Truly Good for Wales or Just Hot Air? Who Profits from the Turbines in the Green, Green Valleys?
Written by Lisa Baker
Wales, with its sweeping hills and gusty uplands, has become a poster child for renewable energy. Wind turbines now define many a Welsh skyline, turning quietly in the breeze and promising a future less dependent on fossil fuels. But while these iconic white spires may seem to symbolize local empowerment and environmental stewardship, the truth about wind energy in Wales is more complex. The key questions are: who actually owns the turbines? And is wind energy truly serving the people of Wales — or just blowing profits elsewhere?
The Boom in Welsh Wind
Wales has embraced wind energy more than most parts of the UK. As of 2022, approximately 59% of the electricity consumed in Wales came from renewable sources, with wind power making up a significant portion of that. With ambitious net-zero goals and the Welsh Government’s push for sustainability, wind energy seems like a natural fit for a country rich in open moorlands and coastal gusts.
But dig beneath the blades and wires, and a more nuanced picture emerges.
Who Really Owns the Wind Farms?
A significant portion of wind farms in Wales are owned and operated by large multinational corporations, including:
-
RWE (Germany) – One of the largest wind energy operators in Wales, responsible for projects like Brechfa Forest West and Clocaenog Forest Wind Farm .
-
Vattenfall (Sweden) – Operates the Pen y Cymoedd wind farm, one of the largest in the UK .
-
EDF Renewables (France) – Has investments in Welsh renewable projects .
-
Greencoat UK Wind PLC – While based in London, Greencoat is backed by global investors, and some of its financial structures are routed through offshore tax jurisdictions .
Many of these companies are headquartered outside of Wales — and in some cases, in tax havens or jurisdictions with opaque financial reporting. This means profits generated from Welsh wind can be routed through low-tax territories, reducing the fiscal return to the UK and Wales in particular. Here’s some examples:
Bryn Blaen Wind Farm
Located near Llangurig in Powys, the Bryn Blaen Wind Farm has been the subject of scrutiny regarding its ownership and operational status. According to investigative reporting, the wind farm is owned by Bryn Blaen Wind Farm Ltd, which is part of a chain of ownership leading to DS Jersey (Renewables) Limited, a company registered in Jersey—a jurisdiction often cited as a tax haven. Concerns have been raised about the wind farm’s lack of electricity generation and its financial arrangements.
Source: Jac o’ the North – Bryn Blaen, the wind turbines that never turn
Ventient Energy
Ventient Energy, which operates multiple wind farms across the UK, including some in Wales, has been reported to have a complex ownership structure involving entities in Luxembourg and the Cayman Islands. Such arrangements have prompted discussions about the implications for tax revenues and transparency.
Source: The Ferret – Revealed: Scottish wind farms owned in tax havens
Transmission Infrastructure Ownership
Beyond the wind farms themselves, ownership of the transmission infrastructure connecting offshore wind farms to the grid has also been linked to companies with ties to tax havens. For instance, firms like Equitix and Dalmore Capital, involved in owning offshore transmission assets, have connections to jurisdictions such as the Cayman Islands and Jersey.
Source: Wind Watch – Tax haven firms own £7.7bn of UK offshore wind power lines
Critics argue this undermines the public good promised by green energy, replacing it with corporate tax minimisation.
There are still benefits for communities from the majority of wind farms, as investors will generally have to also invest in communities as part of any planning agreements.
However, surely Welsh residents would prefer that ALL profits from the permanent changes to their landscape are ploughed back into companies based in Wales? I know I certainly would.
Local Ownership: The Exception, Not the Rule
A small but growing number of community-owned and Welsh-owned wind projects are trying to buck the trend:
-
Awel Co-op near Swansea is a flagship project, with turbines owned by local people and profits reinvested into the community .
-
Egni Co-op, focusing on solar but part of the same ethos, shows how local energy projects can succeed when supported .
The Welsh Government has declared an intention that all new renewable projects on public land should have “local ownership of at least 50%”. However, critics argue progress is slow, and access to finance and technical support remains a barrier for smaller, local developers.
Environmental Benefits vs Economic Leakage
There’s no doubt wind energy has reduced carbon emissions and supported Wales’ climate goals. But environmental gains don’t always translate into local economic prosperity.
-
Jobs? Construction phases create employment, but long-term jobs are relatively few and often highly specialized.
-
Revenue? Community benefit funds — small pots of money paid by developers to local communities — are welcome but pale in comparison to the profits earned from energy generation.
-
Control? Local communities often have little say in the siting and scale of projects near their homes.
The sense among some critics is that Wales provides the land and wind, but others reap the rewards.
So, Is It Truly Good for Wales?
The answer depends on the metric.
Environmentally? Absolutely. Wind power is helping Wales decarbonize.
Economically? The story is more mixed. While there are community successes, and certainly most of the wind farm owners will also invest in community projects, much of the wealth generated from wind still leaves Wales. The opportunity to create a truly Welsh-owned green energy sector — one that keeps profits local, empowers communities, and funds public services — is still more promise than practice.
Structurally? There are concerns. When renewable energy is delivered through firms based in tax havens and when public money props up projects that go nowhere, the integrity of the green agenda comes into question.
As more wind farms are planned for the coming decades, the challenge for Wales is to ensure the green, green valleys don’t just power the grid — but also empower the people who live there.
Conclusion
Wind power is not just a climate solution — it’s an economic one. But only if ownership is rooted in the communities most affected. Without a shift in who owns and profits from the turbines spinning above the valleys, Wales risks becoming a mere backdrop for someone else’s energy empire.
Note: All information provided is based on available data as of April 2025. For the most current information, please refer to the latest reports and official sources.
AI was used in researching this article
-
Regen – Monitoring Energy Generation in Wales
https://www.regen.co.uk/insights/monitoring-energy-generation-in-wales -
RWE – Clocaenog Forest Wind Farm Inauguration
https://www.rwe.com/en/press/rwe-renewables/2022-07-11-clocaenog-forest-wind-farm-inauguration-event -
Vattenfall – Pen y Cymoedd Wind Farm
https://powerplants.vattenfall.com/pen-y-cymoedd -
EDF Renewables – Where We Operate in Wales
https://www.edf-re.uk/about/where-we-operate-wales -
Greencoat UK Wind – Annual Report
https://www.greencoat-ukwind.com/~/media/Files/G/GreenCoat-UKWind/documents/greencoat-uk-wind-annual-report.pdf -
Awel Co-op – Community Wind Power Project
https://aat.cymru/awel -
Egni Co-op – Community Solar in Wales
https://communityenergy.wales/our-work/energy-generation/egni-co-op -
Welsh Government – Local and Shared Ownership of Energy Projects
https://www.gov.wales/sites/default/files/publications/2022-06/guidance-local-and-shared-ownership-of-energy-projects-in-wales_0.pdf -
The Guardian – Government Rejects Swansea Bay Tidal Lagoon
https://www.theguardian.com/business/2018/jun/25/government-rejects-plan-for-tidal-lagoon-in-swansea -
KnowESG – UK Government Funding for Biomass Projects in Wales
https://www.knowesg.com/investors/three-biomass-projects-in-wales-get-financing-from-uk-government-04082022
Image: wind turbines above Caerau by Lisa Baker
