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    Wales Pension Partnership makes £68m investment in onshore wind park project

    September 14, 2023 - Professional Pensions



      The Wales Pension Partnership (WPP) has made a £68m investment in an onshore wind energy park project, supporting the government's renewable energy target.

      Being developed by Wales-based renewable energy firm Bute Energy Group, the onshore wind parks will generate clean, green energy, and back the Welsh government's bid for electricity to be 100% renewable by 2035.

      The Local Government Pension Scheme (LGPS) pool's investment will allow the project, Energy Parks, to deliver around £800m of community benefit funding to communities living nearby, while the project is set to generate enough clean electricity to offset more than 2.6 million tonnes of CO2 emissions a year, which the pool said was equivalent to around 7% of Wales's total greenhouse gas emissions.

      WPP was advised by clean energy asset manager Capital Dynamics and law firms TLT and Burges Salmon.

      WPP joint governance committee Ted Palmer said: "We are at a critical time for society as we attempt to address climate change and the cost of living crisis, while creating green, skilled jobs. This investment in Bute Energy projects means that our members are contributing to addressing all of these issues while also retaining the wealth from renewable energy in Wales.

      "This will deliver ethical investments and will contribute to the wellbeing of future generations in Wales - as well as meeting Welsh government targets on local and shared ownership of renewable energy projects."

      Brute Energy Group chair Oliver Millican added: "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.

      "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."

      The views expressed in content distributed by Newstex and its re-distributors (collectively, "Newstex Authoritative Content") are solely those of the respective author(s) and not necessarily the views of Newstex et al. It is provided as general information only on an "AS IS" basis, without warranties and conferring no rights, which should not be relied upon as professional advice. Newstex et al. make no claims, promises or guarantees regarding its accuracy or completeness, nor as to the quality of the opinions and commentary contained therein.


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