How is our approach having an impact on the investments that Scottish Widows makes?
Typically when determining where to invest, we look to partner with businesses and on projects that fit with our aim of helping Britain recover sustainably, while providing a long-term source of income to meet our customer annuity payments. It’s beneficial for all parties.
In December Scottish Widows, part of Lloyds Banking Group, lent over £200 million for two major projects – one providing specialist homeless accommodation and the other investing in renewable energy.
Firstly, we lent £120 million to support the provision of high-quality accommodation for the homeless. The long-term funding has been provided to an investment company which supplies housing to specialist, registered homeless charities and housing associations. These organisations provide care, training, support and rehabilitation to the residents, many of whom come from vulnerable groups such as women fleeing domestic violence, ex-servicemen and women, prison leavers, people with mental health problems and those suffering from drug and alcohol abuse.
We also advanced £96m to one of the largest operators of small-scale, onshore wind turbine sites in the UK. The 17 year loan funds 185 onshore wind turbines spread over 132 locations across the UK – with capacity to power around 15,000 homes. These turbines have a generation capacity of 28MW, located at sites from the Isle of Skye down to Cornwall.
Since 2018 the Scottish Widows annuity fund has advanced over £400m to support green initiatives across the UK. These include wind and solar renewable energy projects as well as the roll-out of smart meters to help people be more energy efficient in their own homes.