Baringa supports Tesco with development of onshore wind parks
Tesco has agreed three long-term Power Purchase Agreements with EDF ER, BayWa and Scottish Power Renewables for the build of three onshore wind parks. The three deals were supported by consultants from Baringa Partners, who also helped Tesco draw up its renewable energy strategy.
In recent months, Baringa has supported UK retail giant Tesco on three new contracts for the development of onshore wind parks. The trio of agreements come in relation to Tesco’s renewable energy strategy, which it developed with support of consultants from Baringa. The consultancy also supported the execution of the procurement phase and with the setup and running of the three programmes.
This saw Baringa advise Tesco in relation to its procurement and execution of three long-term Power Purchase Agreements (PPAs). The confirmed sites across Scotland are an onshore wind farm at Burnfoot East, in partnership with EDF; another onshore site at Inverclyde, with BayWa r.e; and a third onshore wind park at Halsary, in partnership with ScottishPower.
The projects, which are expected to reach commercial operation in 2021, are set to be some of the first built in the UK without government support – the PPA from Tesco being a critical factor in unlocking the capital required to fund construction. Two further wind farms and a solar farm will also be developed.
Ilesh Patel, Partner at Baringa Partners, said of the engagement, “We are delighted to have helped Tesco to pioneer innovative new renewable energy Power Purchase Agreements, driving some of the first unsubsidised renewables generation plant in the UK market to date. The scale and breadth of these agreements will kick start the next phase of renewable energy deployment in the UK.”
Renewable energy sources set a new record in the last year by meeting a third of the UK’s power generation last year after the UK’s capacity to generate power from the sun, wind, water and waste grew by 10%. Offshore and onshore wind is the biggest source of renewable energy in the UK, outstripping other renewable sources by 13.8%, and the combined generation of coal, oil, and others by 6.5%.
Launched in 2000, British business and technology consultancy Baringa Partners has been going through a sustained period of growth. The consultancy currently has a team of around 580 staff and 60 partners across its four practice areas of Energy & Resources, Financial Services, Telecoms & Media and Consumer Products & Retail.
