National Grid UK Pension Scheme Awards Lengthy Renewables Mandate

Posted on 01/09/2020

The National Grid UK Pension Scheme (NGUKPS) awarded a mandate worth £185 million to invest in U.K. solar and onshore wind assets to Octopus Renewables. With a 25-year mandate, NGUKPS is investing the capital into Renewable Energy Income Partnership III (REIP III), a fund managed by Octopus Renewables.

In November 2019, Legal & General finalized its £1.6 billion buy-in with NGUKPS for Section B of the scheme. That Section covers 6,000 members. Legal & General was advised on the deal by law firm Macfarlanes.