The in-house manager for the UK’s £30bn (€34bn) railways pension scheme has made its second direct investment in the UK renewable energy sector.
RPMI Railpen said it has acquired 90% of Carraig Gheal Wind Farm in Argyll and Bute from GreenPower International for an undisclosed amount.
GreenPower will retain a 10% shareholding in Carraig Gheal Wind Farm and will continue to provide ongoing operations and commercial management services to the project.
The operational wind farm on the west coast of Scotland, which consists of twenty 2.3MW turbines, has been operational since 2013 and benefits from support under the renewables obligation scheme.
This purchase adds to Railpen’s direct investments in the sector, following last year’s acquisition of Tralorg Wind Farm in South Ayrshire, Scotland.
Railpen said these investments are held within the scheme’s long-term income fund, which makes asset-backed investments in real estate and infrastructure.
Lewis Vanstone, deputy portfolio manager of Railpen’s long-term income fund, said the Carraig Gheal Wind Farm project’s operating track record, as well as its “sustainable, long-dated and asset-backed income characteristics provide the exact qualities that are attractive for our long-term income fund”.
Rob Forrest, CEO, GreenPower International, said: “We are delighted to welcome Railpen as partners at Carraig Gheal, a project which is a significant part of our portfolio.
“We look forward to working with them on this and other opportunities in the future, as we help to deliver a zero-carbon economy.”