BayWa RE has completed the sale of the 24MW Inverclyde wind farm to James Jones & Sons and London-based Gresham House Asset Management.
The eight-turbine facility, located south of Greenock and west of Port Glasgow in Scotland, is the UK’s first subsidy-free wind farm.
The Inverclyde wind farm also has a 15-year power purchase agreement (PPA) with Tesco Stores.
BayWa RE managing director John Milligan said: “What is so significant about this wind farm is that it will generate green electricity at market prices without any government subsidies.
“With renewable energy becoming the cheapest source of any form of new generation, we will see many more projects coming forward.
“We are also seeing more businesses sourcing electricity from renewables, which is good for them, society and our planet.
“This sale continues our successful relationship with Gresham House Asset Management, who we are pleased to be working with again.
“As the first subsidy-free wind farm in the UK, this is a significant milestone in the energy transition.”
Gresham House Asset Management investment director Wayne Cranstone added: “Acquiring our first subsidy free wind farm with a long-term corporate 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 family-owned timber processor with annual sales in excess of £180m.
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.”
As part of the project, BayWa RE has also entered into a long-term community benefit agreement with Inverclyde Community Fund (ICF), a charitable trust that makes grants to support Inverclyde’s voluntary and community sector. https://renews.biz/64995/baywa-clinches-inverclyde-sale/?fbclid=IwAR2MfHg7p-zZoxUnRCvMbZxtFNCrmON1krMuWARFF_Abh7t1mBtOsZmMbHM
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