THE new £35m wind farm on the hills above Greenock is set to power a £700k windfall for local voluntary and community groups.
Cash will flow into local good causes under a tie-up between the site developers, Inverclyde Renewables, and Inverclyde Community Fund.
The energy firm has been snapped up by Larbert-based sawmilling group James Jones & Sons Ltd, in a joint deal with London-based specialist asset manager, Gresham House.
One of their obligations will be to deliver community benefits for Inverclyde residents.
With the wind farm now operational, the community fund will receive an annual payment linked to the energy output of the farm.
It's estimated to be worth in the region of £72,000 each year until 2031.
The cash is being described as a 'major boost to Inverclyde’s third sector organisations', with the new Wind Farm Fund set to launch in March.
Eleanor Robertson, chair of Inverclyde Community Fund, said: “This is a wonderful boost following a very tough year for so many, and we are delighted to secure such a significant level of investment for our Inverclyde communities.
“Since the discussions started in early 2020, the ICF trustees have viewed this as a fabulous opportunity to create a strong working partnership with the wind farm owners.
“We would like to thank BayWa r.e. for their initial support and both James Jones & Sons Ltd and Gresham House Asset Management for showing their commitment to giving something back to locals.
“We look forward to releasing further details of the fund and how groups and organisations will be able to apply for support for their projects.”
Inverclyde Renewables LLP owners James Jones & Sons are the UK’s largest family-owned timber processor, with annual sales over £180m.
Chair Tom Bruce-Jones said: “We are delighted to partner with Inverclyde Community Fund and see this as the start of a long and successful partnership.
"We have a very strong ethos of supporting all the local communities where we operate, and this investment into Inverclyde should make a significant impact locally and we look
forward to following the ICF’s proposed projects and their progress.
“As a company, we are very committed towards enhancing our carbon negative credentials and this investment is another very strong realisation of that strategy.“
Wayne Cranstone, investment director at Gresham House Asset Management, added: “We are delighted to be working with James Jones & Sons and supporting the development of this wind farm project.
“It will provide a significant boost to Inverclyde’s economy and community, and is a positive step in building a more sustainable and greener future for the UK in line with the government’s net-zero emissions targets set out last year.”
The wind farm's eight wind turbines stand 110m tall and are sited in the area around parts of Burnhead, Lurg Moor, Maukinhill Moor and Corlic Hill in Greenock.
The 24 MW wind farm will displace more than 18,000 tonnes of CO2 emissions annually.
The Tele revealed last year that the power generated from the site was being purchased by supermarket giants Tesco in a 15-year deal towards their commitment to using 100 per cent
renewable electricity by 2030.
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