Image credit: Bute Energy
In a significant move toward sustainable energy, the Wales Pension Partnership (WPP) has committed a substantial £68 million investment to bolster Bute Energy's ambitious plan to establish a network of onshore wind farms throughout the region. This announcement was made official just yesterday.
The Local Government Pension Scheme (LGPS) consortium, represented by WPP, unveiled its intention to back Bute Energy's vision. This vision is not just about wind farms; it's about combating climate change. Bute Energy aspires to construct enough Energy Parks to mitigate the annual release of over 2.6 million tonnes of CO2, a quantity typically associated with fossil fuel-based energy sources. This achievement alone would account for roughly seven percent of Wales' total greenhouse gas emissions.
WPP was advised on the investment by clean energy asset manager Capital Dynamics and law firms TLT and Burges Salmon, it 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," said Flintshire county councillor Ted Palmer, chair of WPP's joint governance committee. "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."
He added: "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."
When these onshore wind farms become operational, they are projected to yield substantial community benefits, exceeding £800 million, for those closest to the Energy Parks. Additionally, this endeavor aligns with the Welsh Government's ambitious target of sourcing 100 percent of its electricity from renewable sources by 2035, as per Bute Energy's statement.
Bute Energy Group's chair, Oliver Millican, welcomed the public sector investment from WPP. "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," he said. "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."