USS harnesses Spanish sunshine to pay pensions May 17, 2021 By Funds Europe
The Universities Superannuation Scheme (USS) – the UK’s largest private pension fund – has taken a 50% stake in an investment vehicle targeting renewable energy in Spain and Portugal.
The pension fund has invested £200 million (€225 million) in Bruc Energy, which was created by Canadian pension fund OPTrust and Spanish businessman Juan Béjar.
According to OPTrust’s Morgan McCormick, managing director of private markets in the UK, the investment will help Bruc become a leading renewable energy platform in Spain.
The deal, arranged by USS Investment Management, sees the UK pension fund take a stake in a major pipeline of 4000 megawatt solar farms. Bruc Energy has also announced a growth plan that will see it investing in other green energies such as wind power.
By IPE staff2021-05-17T12:52:00+01:00
The UK’s Universities Superannuation Scheme (USS) is investing €225m for a 50% stake in a Spanish solar energy platform owned by Canadian pension fund OPTrust and Spanish businessman Juan Béjar.
USS, the largest private pension fund in the UK by assets, has bought a share in a 4000MW solar farms held by Bruc Energy. BROP, a vehicle owned by OPTrust and Béjar will own the remaining 50% stake in Bruc Energy.
The £68bn (€79bn) UK pension scheme’s investment is being made via its investment manager USS Investment Management.
USS’s latest deal strengthens an already existing relationship with both Canadian pension fund OPTrust and Bejar through their global transport infrastructure investment company Globalvia.