LGPS Pool Wales Pension Partnership (WPP) has announced a £68m commitment to wind projects to be managed by private market firm Capital Dynamics.
Once the project is fully operational, Capital Dynamics estimates that it will generate enough clean, green electricity to offset more than 2.6 million tons of CO2 emissions a year – equivalent to ca.7% of Wales total greenhouse gas emissions.
The windfarm projects are located across Wales and contribute towards the Welsh government’s targets for electricity to be 100% renewable by 2035 as well as targets for 1GW of renewable electricity and heat capacity to be locally owned by 2030.
Councillor Ted Palmer, chair of the WPP Joint Governance Committee, commented: “This will deliver ethical investments and will contribute to the wellbeing of future generations in Wales – as well as meeting Welsh Government targets on local and shared ownership of renewable energy projects.”
WPP, the £22.5bn pooling entity for eight Welsh LGPS funds has only recently started to branch out into private markets, with infrastructure and private credit investments having been announced earlier this year.
The collaboration with Capital Dynamics follows an initial investment by Clywd Pension Fund, one of WPP’s member funds in August last year.
