12th March 2020
GreenPower is delighted to announce it has secured a new finance partner with the sale of a 90% majority stake in its 46MW Carraig Gheal Wind Farm in Argyll and Bute, Scotland to RPMI Railpen (“Railpen”), which manages £30 billion of assets on behalf of the railways pension schemes.
The independent Scottish renewable energy company, GreenPower, has ambitious growth plans and says that the deal will provide them with both a strong financial base for growth, and a new partner to work with on future projects.
The wind farm, comprising twenty 2.3MW turbines was commissioned in 2013 and benefits from the Renewables Obligation.
Robert Forrest, Chief Executive and owner of GreenPower, commented “We are delighted to welcome Railpen as partners at Carraig Gheal, a project which is a significant part of our portfolio.
“This is a great example of an independent Scottish renewable energy company developing projects to provide benefits not just to local communities and to tackle climate change but also to benefit pension funds for workers across the country. This type of partnership and model for investment provides a valuable asset contributing towards paying scheme members’ pensions, as well as helping safeguard the future of the planet for young people. We look forward to working with them on this and other opportunities in the future, as we help to deliver a zero-carbon economy.”
Lewis Vanstone, Deputy Portfolio Manager of Railpen’s Long-term Income Fund said “The substantial investment in Carraig Gheal Wind Farm fits naturally into our acquisition strategy. The 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. The experience and expertise of our partner, GreenPower, ensure this deal will be of great long-term value for our scheme members.”
GreenPower, who retain 10% of the project, was the original developer of the project and will provide the project company with Asset Management services.
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