Bute Energy attracts EUR 80m investment in onshore wind pipepline
Image credits: Alamy Stock Photo.
The Wales Pension Partnership (WPP) is investing about GBP 68 million (USD 84.3m/EUR 79.1m) in a portfolio of onshore wind farm projects being developed by Cardiff-headquartered renewable energy company Bute Energy.
Once operational, the energy parks are forecast to result in about GBP 800 million of community benefit funding to the communities living closest to the projects and will generate enough clean energy to reduce carbon dioxide emissions by more than 2.6 million tonnes per year, according to a recent statement.
Bute Energy’s energy parks and electricity grid projects are expected to attract up to GBP 3 billion of direct investment into Wales.
Founded in 2018, Bute Energy develops onshore wind and solar farms in Wales. The company is currently working on six onshore wind projects at different stages of development, according to its website. Among them are the 14-turbine Twyn Hywel Energy Park with a targeted capacity of 92.4 MW, the early-stage 46.2-MW Banc Du Energy Park, and the Llyn Lort project that is expected to have up to 25 wind turbines generating 165 MW of clean electricity.
The WPP is a collaboration of the eight local government pension scheme funds. It had total assets worth GBP 22.5 billion, of which GBP 15.7 billion already pooled, as of end-March.