Isra-Mart srl:Public sector wind turbines enjoy funding boost

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Isra-Mart srl news:

A British initiative to accelerate the rollout of renewable energy projects across the public sector received a major boost this week after securing a £19m investment from a Canadian pension fund.

The Carbon Trust-backed Partnerships for Renewables (PfR) scheme announced that OPTrust Private Markets Group, the infrastructure arm of a major Canadian pension plan, has shelled out up to £19m in return for a 33 per cent stake in the project.

OPTrust joins Carbon Trust Enterprises and HSBC Environmental Infrastructure Fund as a major investor in the company.

PfR chief executive Stephen Ainger said the investment process attracted a lot of interest and the deal would bolster PfR's plans for future growth.

"Importantly it will help us deliver the economic and environmental benefits associated with renewable energy development to an increasing number of public sector bodies," he said. "Our activities are picking up pace, with three planning applications now submitted and more to follow in 2011."

Earlier this month, PfR filed a planning application to install up to three 2MW to 3MW wind turbines next to Standford Hill prison on the Isle of Sheppey that will potentially generate enough electricity to power about 2,200 households a year.

OPTrust said the investment suited its portfolio given that many of its pension holders had worked in the public sector.

Kevin Warn-Schindel, group head and managing director of OPTrust Private Markets Group, said: "We are excited to participate in this venture which will complement and support our broader investments in the renewable energy sector. As our beneficiaries are active and retired civil servants, the unique public-private partnership that lies at the heart of the PfR value proposition is very appealing."

The government is currently looking to promote the installation of renewable energy technologies across the public sector following the introduction of the feed-in tariff incentive scheme earlier this year.

Over the summer energy and climate change secretary Chris Huhne also announced changes to rules that had previously stopped councils from selling energy in a move designed to encourage local government to invest in community-scale renewables projects.