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PIP secures £36m wind investment

The pension platform is set to make the first equity investment from its Multi-Strategy Infrastructure Fund following a tie-up with Golden Square Energy.

The UK's Pensions Infrastructure Platform has agreed a £36 million ($45.4 million; €42.6 million) investment in a UK wind portfolio.

PIP is set to acquire 31 wind turbines, all spread across different sites, from Golden Square Energy, a joint venture between Ingenious Clean Energy and AGR Power which typically invests in single-turbine projects.

PIP declined to disclose how many MW the investment covered, simply saying that the assets are backed by feed-in tariffs.

The acquisition marks the first equity investment by the platform’s Multi-Strategy Infrastructure Fund, and the second by the fund overall. Its first investment consisted of the £27.5 million debt refinancing of a portfolio of 2,366 rooftop solar assets.

The fund, which PIP aims to grow to £1 billion, was launched in March. It is currently bidding in the fifth round of the Offshore Transmission Owner auction run by UK energy regulator Ofgem.

“This transaction provides our pension scheme investors with the secured, long-term, inflation-linked cash flows they are seeking to support their accrued pension payment obligations,” said Mike Weston, chief executive of PIP.

The platform’s Multi-Strategy fund also covers housing, social infrastructure, utilities and transport.