RPMI Railpen has acquired a 90 per cent stake in the 46-megawatt Carraig Gheal Wind Farm on the west coast of Scotland.

The company, which manages £30bn-worth of assets on behalf of the railways pension schemes, purchased the interest from renewable energy developer GreenPower International.

Both parties have agreed not to reveal the terms of the transaction.

The wind farm, which consists of twenty 2.3 megawatt turbines and can power around 32,000 households with renewable energy, has been operational since 2013 and benefits from support under the Renewables Obligation scheme.

This purchase follows Railpen’s 2019 acquisition of Tralorg Wind Farm in South Ayrshire, Scotland, which is made up of eight 2.35MW turbines and is scheduled to be operational this year.

Through the transaction, Railpen was advised by Pinsent Masons LLP, Ernst & Young LLP, Everoze and Willis Towers Watson.

Railpen’s Long Term Income Fund deputy portfolio manager, Lewis Vanstone, said: “The acquisition of Carraig Gheal Wind Farm fits naturally into our investment strategy. The project’s operating track record, as well as its sustainable, long-dated and asset-backed income characteristics provide the exact qualities that are attractive for our Long-term Income Fund.

“The experience and expertise of our partner, GreenPower, ensure this deal will be of great long-term value for our scheme members.”

GreenPower will retain a 10 per cent shareholding and continue to provide ongoing operations and commercial management services to the wind farm.

GreenPower CEO, Rob Forrest, said: “We are delighted to welcome Railpen as partners at Carraig Gheal, a project which is a significant part of our portfolio. We look forward to working with them on this and other opportunities in the future, as we help to deliver a zero-carbon economy.”

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