The Green Investment Bank (GIB) Offshore Wind Fund has passed its initial GBP 1 billion target with its sixth UK asset acquisition, a 44% stake in the 270MW Lincs offshore wind farm.
With the latest investment, the fund has GBP 1.12 billion worth of assets under management. The total capacity of the six assets under the fund’s management is 1.45GW.
The stake in the Lincs wind farm was bought from Centrica plc and Siemens Project Ventures for GBP 429 million.
This investment was made alongside an investment from the UK Green Investment Bank plc which acquired a 31% stake in the project for GBP 302 million.
The GIB Offshore Wind Fund and managed co-investment entities is managed by GIB Financial Services Limited and is an FCA-regulated and wholly-owned subsidiary of the UK Green Investment Bank plc. The fund is the first in the world to be dedicated solely to investments in offshore wind power generation.
Investors in the fund include five UK local authority pension funds including Strathclyde Pension Fund. Other large investors in the fund are Swedish life insurance and pension company, AMF Pensionsförsäkring AB (AMF), a Middle Eastern sovereign wealth fund and UK Green Investment Bank plc.