Tesco Stores earlier signed a 15-year PPA for the wind farm
BayWa r.e. has completed the sale of the 24MW Inverclyde Windfarm to James Jones & Sons and London-based specialist asset manager, Gresham House Asset Management.
Featuring eight wind turbines, the country’s first subsidy-free windfarm is located in Inverclyde, south of Greenock and west of Port Glasgow.
The clean energy generated by the wind facility is expected to displace more than 18,000 tonnes of CO2 emissions annually.
Earlier this year, Tesco Stores has signed a 15-year Power Purchase Agreement (PPA) for the wind farm.
The power purchase is expected to contribute to the retailer’s commitment to use 100% renewable electricity across the Tesco Group by 2030.
The Inverclyde Windfarm acquisition continues BayWa r.e.’s relationship with Gresham House Asset Management, which previously acquired Wathegar 2 wind farm.
BayWa r.e. UK managing director John Milligan said: “What is so significant about this windfarm 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 windfarm in the UK, this is a significant milestone in the energy transition.”
BayWa r.e. has previously developed a first subsidy-free utility-scale PV plant, Don Rodrigo in Seville, Spain, in 2018.
The Inverclyde Windfarm continues BayWa r.e.’s growth in the UK, where it has developed and/or managed 232 projects.
In 2020, the company has also forayed into the offshore wind space, after signing an agreement to join the existing consortium of Ideol and Elicio to prepare a joint bid for Crown Estate Scotland’s ScotWind tender.