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 water, onshore wind and energy efficient street lighting. In total, L1 now manages a portfolio worth in excess of £548m which supports both developed projects and those still in construction. USS’s wind farms provide enough energy to light around 400,000 homes. At the same time, L1 supplies power to around 170,522 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.
Who we invest in
- JV with Places for People - £300m Private Rented Sector portfolio.
- One of USS’ largest direct holdings to include occupiers such as Amazon and Sainsbury’s.
- Long income property let to Morrisons with 20 years unexpired and rent uplifts to RPI.