Pension provider announces major investment in South Wales heat pump network
The company has partnered with Octopus Energy and Kensa to deliver long-term value for its 1.5 million pension savers by supporting the rollout of clean energy infrastructure in the UK.
The initial £330 million will go towards two funds managed by Octopus Energy's renewable arm, Octopus Energy Generation, to support firms such as Kensa, which makes ground source heat pump technology.
Smart Pension has committed to allocating 5% of its flagship growth fund to renewable energy companies as part of efforts to accelerate the energy transition, where the country's planet-warming carbon emissions are reduced to net zero.
This finance will contribute to the UK's first investor-funded ground source heat pump network in South Wales, delivered by Kensa.
The project aims to provide affordable renewable heating and hot water to 114 new homes at Parc Eirin.
More widely, it is hoped the project helps to position ground source heat pump networks as an investable low-carbon utility.
As part of the investment, Smart Pension said its members will have access to a range of materials, case studies and carbon reporting to help them better understand how their pensions are making a difference both financially and environmentally.
Chancellor Rachel Reeves said: 'Our reforms are about unlocking investment to deliver higher returns for savers, drive growth and create good jobs.
'That's why I'm so excited about Smart Pension's investment in the UK's first commercially funded ground source heat pump network in South Wales, delivering returns, growth and jobs.'
Andrew Evans, group chief executive and co-founder of Smart, said: 'As a leading workplace pension provider in the UK, we're always looking for innovative ways to grow our members' pensions and support the UK economy.
'This collaboration will help deliver strong, long-term returns for UK retirement savers, and also will support efforts to lower household bills and reduce emissions for homeowners.
'It's a great example of how UK tech businesses can come together to tackle important challenges, and create a positive impact.'
Zoisa North-Bond, chief executive at Octopus Energy Generation, said: 'This partnership shows how pension savings can literally power the future — turning contributions into green electrons that heat homes, replace gas boilers and drive down energy bills.
'It brings everything full circle – the very money people are saving for retirement is helping to build the smarter, carbon-free energy system they'll rely on in years to come.
'By teaming up with Smart Pension and innovators like Kensa, we're proving that smart investment doesn't just deliver long-term returns, it creates real, tangible change for communities and speeds up the UK's journey to net zero.'
Tamsin Lishman, chief executive at Kensa, said: 'As pioneers in ground source heat pump technology, we are proud of our role in delivering the switch to better, more affordable heating and hot water, powered by ultra-efficient ground source heat pumps designed and made here in the UK.
'The Parc Eirin investment demonstrates the transformative role private funding will play in helping both housebuilders and homeowners transition to effective, low-carbon heat – the critical next frontier in the UK for carbon reduction, which currently contributes around 13% of national greenhouse gas emissions.'
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