Greater Manchester Pension Fund – LPFA

Greater Manchester Pension Fund and LPFA infrastructure programme makes first investment

Greater Manchester Pension Fund (GMPF) and the London Pensions Fund Authority (LPFA) today announced they have jointly committed £60m towards funding the construction and operation of British renewable energy assets.

The investment, which is the first made by the two Funds’ £500m infrastructure investment joint venture, will immediately fund £9m towards Leeming Biogas, with several more projects soon to be confirmed. Leeming Biogas, a plant based in Yorkshire, processes an average of 80,000 tonnes of local food waste each year and injects over 600m3 of biomethane gas per hour into the local gas grid.

Speaking about the investment, Tameside Council Leader and Chair of the Greater Manchester Pension Fund, Councillor Kieran Quinn, said:
“I’m delighted that our collaboration with the LFPA has made its first investment. The capital we have allocated will allow both Funds to increase investment in UK infrastructure while at the same time delivering the societal benefit of developing renewable energy projects across the country, including the North West.”

Chairman of LPFA, Sir Merrick Cockell, said:
“The steps we have taken with Greater Manchester Pension Fund over the past year are a prime example of how LGPS Funds can collaborate to make investments for the benefit of UK infrastructure and in order to meet their own long-term investment goals. It’s our desire that others will see this success and look to see how they too can be a part of it.”

The remaining allocated capital will be used to target a balanced and diversified portfolio of five to ten UK bioenergy infrastructure projects, financing projects from planning consent through construction, with the intent of holding the operational plants through their economic life.

The GMPF and LPFA joint-venture is actively reviewing several other UK infrastructure opportunities with further investments anticipated in the coming weeks as it seek to fully deploy the initial £500m commitment over the next two years.

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