The Church Pension Fund, a financial services organisation serving the Episcopal Church, has invested $40m in a fund managed by New Energy Capital Partners that invests in renewable energy projects in North America.
The New Energy Capital Infrastructure Credit Fund 2 supports solar, wind, energy efficiency, energy storage and water projects.
Church Pension Fund chief investment officer Roger Sayler said: “NEC has an experienced investment team with a proven track record of delivering attractive risk-adjusted returns across multiple renewable sectors through successive economic cycles.
“This investment will support the development and operation of clean energy infrastructure assets throughout North America.
“We look forward to building our relationship with NEC as we continue to explore future impact investments that meet our goal of generating attractive returns with positive social impact.”
New Energy Capital Partners chief executive Scott Brown said: “This fund reflects the growing interest from investors in the clean energy market.
“Our investors are looking for investments that deliver strong risk-adjusted returns, while also providing a positive environmental impact.
“We are grateful for the support of The Church Pension Fund and we look forward to expanding our relationship in the future.”