In 2015, USS purchased a loan book from the Co-operative Bank, which provided finance for 34 UK-based wind farms in regions ranging from the far North of Scotland to the South Coast of Cornwall. In 2017, we added a large new portfolio of project finance loans in the renewable energy sector and created the L1 Renewables platform we own today.
L1, 100% owned by USS, owns interests in a diverse range of renewable energy technologies including energy from waste, onshore wind, energy efficient street lighting and solar. In total, L1 now manages a portfolio worth in excess of £475m which supports developed projects. USS’s wind farms provide enough energy to light around 400,000 homes. At the same time, L1 supplies power to around 172,432 energy efficient streetlights across five local authorities. We have invested in renewable energy and clean technology since 2000 and have engaged extensively with policymakers on the climate change agenda.
USS acquired joint control of G.Network in 2020 following significant work on its Communications Infrastructure thematic. G.Network is a fast-growing, full fibre broadband provider to London boroughs and USS’ patient capital will support further investment in the rollout of full fibre to London residents and businesses.
From 2021, USS has invested in Bruc, a renewable energy company co-owned by OPTrust and Juan Bejar. Bruc’s strategy reflects a conviction that an energy transition towards a decarbonized economy is urgently required and, as part of that transition, the energy mix must be altered by the rapid deployment of clean energy at scale. The mission of Bruc is to generate attractive investment opportunities in renewable energy while also contributing to the sustainability of the energy system to significantly reduce its environmental impact. Bruc has a portfolio of more than 5 GWs of renewable energy assets under development, construction or operation.
In 2020, USS acquired PECO Pallet, a leading company in the transportation and logistics sector in North America. It owns a pool of approximately 22 million wood block pallets that primarily serve food and beverage manufacturers in shipping their goods in a sustainable, cost effective manner. PECO operates in all 50 states in the United States and has a nationwide network of pallet distribution and collection points serving over 700 manufacturers.
Who we invest in
USS is funding the construction of a new 1,300 space multi storey car park, which kicked started a £300m regeneration scheme to Blackpool Central. Upon completion, the property will be let on a long lease to Blackpool Council with inflation linked rent reviews.
Who we invest in
USS invested in a new Premier Inn hotel in Paddington, London. Upon completion of the construction works the property will be let to Whitbread on a 35 year inflation linked lease. The hotel will comprise a 275-bedroom Premier Inn, a 94-bedroom Hub by Premier Inn and Whitbread’s Bar + Block Steakhouse restaurant, and will be the first time all three brands will occupy the same building.