UK's Strathclyde Pension Fund approves GBP-30m offshore wind investment
Gwynt y Mor offshore wind farm. Source: Siemens AG. www.siemens.com/press
The UK's Strathclyde Pension Fund is investing another GBP 30 million (USD 39.4m/EUR 35.8m) in the UK Green Investment Bank's (GIB) Offshore Wind Fund, taking its overall commitment to the fund to GBP 80 million.
The Strathclyde Pension Fund Committee this week approved the GBP-30-million investment as follow-on to a previously approved commitment of GBP 50 million.
According to a report prepared for the quarterly committee meeting, GIB has approached investors for additional funding for the purchase of a new asset offering a "highly compelling" business case, or others in the pipeline. The report says that the assets acquired by the GIB offshore wind fund so far have produced strong initial cash yields for investors and that SPF's follow-on investment will increase its exposure to existing assets, as well as any new purchases.