The Wales Pension Partnership (WPP) announced it will invest £68 million into onshore wind sites being developed by Welsh renewable energy business, Bute Energy.
A collaboration of the local government pensions schemes in Wales, the partnership claimed that, once operational, the onshore wind generation sites will offset roughly 7% of the country’s greenhouse gas (GHG) emissions.
Cardiff-based Bute Energy’s onshore wind and electricity grid projects are set to attract up to £3 billion of direct investment into Wales, whilst also delivering an estimated £800 million of community benefit funding to local communities.
“We’re delighted to welcome this public sector investment in renewable energy in Wales. Public sector workers across the country are investing in projects that will generate clean, green energy that homes, businesses, schools and hospitals will need in the future. They are not only investing in their future, but also the health and wellbeing of future generations in Wales,” said Oliver Millican, chairman of the Bute Energy Group.
“At Bute Energy our ambition is to power Wales with clean green energy, and empower our communities through investment, jobs, and skills. We share WPP’s values of long term, stable and sustainable investment.
“Just like Wales was at the heart of the first industrial revolution, it has all the natural resources, skills and innovative thinking to lead the green revolution. The Welsh government is determined that the benefit, value and wealth from this green revolution will come to and stay in Wales and this investment will help to guarantee that.”
WPP will now become a joint investor with Copenhagen Infrastructure Partners in Bute Energy’s energy parks.
Current± publisher Solar Media is hosting the third edition of its Wind Power Finance & Investment Summit Europe in London this 19-20 September. The conference will focus on investment strategies, alleviating bottlenecks, and which countries and technologies are the most exciting ahead as the industry sets to expand to help reach 2030 targets. Packed with industry leaders representing financiers, investors, developers, government departments and more this is the leading conference for decision makers in the European wind industry. More information, including how to attend, can be read here.