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AMF joins Strathclyde in offshore wind fund

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Sweden’s AMF is to invest in UK wind farms, committing to an offshore wind fund managed by the Green Investment Bank (GIB).

The SEK550bn (€59.5bn) pension provider participated in the second close of the fund, which attracted £355m (€478m), bringing total fund assets to £818m.

As IPE reported in June, the £15.7bn Strathclyde Pension Fund committed £50m to the second close.

It is understood that the remaining £305m from the second close comes from AMF and a third, unnamed northern European investor.

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Shaun Kingsbury, chief executive at GIB and executive chairman of its fund management subsidiary, said he was delighted by the “calibre” of investors attracted to the offshore fund.

He said Strathclyde and AMF were “leading the way” when it came to green infrastructure.

The second close coincided with the acquisition of GIB’s 10% stake in the Gwynt y Môr wind farm in Liverpool Bay, increasing the number of wind farms held by the fund to three.

Peder Hasselev, CIO at AMF, said the provider committed to the offshore wind fund as it proved a responsible investment, and good returns went “hand-in-hand”.

Paul Rooney, councillor at Glasgow City Council and chair of the pension fund, noted that the scheme was following on from its involvement with other GIB projects with a “globally significant” investment in offshore wind.

“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,” he said.

The offshore wind fund’s first close previously attracted commitments worth £463m from investors including UK local authority funds and a sovereign wealth fund, believed to be the Abu Dhabi Investment Authority.

Earlier this year, the UK government announced a “staged privatisation” of GIB, which would see a majority stake in the currently state-owned bank sold by 2020.

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