Shareholder accuses Aviva Investors of ‘calamitous’ investments as three sites expected to go bust

One of the UK’s biggest pension funds has lost more than £350m on a series of “calamitous” investments in incinerator power plants that are expected to go bust in the coming days.

The Guardian understands that Aviva Investors will put three incinerators into administration this week after pouring millions of pounds into what has been described as the country’s “dirtiest form of power generation”.