Sawmiller James Jones purchases Scottish windfarm
8 December 2020UK sawmiller James Jones & Sons has acquired the UK’s first subsidy-free wind farm together with London-based specialist asset manager Gresham House Asset Management.
The wind farm in Inverclyde, south of Greenock and west of Port Glasgow, will sell all its electricity to Tesco.
The site consists of eight wind turbines and has a total capacity of 24MW. The clean energy produced will displace more than 18,000 tonnes of CO2 emissions annually.
Earlier this year, Tesco Stores Ltd signed a 15-year Power Purchase Agreement as the off-taker for the electricity – contributing to the retailer’s commitment to use 100% renewable electricity across the Tesco Group by 2030.
“James Jones & Sons is delighted to have funded this acquisition. Enhancing our environmental impact has always been a fundamental part of our Group ethos and strategy,” said James Jones chairman Tom Bruce-Jones.
“We have been at the forefront of innovation with regards to all environmental matters for a number of years and have pioneered a number of innovative processes and systems to enhance our carbon negative credentials. This transaction strengthens our trading and investment relations with Gresham House and we will be the initial Limited Partner in the new fund.”
James Jones & Sons Ltd has annual sales in excess of £180m.
