‘Major UK pension fund’ to invest in Scottish wind farm

A ‘major’, unnamed, UK pension fund, in partnership with Greencoat UK Wind, plans to invest a total of £635m to acquire 49.9 per cent stakes in the Strongelairg and Dunmaglass wind farms.

The pension fund, whose investment is managed by Greencoat Capital, has agreed to invest £183m for a 14.4 per cent stake.

Greencoat UK Wind will invest the remaining £452m to acquire a net 35.5 per cent stake, with Scottish energy company SSE continuing to hold the remaining 50.1 per cent.

Commenting on the investment, Greencoat UK Wind chairman, Tim Ingram said: "I am delighted to announce the acquisition of these two high load factor, ROC accredited wind farms, which will deliver attractive investment returns.

“This transaction builds on our longstanding relationship with SSE and we are delighted to be co-investing with a major UK pension fund partner."

Stronelairg wind farm is located near Fort Augustus, Scotland, and was commissioned in December 2018, while Dunmaglass is just south of Inverness and was commissioned in December 2017.

SSE Renewables managing director designate, Jim Smith added: "We are delighted to partner again with Greencoat UK Wind with the sale of stakes in Stronelairg and Dunmaglass.

“SSE Renewables is committed to driving the transition to a low carbon future, and through our efficient operation of onshore wind farms like these we will continue to help decarbonise the UK's electricity generation mix."

The target acquisition date has been set as 29 March 2019.

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