Inverclyde Community Fund
New Inverclyde Windfarm Joins Forces With Inverclyde Community Fund
Updated: Dec 10, 2020
Inverclyde Windfarm, in the countryside near Greenock, has been completed and sold, while also announcing a new partnership with Inverclyde Community Fund.
The facility is the first in the UK to be subsidy-free after a 15-year deal was agreed to supply electricity to Tesco.
Developer BayWa has sold the windfarm to James Jones & Sons Ltd and London-based specialist asset manager, Gresham House Asset Management.
The site, beside Corlic Hill, has eight turbines, with a total capacity of 24 megawatts and will displace more than 18,000 tonnes of carbon dioxide emissions annually.
John Milligan, managing director at BayWa r.e. UK, said:
“What is so significant about this windfarm is that it will generate green electricity at market prices without any government subsidies.
“We are also seeing more businesses sourcing electricity from renewables, which is good for them, society and our planet.
“As the first subsidy-free windfarm in the UK, this is a significant milestone in the energy transition.”
As part of the project, BayWa r.e. has also committed ongoing support for local communities in Inverclyde.
Alasdair Macleod, head of renewable development at BayWa r.e. UK, said:
“The renewable transition is about more than generating green power. There is also a whole green socio-economic transition that is taking place.
“For this project, we are delighted to have entered into a long-term community benefit agreement with Inverclyde Community Fund (ICF).
“ICF is a charitable trust that makes grants to support Inverclyde’s voluntary and community sector. We see this as an excellent model for delivering community benefit across a wide area, such as Inverclyde.”
Reflecting on the agreement, Eleanor Robertson, Chair of ICF said:
"On behalf of the ICF trustees, I would like to thank BayWa r.e. for their commitment to our local communities and creating this opportunity for long-term funding for our local groups and organisations.
"This agreement will see significant sums made available annually locally to support the successful delivery of projects."
Wayne Cranstone, investment director at Gresham House Asset Management said:
“Acquiring our first subsidy-free wind farm with a long-term corporate power purchase agreement (PPA) in place is a great achievement and hopefully will be the first of many if we are to help the country meet its net-zero carbon emissions target.”
James Jones & Sons Ltd is the UK’s largest, most diversified, family-owned timber processor with annual sales in excess of £180million.
Chairman Tom Bruce-Jones said:
“James Jones & Sons is delighted to have funded this acquisition. Enhancing our environmental impact has always been a fundamental part of our group ethos and strategy.”
Ideol and Elicio to prepare a joint bid for Crown Estate Scotland’s ScotWind tender.
In 2021, the company will also begin construction on two new onshore windfarms in South Lanarkshire and the Scottish Borders.