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Toucan Energy Portfolio, UK's Largest Operational Solar Portfolio Deal!

WPF, Avon, Cornwall, Devon, Oxfordshire and Schroders Logos overlay with solar panels in background

We're thrilled to announce the signing of the Toucan Energy Portfolio - the largest operational solar portfolio transacted in the UK!

WPF, Avon, Cornwall, Devon, Oxfordshire and Schroders Logos overlay with solar panels in background
 This collaboration with other LGPS Funds is the first investment through the Wessex Gardens Partnership with Schroders Greencoat . This ground-breaking initiative saw six LGPS Funds come together to jointly commit over £300m for investment in renewables and energy transition assets in the South West.

With the market value of LGPS funds reaching £359.1 billion (as at March 2023) initiatives like Wessex Gardens show what can be achieved through collaboration, delivering real world change at scale. 

The £230m investment, made through the partnership, delivers climate-friendly investments, at scale, in the South West region.  It forms part of the largest solar deal ever transacted in the UK, and involves the Avon, Cornwall, Devon, Gloucestershire, Oxfordshire and Wiltshire LGPS Funds and aligns with the Funds' strong commitments to tackling climate change.

Jennifer Devine, Head of Wiltshire Pension Fund, said:

We're delighted with this cornerstone investment in Wessex Gardens. Our collaboration with other LGPS Funds has enabled us to invest in solar at scale across the South West, earning strong returns for our members while also supporting our goal of net zero by 2050.

Nick Dixon, Head of Avon Pension Fund, said:

We are pleased to see the close of the first investment as part of this ground-breaking collaboration. We are clear that climate change is an existential threat, and we want to drive real change through how we invest. This partnership allows us to make a significant contribution to achieving our climate objectives. It's been a really positive experience working with other LGPS Funds and the team at Schroders Greencoat to achieve this investment.

The first investment involves the Funds acquiring a stake in the Toucan energy portfolio, investing £230m in the deal to acquire local solar assets. 

The Partnership will initially hold a stake in the portfolio of solar assets, which are distributed across the UK. Over time the portfolio will be restructured so the Wessex Gardens Partnership is holding predominantly South West assets consistent with the Funds' ambitions around place-based/local investing. 

The end state portfolio held by the partner funds will see around £230m invested in 17 assets with a generating capacity of approximately 196MW, equivalent to powering nearly 70,000 homes. 

Toucan energy portfolio, Largest UK Solar Deal , 53 Operating Solar Farms,c8% Net Returns,Capacity to power c70,000 homes, Capacity to Generate 196MW

Click HERE to read the official press release from Schroders Greencoat

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