Phoenix Group invests £27mn into offshore wind project

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”.