Railpen, the pension manager of the UK rail industry, has acquired a 50% shareholding in London-based renewable energy and sustainable infrastructure developer AGR Power.
According to a press statement, Railpen and AGR “will work collaboratively to grow AGR’s existing presence in the UK renewable and infrastructure market while exploring new territories, and building technologies that will expand AGR’s existing 2.5GW development pipeline.”
AGR has delivered more than 55 projects totalling over 1.1GW of renewable power to support the UK’s energy transition and food security.
Railpen’s investment in AGR will help to fund the business in constructing a portfolio of assets and achieving its target of putting over 500MW of renewable assets in operation by 2029.
Oliver Breidt, co-founder of AGR, said: “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.”
Railpen manages assets of around £34bn.
