The new multimillion pound wind farm, which was bought by James Jones & Sons in a joint deal with London-based specialist asset manager, Gresham House Asset Management in December 2020, is set to generate significant funding for local voluntary and community groups, thanks to decade-long partnership agreement between Inverclyde Renewables LLP and Inverclyde Community Fund.
One of the obligations of the new wind farm is to ensure the creation of community benefits for Inverclyde residents resulting from the development.
Commenting on the new partnership, 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 its 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.”
Reflecting on the new partnership, 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 Ltd and supporting the development of this windfarm 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 24 MW wind farm will displace more than 18,000 tonnes of CO2 emissions annually.