Strathclyde Pension Fund (SPF) is investing £30 million for offshore wind projects in the UK.
The investment is being made through a follow-on deal with the Green Investment Bank (GIB).
Members of the SPF expect returns of 9% to 11%.
The pension fund said: “The current pipeline of further potential acquisitions is strong; the business case for one asset in particular is highly compelling and would complete the investment phase of the fund.
“GIB have approached investors for additional funding for the purchase of the new asset or others in the pipeline; a follow-on investment would not only provide funding for the additional purchases but also provide SPF with a larger stake in the existing GIB OWF [Offshore Wind Farm] asset pool.”