New £800 million fund launched to support projects in Wales
It aims to generate long-term social and economic benefits while supporting the Welsh Government's 2030 net zero targets.
Catryn Newton, director of community investment and communications at Bute Energy, said: "With the guidance and expertise of the trustees, money from the new Community Benefit Fund will undoubtedly transform the places, spaces, experiences, and the lives of those nearby the new energy parks developed."
The fund will be managed by an independently governed charity, with a board of trustees currently being recruited.
Trustees will oversee the distribution of grants to communities located near the energy parks, with funding guided by local panels.
The first site to benefit will be Twyn Hywel in Caerphilly.
Ms Newton said: "The charity is seeking exceptional individuals to join the new board of trustees at this pivotal moment, as they will help shape and govern the bold new model of grant-making and social investment in Welsh communities."
The fund will provide £7,500 per megawatt of a park's energy generation capacity, with funding allocated based on the number and size of turbines at each site.
A quarter of the grant funding will be ring-fenced to address the cost of living crisis, potentially supporting new community-owned energy projects.
Trustees will play a central role in ensuring the fund delivers 'systemic, place-based change'.
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