The €230bn Dutch asset manager PGGM has increased its stake in the world’s largest wind farm to 24.8%.
It said it had taken over the 9.9% holding in the Walney wind farm from investment manager DIF’s Ampère Equity fund for an undisclosed sum.
The wind farm – located in the Irish Sea off the coast of Cumbria in north-west England – generates 367MW of electricity for 300,000 homes in the UK.
With the growth of its stake in Walney, PGGM’s Infrastructure Fund has invested in more than 1GW of renewable energy, divided equally across wind and solar energy in Europe and the US.
Erik van de Brake, head of infrastructure, said that Walney was PGGM’s first large-scale investment in offshore wind energy, and indicated that the gained experience had been important for additional investments in wind farms.
PGGM’s stake involves the first phase of Walney, which comprises 102 190m-high turbines. Last year, the wind farm was extended with 87 wind turbines, producing 659MW for 600,000 homes.
In 2011, Danish energy firm DONG, the wind farm’s then-operator, said the project would cost €1.1bn. The wind farm is now being operated by Danish company Ørsted.