Iona Wind Partnership
The Bank has committed to invest £13m in an 800MW greenfield, onshore wind investment fund in Scotland, the Iona Wind Partnership.
The Bank's investment in the Iona Wind Partnership aligns with the Bank's net zero mission in supporting the expansion of clean, renewable energy in Scotland.
Iona’s turbines, once built, are expected to generate clean renewable power estimated to avoid 12,800 kilotons of emissions and to power 850,000 homes with renewable energy.
"The Iona Wind Partnership has the potential to deliver renewable energy for up to 850,000 homes and significantly reduce emissions.''Eilidh Mactaggart
CEO - Scottish National Investment Bank
Reduction in emissions
Projects across Scotland
Eilidh Mactaggart, CEO of the Scottish National Investment Bank said:
“The Iona Wind Partnership has the potential to deliver renewable energy for up to 850,000 homes and significantly reduce emissions and supports the Bank’s net zero mission.
“The development of onshore wind in the UK has stalled since the removal of subsidies in 2015. The Bank's investment has allowed Asper IM to reach the required scale to make the fund a reality.
“We are pleased to be working with Asper Investment Management who are committed to investing in businesses that develop, build and operate sustainable infrastructure and assets and have a track record in developing onshore wind projects.’’
Luis Quiroga, Head of Investor Relations at Asper said:
“We are delighted to have the Scottish National Investment Bank’s support for Iona. Asper’s expertise is to “build the new” infrastructure for the energy transition. And Iona’s investments will make a crucial contribution to Scotland's future - helping to decarbonise its energy supply and boosting the Scottish economy.”
Alignment to United Nation's Sustainable Development Goals
All of the investments the Bank makes support the UN's Sustainable Development Goals. This investment supports the goals below:
Affordable and Clean Energy
Onshore wind is affordable, sustainable and clean
Decent Work and Economic Growth
Asper IM specialise in greenfield/new build opportunities
Industry, Innovation & Infrastructure
Established technology, cost competitive across the long term
Reduced reliance on fossil fuels