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Railpen Takes 50% Stake in AGR Power

British rail sector pension fund Railpen has acquired a 50% shareholding in London-based renewable energy developer AGR Power. As part of the deal, Railpen – which has 350,000 members and £34 billion in assets under management – will contribute capital to AGR’s new solar, battery and greenhouse projects, the groups said in a joint statement. This should facilitate 160 megawatts of solar photovoltaics (PV), 150 megawatts of battery energy storage, and allow AGR to build its second sustainable greenhouse, adding to its existing 22-hectare Fenland Greenhouse in Cambridgeshire, which produces over 2.5 million vegetables a week. Founded in 2011, AGR has so far invested £885 million in renewable energy and agriculture projects, with installed capacity of 1.1 gigawatts (GW). Oliver Breidt, Co-founder of AGR, called the investment “a landmark move for AGR”. “Railpen’s investment and reputation will help propel AGR into new territories and technologies, including our 1GW pipeline in Italy, and see us expanding our presence in Germany and into further agricultural assets,” he said. Cristiana Dochioiu, Investment Manager at Railpen, argued the pension fund would “drive positive change through our investment portfolio, building the critical infrastructure needed to support the UK’s transition to net zero”. She added: “Railpen’s scale and long-term approach makes us an ideal partner for AGR’s ambitions to enhance energy and food security in the UK and Europe.”

 

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