Wales Pension Partnership (WPP) will jointly invest alongside CIP Bute Energy’s portfolio of renewable energy projects across Wales.
WPP will invest, alongside CIP’s Flagship Funds, £68m into the renewable energy projects being developed by Bute Energy.
Bute Energy’s Energy Parks and electricity grid projects are expected to attract up to £3bn of direct investment into Wales, delivering a material boost for economic growth and employment for the Welsh economy.
The projects will generate jobs during their construction phase and skilled long-term employment during their operational phase at locations across Wales.
This investment will contribute to the Welsh government’s targets for electricity to be 100% renewable by 2035 and contribute to targets for 1GW of renewable electricity and heat capacity to be locally owned by 2030.
Partner at CIP Nischal Agarwal said: “CIP welcomes WPP as a co-investor in our partnership with Bute Energy, and we are proud to be joining forces with partners that share our passion and vision for renewables to play a leading role in the energy future of Wales.
“The Welsh renewable energy sector holds significant economic potential – in lowering energy bills for consumers, in creating local jobs, in securing funds to support local communities, but also in providing value to the public sector through the opportunity to make long-term sustainable investments.”