The Association of British Insurers (ABI) is aiming to unlock billions of pounds of investments for clean energy projects. The trade body, which represents more than 250 insurance firms in the UK, has said that with a few tweaks to existing regulation and the removal of certain procedural hurdles billions of pounds could flow into the Environmental, Social and Governance (ESG) class of assets which renewable energy projects belong to. Currently UK-based insurers hold more than £1.8 trillion in invested assets, but just over 1% of this falls under the ESG class. This, the ABI said, was down to two specific shortcomings, specifically a lack of consistent asset-level data and solvency rules which effectively disincentivise insurance firms from investing in long-term projects.
Solar Power Portal 11th March 2019 read more »
Community Owned Renewable Energy LLP (CORE) has invested £12 million in three UK solar farms. It’s predicted that £2 million of surplus profits from the farms will be distributed locally over the next 20 years. The farms are located in Shropshire, Kent and the Isle of Wight and have a combined capacity of 12MW. The solar farms represent the latest CORE investment in renewables, having only recently financially supported Bright Renewables’ acquisition of Mongoose Energy’s asset management arm. CORE aims to maximise the social, environmental and financial benefits of each asset for local residents, with the farms expected to become fully community-owned in the next three years.
Solar Power Portal 11th March 2019 read more »
