GIBFS holds second close on £818m for Offshore Wind Fund

The fund reached a first close on £463m earlier this year. According to a spokesperson at GIBFS, the manager is in advanced discussions with more potential investors as it moves towards its £1bn target.

Evercore Private Funds group is acting as placement agent and King & Wood Mallesons is acting as legal adviser.

Investors
New investors joining the fund since first close include Swedish life insurance and pension company AMF Pensionsförsäkring as well as Strathclyde Pension Fund. According to GIBFS, these latest commitments mark the first time either investor has invested in the UK offshore wind sector.

LPs that came in at first close comprise UK-based pension funds, a sovereign wealth fund and UK Green Investment Bank.

Investments
The fund is solely focused on investing in offshore wind power generation.

The vehicle has already made three investments, having most recently acquired a 10% stake in the Gwynt y Môr offshore wind farm. The 576 MW project – located in Liverpool Bay – was officially established in June this year.

Other investments include Rhy Flats – a 90MW, 25-turbine wind farm based off the coast of North Wales, which has been operational since December 2009 – and Sheringham Shoal, a 317MW, 88-turbine wind farm located off the coast of Norfolk.

People
Shaun Kingsbury is executive chair of GIBFS and CEO of the UK Green Investment Bank. Karl Smith is fund managing director of GIBFS.

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