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6d ago

Smart Pension Puts £330 Million into Octopus Energy to Fund UK’s First Pension-Backed Heat Pump Network

Allocated as 5% of its default fund, the package backs a ground source heat pump system heating 114 new homes at Parc Eirin under the Mansion House Accord’s private markets targets

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Overview

  • Smart Pension has deployed £330 million into two Octopus Energy Generation funds to meet its commitment under the Mansion House Accord and expand its private markets allocation.
  • The investment underwrites the UK’s first pension-backed ground source heat pump network at Parc Eirin in South Wales, supplying low-carbon heating and hot water to 114 new homes.
  • Chancellor Rachel Reeves praised the deal for delivering higher returns for savers while driving growth and creating green jobs.
  • Octopus Energy Generation CEO Zoisa North-Bond said the partnership shows how pension contributions can directly finance the UK’s journey to net zero.
  • Kensa CEO Tamsin Lishman emphasized that private funding will accelerate the adoption of efficient ground source heat pump technology for housebuilders and homeowners.