Irish infrastructure fund invests in wind farms business
The Irish infrastructure fund has acquired a controlling stake in a portfolio of wind farms in the Republic of Ireland and Northern Ireland.
The portfolio, previously wholly owned by the Viridian Group, consists of 104 megawatt of capacity generated by ten wind farms, eight of which are located in the Republic of Ireland.
Following the deal, the fund will hold a stake of at least 75%, while Viridian’s Energia business will retain a minority interest in the portfolio.
The fund is managed by AMP Capital, and will seek up to €1bn from global and Irish institutional investors. It has already secured €300m from the National Pensions Reserve Fund (NPRF) and other Irish institutional investors.
Boe Pahari, AMP Capital managing director for Europe and head of infrastructure, said: “We are very pleased to announce the completion of the Irish Infrastructure Fund’s first investment. Ireland benefits from one of the most attractive wind resources in Europe, with exposure to the prevailing south-westerly winds of the Atlantic Ocean making it an exceptional location for wind energy generation.”