THE Scottish National Investment Bank has said it is investing £13m in a windfarm venture managed by a London business.

The bank said the investment in the Iona Wind Partnership will accelerate the delivery of an onshore wind pipeline in Scotland.

It said the partnership is focussed on building 800MW of onshore wind capacity by 2026.

Scottish National Investment Bank chief executive Eilidh Mactaggart 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.”

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A spokesperson for the bank said the partnership had identified potential sites across Scotland, subject to winning planning permission, without providing further details.

The Iona Wind Partnership is managed by Asper Investment Management which is based in London. Asper has invested in onshore windfarm ventures in the UK, Sweden and Ireland.

The Scottish National Investment Bank has been allocated £2 billion capital by the government. It has committed around £130m in its first 11 months of operations.

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On Monday the bank’s chairman Willie Watt, noted he expected it to invest more in companies that could support the transition to net zero.