Stockholm (NordSIP) – PKA and PenSam announced a partnership to invest US$1.7 billion in solar power plants in California and Texas. The two Danish labour pension funds describe the investment as an important contribution to the green transition in the United States while giving its customers a stable return in times of market turmoil. PKA was responsible for 76.9% of the investment, while PenSam’s share is 23.1%
Together, the two Danish pension funds represent the pension interests of over 700,000 members and savings worth more than DKK450 billion. Together with AIP Management, the funds will be invested in the Prospero and Little Bear solar parks, based in the southern and western United States and managed by Longroad Energy. With the investment, PKA and PenSam take over 50% of the ownership of the parks.
Together the solar panel farms cover an area equivalent to over 1,300 football fields. When the parks are ready in July and December 2020, respectively, they will generate the equivalent to the energy consumption of 280,000 Danish households. The solar parks have a total capacity of 588MW.
“If we are to achieve the ambitious targets we set with the government back in September, it requires us to continue to make significant investments in green energy both at home and abroad. That is why we are pleased to be able to add such a significant climate investment to our already large portfolio of green projects,” says Jon Johnsen, CEO of PKA.
“Although the current markets in many ways create challenges, we maintain the long-term investment strategy, even when it comes to the strategy for more green investments. It is important to focus on the green transition that we make with this investment, which will at the same time ensure a stable return for members,” says Torsten Fels, CEO of PenSam.