enlarged offshore wind farm, situated 45 miles north of Liverpool.

Phoenix participated in providing debt-financing for the acquisition of a 50 per cent share in the Walney Extension Offshore Wind Farm Project, jointly owned by green energy company, Orsted (formerly Dong Energy) and Danish pension funds, PKA and PFA. The tranche of the bond Phoenix invested in is additionally guaranteed by EKF, Denmark’s Export Credit Agency.

This is the first investment in renewable energy for Phoenix, which has sought to diversify its investment portfolio. The Walney Extension Project will provide clean energy to a large number of UK homes. The extended wind farm will be operational from September 2018.

Phoenix Group’s Head of Financial Management Group, Scott Robertson said, “In the last 12 months Phoenix has continued to diversify our investment portfolio with such long-term investments in renewable energy, Local Authorities including Birmingham City Council and Equity Release Mortgages. From a Phoenix perspective, these investments provide a highly predictable and secure stream of long-term cash-flows to match our pensioner liabilities.”

“This investment marks an important first step for us in renewable energy and it particularly suits our ambitions. We hope to see further projects of this nature in the future”.

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Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Darcy Lillie
Media Relations Consultant
Phoenix Group
020 3735 0102 / 07814 773 280
darcy.lillie@thephoenixgroup.com

Notes to editors

Phoenix Group is the UK’s largest specialist consolidator of closed life funds with over 5.6 million policyholders and £74 billion of assets held by the Group’s life companies, including the acquired Abbey Life, AXA Wealth and SunLife businesses. The Group employs around 1,300 people split across the Group, with around 600 based at Wythall, its main operating centre.