Railways pension scheme RPMI Railpen has acquired a 90% stake in the 46MW Carraig Gheal wind farm in Argyll and Bute, Scotland, from GreenPower International.
The project comprises 20 Siemens Gamesa 2.3MW turbines and has been operational since 2013.
It benefits from support under the Renewables Obligation scheme.
No details of the transaction price have been revealed.
GreenPower will retain a 10% shareholding in Carraig Gheal and will continue to provide ongoing operations and commercial management services to the project.
Railpen, which manages £30bn of assets on behalf of the railways pension schemes, was advised by Pinsent Masons, Ernst & Young, Everoze and Willis Towers Watson.
GreenPower was advised by Gneiss Energy, Wood, CMS and RSM.
The purchase adds to Railpen’s direct investments in the sector, following last year’s acquisition of the Tralorg wind farm in South Ayrshire, Scotland, which is scheduled to be operational this year.
Railpen long-term income fund deputy portfolio manager Lewis Vanstone said: “The acquisition of Carraig Gheal wind farm fits naturally into our investment strategy.
“The project’s operating track record, as well as its sustainable, long-dated and asset-backed income characteristics provide the exact qualities that are attractive for our long-term income fund.
“The experience and expertise of our partner, GreenPower, ensure this deal will be of great long-term value for our scheme members.”
GreenPower International chief executive Rob Forrest said: “We are delighted to welcome Railpen as partners at Carraig Gheal, a project which is a significant part of our portfolio.
“We look forward to working with them on this and other opportunities in the future, as we help to deliver a zero carbon economy.”