Greencoat Capital has launched a new private markets renewables fund, Greencoat Renewable Income (GRI), targeting solar, wind and bioenergy investments.
The closed-end U.K. fund will also focus on selected other green infrastructure opportunities such as renewable heat.
The fund has amassed £277 million ($360 million) in capital commitments from pension investors Brunel and SAUL.
“We know that environmental issues are a key concern for our members and employers, so we welcome the opportunity to invest capital in areas of the market that will help the U.K. to reduce its carbon emissions, importantly, without the need to forgo return,” said Kevin Wade, CIO at SAUL Trustee Company, the Trustee of the Superannuation Arrangements of the University of London (SAUL).
Gillian de Candole, investment principal at Brunel Pension Partnership, noted that GRI is a good fit with its clients’ return expectations.
The fund has already allocated £130 million