August 12, 2024: Railpen, one of the UK’s largest pension fund managers, has announced a joint venture with Scottish renewable energy company GreenPower to develop the Barachander onshore wind project in North Argyll.

Railpen, which oversees approximately £34 billion for the railways pension schemes, did not disclose the financial details of this new venture.

The Barachander wind farm is anticipated to produce around 66 megawatts (MW) of power and is being referred to as the "sister" project to the 46MW Carraig Gheal Wind Farm, which both companies currently co-own.

Currently in the pre-planning consultation phase, the Barachander project is expected to submit a formal planning application later this year. If approved, the development will feature nine to eleven wind turbines, each up to 180 metres tall, contributing to Railpen’s target of achieving net zero emissions across its investment portfolio by 2050.

Situated near an existing hydroelectric scheme and a commercial forestry plantation, the project will make use of a 34-kilometre timber haul access road built for the Carraig Gheal project, helping to reduce heavy traffic on public roads.

Tim Grimstone, Investment Manager at Railpen, recognised that a more favourable policy environment influenced the decision to expand the fund’s investments in onshore wind. The government’s recent efforts to accelerate onshore and offshore wind development align perfectly with our objectives, including our commitment to reaching Net Zero across our investment portfolio by 2050.

Therefore, the joint venture between Railpen and GreenPower to develop the Barachander onshore wind project marks a significant step towards expanding renewable energy infrastructure in the UK. By capitalising on a supportive policy environment and leveraging existing resources, this project not only advances Railpen’s commitment to achieving Net Zero but also contributes to the broader goal of sustainable energy development. The Barachander wind farm, with its substantial energy output and community benefits, underscores the critical role of strategic investments in shaping a greener future.