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GLIL Infrastructure invests in Irish windfarm portfolio
7 February 2022
GLIL Infrastructure (“GLIL”) has acquired a majority investment in Invis Energy’s portfolio of 11 operational onshore wind farms that provide around 11% of the Republic of Ireland’s installed wind capacity.
The investment is the first major transaction for GLIL outside of the UK and will see the £2.5bn infrastructure fund take a significant majority equity stake in the portfolio alongside existing shareholder, the Craydel Group – the Cork-based renewable energy asset developer and operator.
Established in 2011, the portfolio is currently operating 453 MW of installed wind capacity and, in its lifetime, has generated enough electricity to power 350,000 homes and prevented 480,000 tonnes of CO2 emissions per year, compared to non-renewable energy generation. The portfolio benefits from long-term offtake arrangements in place through Ireland’s renewable energy support schemes, REFIT and RESS, and corporate PPAs.
The windfarms are in County Clare, County Cork, County Galway, County Kerry and County Mayo.
Invis Energy will continue to operate the portfolio following the investment.
David Olliver, Investment Lead at GLIL Infrastructure, said: “Onshore wind capacity is a critical component of renewable energy generation and Ireland’s transition to a net zero carbon future. Our investment in these windfarm assets will not only provide a significant boost to supporting that ambition, but will also generate sustainable, long-term returns for our millions of pension fund members. We’re now focused on working closely with the Craydel Group, a strong local partner, to maintain the portfolio and deploy more capital into the Irish renewable energy sector.”
The deal is the twelfth investment by GLIL, which is backed by Local Pensions Partnership Investments, Northern LGPS and Nest Corporation.
GLIL has an established track record in the energy sector. The fund includes investments in Clyde Windfarm, one of the largest wind power sites in the UK, Cubico’s 250MW 18-site wind and solar portfolio, Smart Meter Assets, a portfolio of 2.1m residential smart meters, and Flexion Energy, the energy storage infrastructure specialist.