Winds of Change for Pension Fund Investment
The Tyne and Wear Pension Fund is reinforcing its 'green' credentials through investments in a fleet of ships designed to bring operational support to Dogger Bank Wind Farm.
The first of the highly specialised hybrid marine vessels - the Grampian Tyne - is already moored at the Port of Tyne. It will be joined by a further three sister ships in the coming years and play a vital role in the Dogger Bank project by transporting engineers and technicians to the site and facilitating the smooth running of operations.
The fleet is owned by North Star - the UK's leading offshore infrastructure support services vessel operator. North Star is owned by clients of Partners Group, a leading global private markets firm. The Tyne and Wear Pension Fund invested in North Star through its allocation to Partners Group's private infrastructure programmes.
Cllr Anne Walsh, Chair of the Pensions Committee for the Tyne and Wear Pension Fund, said: "The Dogger Bank Wind Farm will be the world's largest offshore wind farm when complete. It will generate around five per cent of the UK's electricity demand - enough to power 6 million homes with renewable energy - so it's very exciting to be playing a part in funding this.
"The investment in North Star will not only help us to achieve the investment returns we need for our members' pensions, it is also further evidence of the Fund's transition to investing in renewable energy."
North Star SOV operations director Steve Myers said: "We are extremely proud of our first offshore wind ship the high-quality accommodation and operational facilities the Grampian Tyne provides.
"We have very strong ties to the River Tyne and the North East of England through our client engagement initiatives, cadet program and the local maritime colleges they attend. We also work very closely with the region's supply chain and it's always a pleasure to take time out to showcase what can be achieved together."