The world’s first dedicated offshore wind energy fund has passed its £1 billion asset target.

The Green Investment Bank Financial Services (GIBFS) Offshore Wind Fund hit the milestone with the acquisition of its sixth asset, a 44% stake in the Lincs wind farm off the coast of Skegness.

The share in the 270MW site was bought for £429 million from Centrica and Siemens, with the main body of GIB paying £302 million for a further 31% stake.

The portfolio now has a combined capacity of 1.45MW and is worth £1.12 billion. Its investors include five UK local authority pension funds, which collectively manage the savings of 700,000 UK citizens.

It produces more than 4,500GWh of renewable power a year, avoiding around two million tonnes of greenhouse gas emissions.

Shaun Kingsbury, Chief Executive of GIB and Chair of GIBFS said: “Delivering the continuing growth of renewable energy is reliant on attracting new types of investors. In setting up an offshore wind fund, GIB has created an innovative way to connect deep pools of long term capital to UK green infrastructure projects.”

GIB says it is likely to be the final investment for the fund.

The UK has seen a £1.1 billion fall in renewable investment over the past six months.