Durham County Council Pension Fund is supporting a leading renewable energy developer in the region through a £30m commitment.

The pension fund’s investment in Series 2 of Border to Coast Pensions Partnership’s Climate Opportunities proposition is supporting OnPath Energy, a leading owner and operator in the UK onshore renewable energy sector with a pipeline of projects capable of powering three million homes.

Based in the North-East since 2006, OnPath is leading more than 30 wind, solar, and energy storage projects across northern England and Scotland. Further expansion is planned in the coming years, with the potential to create additional local jobs and supply chain opportunities.

Councillor David Sutton-Lloyd, Chair of Durham Pension Fund Committee, said: “The journey to net zero requires significant capital investment, and we are proud to be able to play a part in supporting a just transition to renewable power generation here in the North East.

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“Through our LGPS pool Border to Coast, we have been able to access new and innovative investment opportunities, such as the Brookfield Global Transition Fund, supporting a resilient and sustainable future for the pension fund. Our investments help us to secure the long-term returns we need to pay the pensions of more than 65,000 people with a local government pension in County Durham and Darlington.”

OnPath Energy’s projects include the Moor House Wind Farm in Darlington which generates enough electricity to power 9,000 homes and has displaced more than 12,600 tonnes of carbon dioxide from the grid every year.

Durham County Council Pension Fund has committed £100m to the first two series of Border to Coast’s Climate Opportunities strategy, which seeks to make investments which will have a material positive impact on decarbonisation and net zero goals. In turn, the Climate Opportunities strategy (total size £2.6bn) invests directly into the Brookfield Green Transition Fund II, which is the 100% owner of OnPath Energy following its acquisition in December 2023.

Brookfield is one of the world’s largest owners and operators of renewable power plants, with over 34 GW of operating capacity worldwide, equivalent to the UK’s onshore wind, offshore wind and hydroelectricity capacity.