Scottish windfarm sees £335m

Scottish windfarm sees £335m

London based Greencoat UK Wind has teamed up with pension funds in a joint venture to invest £335m in one of Scotland’s largest windfarms.

Energy giant SSE has sold 49.9% of the Clyde wind farm in South Lanarkshire to Greencoat, along with Greater Manchester Pension Fund and London Pensions Fund Authority (GLIL), but will hold the remaining 50.1%.

SSE managing director Martin Pibworth said the sale was: “another significant step in a programme of disposals to recycle capital and optimise our wind farm pipeline". 

Greencoat UK Wind said the deal was expected to be complete by March 18, with SSE continuing to operate the wind farm, while Siemens provides operation and maintenance support. 

 It comes after the Government announced at the beginning of March that it would sell the Green Investment Bank in a bid to drive more private money into green energy projects.

Councillor Kieran Quinn, Chair of Greater Manchester Pension Fund, said: "We’re pleased to announce the next investment for GLIL, which continues to identify UK projects with attractive returns and adds to our growing renewable portfolio.

“Our success in this area is a testament to what we are trying to achieve across the Local Government Pension Scheme, which is closer collaboration between funds in order to realise the benefits associated with partnering.”

 Private investors are currently being invited to express an interest in the lender, which has pushed £10.6 billion worth of investment into 70 green energy projects since it was launched in November 2012.