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.

Highways jobs

Children's Services Social Worker - ASYE Programme

Royal Borough of Greenwich
£28,215 - £34,130
You’ll need to demonstrate an interest in working with children and their families, and show us that you can manage the... Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Head of Property and Facilities

Essex County Council
Up to £74K
This role is part of the Capital Investment and Delivery leadership team and has a key role to play in shaping and... Chelmsford, Essex
Recuriter: Essex County Council

Street Population Coordinator

Brent Council
£31,548 - £33,291 p.a. inc.
The ideal candidate will able to demonstrate substantial experience of face to face delivery of services to rough... Wembley, London (Greater)
Recuriter: Brent Council

Mortuary Support Assistant

Brent Council
£33,291 - £35,724 p.a. inc.
As a Human Tissue Authority licensed establishment we have strict legal guidance and procedures and... Wembley, London (Greater)
Recuriter: Brent Council

Accelerated Support Team Manager

Brent Council
£51,450 - £54,597 p.a. inc.
The post holder will be a qualified Social Worker with a proven track record and experience of managing a similar sized... Wembley, London (Greater)
Recuriter: Brent Council

Local Government News

Latest issue - Local Goverrnemnt News

The March issue of Local Government News explores alternative funding channels that are available to councils beyond the Public Works Loan Board, what hurdles merging councils face in coming together, and how local government is handling GDPR.

This issue also has a special highways and street lighting section exploring how councils can use lighting to embark on their smart city journey and using IoT technology to weather the storm.

Register for your free magazine