Irish Infra Fund in debut wind investment

The AMP Capital-managed infrastructure fund, which has raised €300m and is targeting €1bn, has clinched its first deal: a controlling stake in a portfolio of wind farms located in the Republic of Ireland and Northern Ireland.

The Irish Infrastructure Fund, a €1 billion concern managed by Sydney-based AMP Capital, has just completed its first investment with the purchase of a portfolio of wind farms across the Republic of Ireland and Northern Ireland for an undisclosed amount, AMP Capital announced today.

The fund has acquired a 75 percent stake in 10 wind farms from the Viridian Group, which has a 24 percent market share of Ireland’s operational wind market. Viridian will continue to hold a minority interest in the 104-megawatt portfolio. It will also manage and operate the wind farms, including offtaking all the electricity produced by them.

“We see this transaction as potentially the first in a number of additional investments in the renewable energy space in Ireland,” commented Boe Pahari, AMP Capital managing director for Europe and head of infrastructure. “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,” he added.

The Irish Infrastructure Fund was established by insurer Irish Life Investment Managers and has already raised €300 million, including a €250 million cornerstone investment from Ireland’s National Pensions Reserve Fund.

The fund will target disposals by the Irish government and Irish companies as well as invest in new infrastructure projects. AMP Capital’s role is to “invest and manage the portfolio of infrastructure assets with full responsibility for all investment decisions,” the firm said in a previous statement. 

AMP Capital has some $6 billion in infrastructure assets under management across the world.