Smart Pension Invests in UK Ground Source Heat Pump Network

Smart Pension Invests in UK Ground Source Heat Pump Network

UK: Smart Pension has announced an investment of GBP 330 million (USD 426 million) in green energy projects, including the development of a ground source heat pump network in South Wales. The workplace pension provider is partnering with Octopus Energy and Kensa to support the expansion of clean energy infrastructure in the UK, with the aim of delivering long-term value to its 1.5 million pension savers. The investment will be directed into two funds managed by Octopus Energy Generation, the renewable division of Octopus Energy, which will support companies such as Kensa that manufacture ground source heat pump technology.

The funding will contribute to the UK’s first investor-backed ground source heat pump network, located in Parc Eirin, South Wales, and intended to supply renewable heating and hot water to 114 new homes. Smart Pension has committed 5% of its flagship growth fund to renewable energy firms as part of its approach to supporting the national energy transition towards net zero emissions. The project also aims to establish ground source heat pump networks as a viable low-carbon utility investment. Additionally, Smart Pension will provide its members with access to related materials, case studies, and carbon reporting to inform them of the financial and environmental impact of their pension investments.

Source: Independent