GreenPower and railway workers pension fund team up for green investment in Argyll
Railpen, one of the largest pension managers in the UK, and Scottish independent renewable energy business, GreenPower, are pleased to announce a joint venture to co-develop the circa 66 megawatt (MW) Barachander onshore wind project in North Argyll.
This latest investment initiative extends the existing partnership under which Railpen and GreenPower are co-owners of the 46MW operational Carraig Gheal Wind Farm.
Situated closeby, Barachander is described as the ‘sister’ project to the operational Carraig Gheal wind farm, and is currently at the pre-planning consultation stage with the intention to submit a planning application later this year.
This latest project expands on Railpen’s broader green energy investments, demonstrating its commitment to providing stable long-term returns for members, whilst having a positive impact on the environment. With the addition of Barachander, Railpen will be supporting energy provision for the equivalent of over 250,000 homes across its renewable assets’ portfolio.
Rob Forrest, GreenPower CEO said: “Our partnership with Railpen is a very positive one, and it is brilliant that our own independent Scottish company and the country’s railway workers can combine our resources in this way, to not just create new green energy, but to make a difference to people locally and nationally. The Barachander Wind Farm is proposed in a good location for a relatively modest number of turbines with good energy yield. We are also creating the Argyll Hydrogen Hub in the region, and Barachander can play a part in this powerhouse for clean renewable energy in the north of Argyll.”
Tim Grimstone, Investment Manager at Railpen, added: “We are thrilled to expand our partnership with GreenPower. Barachander represents an attractive opportunity to participate in the development of a significant onshore wind project, adding to our existing portfolio of renewable energy assets in the UK. Railpen aims to provide long term returns for our members whilst having a positive impact on the world in which they live. 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. Partnering with the team at GreenPower helps us to achieve these goals, while the Barachander project itself will also provide substantial social and economic benefits.”
The Barachander development will be located within an upland area next to an existing hydroelectric scheme. The area already hosts a major commercial forestry plantation and the wind farm will key hole into it. Between nine and 11 wind turbines at up to 180 metres tall from ground level to the top of the blade tip are planned. These are mid-range modern standard efficient turbines. The Barachander project will meet current Scottish Government guidance to provide the equivalent of £5,000 per MW of installed generating capacity annually into a community benefit fund, potentially amounting to over £300,000 per year to be invested into community priorities and projects.
Major component access to Barachander will utilise the 34km timber haul access road which was built by GreenPower to deliver turbines to the Carraig Gheal project and now acts as a major strategic timber haulage route minimising heavy traffic on public roads.