Delivering value in the UK's offshore wind market

The UK Green Investment Group Offshore Wind Fund, together with managed co-investment entities (the Fund), is the world's first dedicated offshore wind fund and Europe’s largest dedicated renewable energy fund, with assets under management of £1.12bn.

The UK Green Investment Bank Offshore Wind Fund, together with managed co-investment entities (the Fund), is the world's first dedicated offshore wind fund and Europe’s largest dedicated renewable energy fund, with assets under management of £1.12bn.

The combination of natural resources (strong and consistent wind), favourable locations for turbines, a robust regulatory regime and a well-established and experienced industry has helped the UK secure its position as one of the global leaders in the development of offshore wind.

In addition to our own investments in the UK’s offshore wind market, the UK Green Investment Bank established a fund, through its wholly owned subsidiary UK Green Investment Bank Financial Services Limited (GIBFS), to invest in operating offshore wind farms in the UK. Following the sale of UK Green Investment Bank to Macquarie this subsidiary is now called Green Investment Group Management Limited (GIGML). 

Attracting new capital and creating a liquid market for operating assets is crucial to the continued growth of the sector and will also help to reduce the long-term cost of finance. New investors also allow the original developers to sell down their stakes and use the proceeds to finance new projects. 

The Fund was successful in attracting new and different investors to offshore wind. Investors in the Fund include a number of UK-based pension funds as well as international institutional investors, including one of the world’s largest sovereign wealth funds and a leading European life and pension company.

The Fund’s portfolio consists of interests in six operational wind farms, namely Sheringham Shoal, a 317 MW offshore wind farm located off the North Norfolk coast; Rhyl Flats and Gwynt y Môr offshore wind farms, both located off the coast of North Wales with total capacities of 90 MW and 576 MW respectively; Lynn and Inner Dowsing wind farms, two adjacent operational wind farms with an aggregate installed capacity of 194 MW; and Lincs, a 270 MW wind farm located 5km off the Lincolnshire coast alongside Lynn and Inner Dowsing.

Collectively these projects have a capacity of 1.45GW producing over 4,500 GWh renewable electricity each year, resulting in the avoidance of almost 2 million tonnes of greenhouse gas emissions annually. 

Investors in the portfolio now include Macquarie European Infrastructure Fund 5 (MEIF5) and the UK’s Universities Superannuation Scheme (USS). MEIF5 is a €4bn fund, raised in 2016, which invests in European infrastructure assets, and is managed by Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group. MIRA has extensive experience in the renewable energy sector, having invested in European renewable energy assets through its MEIF Renewables platform in MEIF1 acquired in 2005.

The UK Green Investment Bank Offshore Wind Fund and managed co-investment entities are managed by GIGML. GIGML is authorised and regulated by the Financial Conduct Authority. GIBFS’s Pillar 3 Disclosure document is available to download below.

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UK FRC Stewardship Code

Under Rule 2.2.3R of the Financial Conduct Authority's Conduct of Business Sourcebook, Green Investment Group Management Limited ("GIGML") is required to make accessible disclosure of the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets out a number of principles relating to engagement by investors with listed UK equity issuers. Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non-compliance.

In the normal course of business GIGML’s pursues an investment strategy that involves investing through funds and mandates in a variety of real asset businesses within the UK and going forward this strategy is likely to be expanded to include Europe.  There have been no investments in UK listed entities to date and going forward investments in UK listed equities are likely to constitute only a very small portion of the investments made. Therefore, the Code will only be directly relevant to limited aspects of GIGML’s activities. As a result, GIGML has chosen not to commit to the Code.

Fund contacts

Karl Smith

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Karl Smith

Fund Managing Director

Alexis Ulens

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Alexis Ulens

Fund Director