Strathclyde Pension Fund – one of the biggest of its sort in Britain – has invested another €50 million in a Dublin-based renewable energy fund.
Strathclyde Pension Fund and the Ireland Strategic Investment Fund join previously announced investors NTR plc and Legal & General Capital, bringing equity invested in the NTR Wind-1 fund to a total of €250 million.
The Strathclyde Pension Fund has funds of over £15.37 billion under management and a range of direct investments across the renewable energy sector. Its commitment of €50 million into the NTR Fund marks Strathclyde’s first major investment in the Irish wind energy market.
NTR Wind 1 Fund was launched by NTR plc to invest in onshore wind projects in Ireland and the UK. At around 270MW of capacity, the fund’s total equity and project finance capital requirement amounts to approximately €670 million.
The fund is well underway in deploying into ready to build onshore wind assets with an active pipeline of further investments across the UK and Irish markets. A minimum of €80 million is targeted to be invested in pre-construction renewable investments in the Irish Single Electricity Market.
Bailie Philip Braat, Chairman of Strathcyde Pension Fund and Treasurer at Glasgow City Council, said; “Strathclyde has been steadily increasing its involvement in renewable energy and the €50 million we are committing to NTR is one of our biggest investments in wind power to date.
“The assets NTR has, both under construction and in the pipeline, make this a solid opportunity for our members and when you look at the money the fund has been able to attract, we feel we are in very good company.”