UK pension fund Strathclyde Pension Fund (SPF) will invest £80 million (US$106 million) in UK GIB's Offshore Wind Fund (GIB OWF) in order to increase its asset portfolio.

SPF already committed £30 million to the GIB OWF as part of an initially approved investment of £50 million. SPF tries, through this investment, to a to acquire a larger share in operational assets in the offshore wind sector, expecting gross revenues of 9-11%. 

The UK GIB's Offshore Wind Fund is dedicated solely to investments in offshore wind power generation and provides long-term institutional investors with the opportunity to access the UK's green infrastructure sector.

The fund represents their first investments in the UK offshore wind sector. Second close investors join UK-based pension funds, a major sovereign wealth fund and UK Green Investment Bank plc (GIB) in the partnership.

The final close brings the total committed capital to £818 million (US$1.25 billion) and nearing its £1 billion (US$1.53 billion) target.

The fund has three offshore wind farms (mid October 2015) that  are able to produce 2,980 GWh of renewable energy annually:

• Rhyl Flats. A 90 MW, 25 turbine wind farm operated by RWE Innogy UK off the coast of North Wales.
• Sheringham Shoal. A 317 MW, 88 turbine wind farm operated by Statkraft and located in the Greater Wash area off the coast of Norfolk.
• Gwynt y Môr. A 576 MW, 160 turbine wind farm operated by RWE Innogy UK located off the coast of North Wales.