UK Green Investment Bank raises UK’s largest renewables fund
This makes the GIBFS-managed fund the largest renewable energy fund in the UK.
Second close investors include Swedish life insurance and pension company AMF Pensionsförsäkring AB (AMF) and Strathclyde Pension Fund. The Fund represents their first investments in the UK offshore wind sector.
Second close investors join UK-based pension funds, a major sovereign wealth fund and UK Green Investment Bank plc (GIB) in the partnership, which held an initial close on £463m earlier this year.
The Fund is the first in the world to be dedicated solely to investments in offshore wind power generation and provides long-term institutional investors with the opportunity to access the UK’s green infrastructure sector.
The second close has been marked with the acquisition by the fund of GIB’s option on a 10% stake in Gwynt y Môr offshore wind farm. The 576 MW wind farm – located in Liverpool Bay – was officially inaugurated in June of this year.
The Fund now has three assets. These three offshore wind farms are able to produce 2,980 GWh of renewable energy annually, enough to power more than 700,000 homes or all the homes in Northern Ireland. ■