An £80m-pound investment to support Nissan Motor’s manufacturing of electric-only and hybrid vehicles in the UK has been made by long-term savings and retirement business Phoenix Group.
The investment has been made as a five-year loan, guaranteed by the UK Export Finance agency of the UK Government, into the Nissan plant in Sunderland, which has been designated as the company’s main production plant for new electric cars and SUVs for the European market. The plant currently employs around 7,000 people.
Phoenix, having made its own net zero commitment at the end of last year, pledging to be net zero in its operations by 2025 and its investment portfolio by 2050, has originated in excess of half a billion pounds worth of sustainable investments within its Illiquid Assets business so far this year.
Commenting on the investment, Chris Palmer, head of Illiquid Assets Origination said: “We are delighted to support electric-only and hybrid vehicles being manufactured by Nissan in Sunderland.
“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. 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.”