Wales Pension Partnership (WPP) is set to collaborate with CIP Bute Energy to jointly invest in a portfolio of renewable energy projects spanning Wales. This strategic partnership will see WPP investing £68 million alongside CIP's Flagship Funds into Bute Energy's renewable energy endeavors.
Bute Energy's Energy Parks and electricity grid projects are poised to attract substantial direct investment, estimated at up to £3 billion, into Wales. This infusion of capital is anticipated to make a significant contribution to economic growth and job creation within the Welsh economy.
These projects will not only create employment opportunities during their construction phase but also provide skilled, long-term employment prospects once they are operational, with project locations distributed across Wales.
This substantial investment aligns with the Welsh government's ambitious targets for achieving 100% renewable electricity by 2035. Additionally, it supports the objective of having 1 gigawatt (GW) of locally owned renewable electricity and heat capacity by 2030.
Nischal Agarwal, Partner at CIP, expressed enthusiasm about the partnership with WPP and Bute Energy, stating, “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.”
He emphasized the considerable economic potential of the Welsh renewable energy sector, encompassing reduced energy costs for consumers, job creation, community support, and sustainable long-term investments that benefit the public sector.
