Strathclyde Pension Fund has committed around £50 million to the world’s largest offshore wind investment fund.
It was one of the backers in a second round of fundraising by the Green Investment Bank’s offshore wind fund.
The £355m secured takes the fund to £818m as it closes in on its £1 billion target.
Swedish life insurance and pension company AMF Pensionsförsäkring AB was another of the major investors in this round.
Strathclyde Pension Fund has investments in community renewable energy in the UK and some overseas wind funds.
However this latest chunk of money is said to be its largest single commitment to renewable infrastructure in the UK.
Councillor Paul Rooney, chair of Strathclyde Pension Fund, said: “Our fund was already working closely with the Green Investment Bank to provide finance for community-scale renewable energy projects and we are excited to follow that project by taking a stake in a long-term and globally significant investment in offshore wind power. We are confident it is one that will deliver not only sustainable and secure energy infrastructure for the future of our communities, but a sustainable and secure future for our members who are saving for retirement.”
The fund has stakes in the Rhyl Flats and Gwynt y Môr wind farms off the coast of North Wales as well as the Sheringham Shoal site off the Norfolk coast.
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