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The infrastructure investment joint venture between Greater Manchester Pension Fund (GMPF) and London Pensions Fund Authority (LPFA) has entered a partnership to co-own one of the largest windfarms of its type in Europe.
The investment vehicle, GMPF & LPFA Infrastructure LLP (GLIL), along with Greencoat UK
Wind PLC (UKW) will acquire a total of 49.9% of Clyde, the South Lanarkshire windfarm
from energy company, SSE, which will hold the remaining 50.1%. Under the agreement
GLIL will invest £150 million.
Councillor Kieran Quinn, Chair of Greater Manchester Pension Fund, said: “We’re pleased to
announce the next investment for GLIL, which continues to identify UK projects with
attractive returns and adds to our growing renewable portfolio. Our success in this area is a
testament to what we are trying to achieve across the Local Government Pension Scheme,
which is closer collaboration between funds in order to realise the benefits associated with
partnering. We look forward to announcing our next investment as well as working towards
attracting other LGPS funds to our joint venture.”
Sir Merrick Cockell, Chairman, LPFA, said: “When we launched our partnership at the start
of 2015 it was to build on our beliefs that by working together we could increase our
involvement in projects that provide the right returns for our members and the wider social
benefit of investing directly in UK infrastructure. Along with GMPF we’re delighted that our
venture continues to do so and that there is a healthy pipeline of opportunities going
forward.”
Clyde is located in South Lanarkshire and consists of Clyde North, Clyde South and Clyde
Central. The windfarm is the second largest UK onshore windfarm with 152 wind turbines
and a combined generating capacity of approximately 350 megawatts.
The transaction represents the first major joint venture SSE has undertaken in onshore
wind, a key growth area for the company, allowing GLIL to benefit from a long-term
partnership with a highly experienced windfarm operator and potential for future cooperation
opportunities.
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