October 16 (Renewables Now) - The pension manager of British lender HSBC Holdings Plc (LON:HSBA) plans to invest GBP 250 million (USD 330m/EUR 284m) in renewable energy infrastructure projects for wind and solar parks.
This was announced by HSBC UK Pension Scheme during the UK government’s first-ever Green GB Week taking place across the country. The initiative aims to raise the awareness of the benefits of clean growth and address climate change issues.
According to the announcement, as cited by Reuters, the HSBC UK Pension Scheme will target the acquisition of operational wind and solar parks in the UK. The plants, which have not been identified yet, will create a fleet of renewable energy facilities with an output that will be enough to supply an area equivalent to the size of Oxford.
“Renewable energy infrastructure can provide attractive risk-adjusted returns for investors seeking predictable cash flows derived from real assets over the long term,” said Russell Picot, chair of the Trustee Board at the HSBC Bank Pension Trust.
(GBP 1.0 = USD 1.318/EUR 1.138)