Railpen, one of the largest pension fund managers in the UK has announced a joint venture with Scottish renewable energy company GreenPower to develop the Barachander onshore wind project in North Argyll.
Railpen, which manages some £34bn on behalf of the railways pensions schemes did not disclose the amount of the new transaction.
The new wind farm, expected to generate around 66 megawatts (MW), is being dubbed the "sister" project to the existing 46MW Carraig Gheal Wind Farm, which both companies currently co-own.
The Barachander project is in the pre-planning consultation stage, with a formal planning application set to be submitted later this year. If approved, the project will include nine to eleven wind turbines, each standing up to 180 meters tall, contributing to Railpen's goal of achieving net zero across its investment portfolio by 2050.
Located near an existing hydroelectric scheme and a commercial forestry plantation, the development will utilize a 34-kilometer timber haul access road built for the Carraig Gheal project, aimed at minimising heavy traffic on public roads.
Tim Grimstone, investment manager at Railpen acknowledged that a more supportive policy environment had played into the decision to expand the fund’s investments in onshore wind: “The government’s recent push to accelerate onshore and offshore wind development aligns perfectly with our goals, including our pledge to achieve Net Zero across our investment portfolio by 2050” he said..
The Barachander project is expected to contribute over £300,000 annually to a community benefit fund, supporting local projects and priorities.
