This second close brings the total committed capital to £818 million (US$1.25 billion) and nearing its £1 billion (US$1.53 billion) target. This makes the GIBFS-managed fund the largest renewable energy fund in the UK.
The fund is the first in the world to be 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 second close has been marked with the acquisition by the fund of GIB's option on a 10% stake in Gwynt y Môr offshore wind farm. The 576 MW wind farm located in Liverpool Bay, which was officially inaugurated in June of this year.
The fund now has three offshore wind farms that are able to produce 2,980 GWh of renewable energy annually:
On completion of the Gwynt y Môr acquisition, more than half of the fund's capital will be invested in income-generating assets.