Greater Manchester and Strathclyde invest in renewable energy

Greater Manchester Pension Fund and Strathclyde Pension Fund have both invested £10 million in Albion Community Power (ACP), which backs community-scale renewable energy projects. The two pension funds have invested alongside the UK Green Investment Bank, which has committed £50 million to ACP.

Greater Manchester Pension Fund councillor, Kieran Quinn, said: “We are excited to be joining Green Investment Bank and Strathclyde Pension Fund as investors in ACP and we look forward to supporting the continued expansion of community-scale renewable energy schemes across the UK. ACP will play a key role in this regard as the pressure to diversify beyond carbon-based energy sources becomes even greater.” Among the initiatives it backs, the ACP has announced £3.3 million in funding for a second hydro-electric scheme in the Scottish highlands on the River Arkaig, Lochaber. The scheme will generate enough renewable electricity for around 550 homes by diverting the river down a six metre drop, using a weir, which will generate power through two 250kW Archimedes’ screws. The project will be constructed in conjunction with Green Highland Renewables and it is expected to be completed by February 2016.