Backing for electric car production plant comes from UK savings and retirements investor Phoenix Group
The UK's fledgling electric vehicle (EV) manufacturing base has been given a major boost, after Nissan secured £80m from UK savings and retirements investor Phoenix Group to support its Sunderland battery car production operations.
The investment, which was announced late last week, comes in the form of a five-year loan guaranteed by the government's UK Export Finance agency. The funding boost is to be funnelled into Nissan Motor's plant in Sunderland, the automotive brand's main manufacturing hub for electric car and hybrid cars for the European market, including the popular battery-powered LEAF.
It marks the latest in a string of green investments for Phoenex Group, which claims it has originated more than half a billion pounds worth of sustainable investments within its illiquid assets business this year, including in affordable housing, infrastructure, and sustainable development. The firm also recently pledged to reach net zero emissions across its operations by 2025, before then delivering net zero emissions across its investment portfolio by 2050, with an initial focus on cutting emissions from its equity and fixed income portfolios.
Chris Palmer, head of illiquid assets origination at Phoenix Group, said the company was "delighted" to support Nissan's EV production business. "Supporting jobs and growth in every corner of the UK continues to be one of our key priorities as we play our part to help build back better and greener," he said. "We know that electric and hybrid vehicles will be key to combatting the climate crisis that we face and Phoenix continues to invest to make a positive impact on our planet and to create a sustainable future."
