Mar 26, 2018

Phoenix Group invests £27mn into offshore wind project

Renewable Energy
UK
Wind
Sophie Chapman
2 min
The insurance company based in the UK, Phoenix Group, has announced its investment into the renewable energy industry. The...

The insurance company based in the UK, Phoenix Group, has announced its investment into the renewable energy industry.

The firm has invested £27mn (US$38.41mn) into the Walney Extension Project, an 659MW offshore wind farm located 45 miles from Liverpool, England.

Phoenix has provided debt-financing for the acquisition of a 50% stake in the offshore wind farm – the farm is currently jointly owned by Ørsted and PKA and PFA, Danish pension funds.

The financing will aid the construction and operating of the Walney Extension Offshore Farm.

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This is the firm’s first investment into renewable energy, as it seeks to diversify its portfolio.

“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,” commented Scott Robertson, Head of Financial Management Group, at Phoenix Group.

“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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May 13, 2021

All but two UK regions failing on school energy efficiency

schools
energyefficiency
Renewables
Dominic Ellis
2 min
Yorkshire & the Humber and the North East are the only UK regions where schools have collectively reduced how much they spend on energy per pupil

Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.

Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.

According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.

Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.

“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."

He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."

North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).

The Department for Education has issued 13 tips for reducing energy and water use in schools.

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