Strathclyde Pension Fund invests in wind energy

One of the largest local authority pension funds in the UK has invested in the second round of the Green Investment Bank’s (GIB) Offshore Wind Fund.

The GIB announced this week is has secured £355m of new investment for the fund in the second round, bringing its total value up to £818m.

Among the new investors are Swedish life insurance and pension company AMF Pensionsförsäkring AB (AMF) and the Strathclyde Pension Fund, which is part of Scottish Local Government Pension Scheme.

It was also announced this week that the GIB’s Offshore Wind Fund has acquired the unconditional right to a 10% stake in the 576 MW Gwynt y Môr operating offshore wind farm.

The Fund also has stakes in two other offshore wind farms – the 90 MW Rhyl Flats wind farm operated by RWE Innogy UK off the coast of North Wales and the Sheringham Shoal wind farm operated by Statkraft and located off the coast of Norfolk. 

“This is our biggest investment to date in green infrastructure in the UK,” said Strathclyde Pension Fund chair, Cllr Paul Rooney. 

“Our fund was already working closely with the Green Investment Bank to provide finance for community-scale renewable energy projects and we are excited to follow that project by taking a stake in a long-term and globally significant investment in offshore wind power. 

“We are confident it is one that will deliver not only sustainable and secure energy infrastructure for the future of our communities, but a sustainable and secure future for our members who are saving for retirement.”

Jamie Hailstone is a freelance journalist and author, specializing in local government, transport and energy issues