Dominic Browne 07 February 2013

Lancashire invests pension fund into solar cooperative

Lancashire invests pension fund into solar cooperative image

Lancashire County Pension Fund (LCPF) has invested £12m in one of the world’s largest community owned solar power stations, sited in Oxfordshire.

A £12m bond from the pension pot of Lancashire CC staff was used to refinance the debts of the Westmill Solar Cooperative today, supporting the generation of enough renewable electricity to power 1,400 homes a year.

Lancashire’s index-linked bond will be repaid over 24 years providing the solar cooperative with long-term finance and the LCPF with a low risk investment that helps to match their index linked pension fund liabilities.

Cllr David Westley, chair of Lancashire CC’s pension fund: ‘There has been a lot of discussion about local authority funds investing in community infrastructure. I’m pleased that Lancashire has been able to put this into practice with this £12m investment.

‘Our first responsibility is to secure the best returns for people in our pension fund, but I think many will be interested in knowing that their pension investments are helping fund worthwhile and sustainable schemes as this one.’

Built in 2011, the solar cooperative is an industrial and provident society that in Autumn 2012 raised almost £6m from a community share offer – 15% of its members come from within 7km of the site.

Members will receive a 10% annual return on their investment over the lifetime of the project, the cooperative claims. Energy from the farm is sold to the UK’s leading 100% renewable electricity supplier, Good Energy.

Best practice in resident ballots image

Best practice in resident ballots

Residents on the South Kilburn Estate overwhelmingly voted in favour of council plans to regenerate their neighbourhood in October 2019. Brent’s strategic director for regeneration and environment Amar Dave shares the lessons learned for other landlords holding resident ballots.
SIGN UP
For your free daily news bulletin
Highways jobs

Education, Health and Care (EHC) Co-ordinators

Buckinghamshire Council
£30,874 - £37,188 per annum
Interested in a career as an EHC Coordinator? Come along to our drop-in event to meet members of the SEND team and find out more about the role! England, Buckinghamshire, Aylesbury
Recuriter: Buckinghamshire Council

Planning Officer - Regeneration

Sandwell Metropolitan Borough Council
£29,636 - £33,799 per annum
You will be involved in several exciting major regeneration schemes, bringing forward significant land for housing... Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Driver / Workshop Assistant

Sandwell Metropolitan Borough Council
£20,344 - £23,836 per annum
Duties and responsibilities to include but not limited to... Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Senior Solicitor - Litigation

North West Leicestershire District Council
Band G, £33,799 - £37,849
Our friendly, entrepreneurial and Lexcel accredited Legal Services Team is looking for a Senior Solicitor with a litigation specialism. Coalville, Leicestershire
Recuriter: North West Leicestershire District Council

Caretaker and General Hand

Essex County Council
Negotiable
Essex County Council (ECC) is one of the largest and most dynamic local authorities in the UK, serving a population of 2 million residents, and has a England, Essex, Colchester
Recuriter: Essex County Council

Local Government News

Latest issue - Local Goverrnemnt News

This issue of Local Government News explores how councils can tackle modern slavery and trafficking in their supply chains, finds out more about Cambridge's first cohousing scheme and the launch of a new project to build a shared service pattern library for local government.

This issue also contains a special focus on children's services and how councils are protecting children following local safeguarding children boards being abolished.

Register for your free magazine