The UK’s Green Investment Bank has invested £429m (€490m) in renewable infrastructure, taking its offshore wind-farm fund past its £1bn target.

The GIB Offshore Wind Fund now has £1.12bn in assets under management.

The latest acquisition, a 44% stake in a 270 MW wind farm near Lincolnshire, is the sixth asset bought for the fund, which was launched in 2014.

Karl Smith, managing director of the GIB Offshore Wind Fund, said: “This is an attractive asset purchase in the current market.”

The deal is the fund’s last, GIB said, with total capacity now at 1.45GW.

The asset was sold by Centrica, which will continue to manage the farm, and Siemens Project Ventures.

UK local authority pension schemes, including Strathclyde Pension Fund are invested in the fund. Other investors include Swedish life insurance and pension company AMF and a Middle Eastern sovereign wealth fund.

Bailie Philip Braat, chair of Strathclyde Pension Fund said investing with the GIB was “always going to be a good fit” for the pension fund.

GIB has been up for sale by the UK government, and Australian bank Macquarie, which runs the world’s largest infrastructure investment management business, is the preferred bidder.