A joint venture set up between two local government pension schemes is to invest £150m into a South Lanarkshire wind farm.
The infrastructure investment joint venture between Greater Manchester Pension Fund (GMPF) and London Pensions Fund Authority (LPFA) – known as GLIL - has agreed to purchase 49.9% of Clyde, one of the largest wind farms in Europe.
GMPF chair Cllr Kieran Quinn said: ‘We're pleased to announce the next investment for GLIL, which continues to identify UK projects with attractive returns and adds to our growing renewable portfolio.
‘Our success in this area is a testament to what we are trying to achieve across the Local Government Pension Scheme (LGPS), which is closer collaboration between funds in order to realise the benefits associated with partnering.'?
LPFA chairman Sir Merrick Cockell added: ‘When we launched our partnership at the start of 2015 it was to build on our beliefs that by working together we could increase our involvement in projects that provide the right returns for our members and the wider social benefit of investing directly in UK infrastructure.
‘Along with GMPF we're delighted that our venture continues to do so and that there is a healthy pipeline of opportunities going forward.'
The joint venture hopes to attract other LGPS funds to join the partnership in future.
