GLIL Infrastructure has invested in Irish wind farms through the acquisition of a majority stake in Invis Energy’s portfolio.
GLIL, the £2.5bn (€2.9bn) fund backed by a number of UK local government pension schemes, said it has bought the “significant majority equity stake” in the portfolio of 11 operational onshore wind farms alongside existing shareholder the Craydel Group.
The 453MW portfolio, established in 2011, provides around 11% of the Republic of Ireland’s installed wind capacity. The windfarms are in County Galway, County Kerry, County Donegal, County Cork and County Mayo.
The investment is GLIL’s first major transaction outside of the UK.
David Olliver, investment lead at GLIL Infrastructure, said: “Onshore wind capacity is a critical component of renewable energy generation and Ireland’s transition to a net zero carbon future. Our investment in these windfarm assets will not only provide a significant boost to supporting that ambition but will also generate sustainable, long-term returns for our millions of pension fund members.
“We’re now focused on working closely with the Craydel Group, a strong local partner, to maintain the portfolio and deploy more capital into the Irish renewable energy sector.”
Invis Energy will continue to operate the portfolio following the investment.
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