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A new publicly-owned renewable energy company has been created by the Welsh Government.

Ynni Cymru, which was launched on Monday August 7, will be based in Anglesey and has been set up to expand community-owned renewable energy generation across Wales.

Its creation, which was first announced back in October last year, forms part of the Co-operation Agreement between the Welsh Government and Plaid Cymru.

Wales’ climate change minister, Julie James, said its launch puts Wales on the “pathway to meet the equivalent of 100% of our annual electricity consumption from renewable electricity by 2035, and to continue to keep pace with consumption thereafter”.

She continued: “However, to reach this we need a rapid transformation of our energy system.

“The current market-based approach to the energy system is not delivering decarbonisation at the scale or pace necessary for the climate emergency and has not been retaining sufficient benefit in Wales.

“Local use of locally-generated energy is an effective way to support net zero and keep the benefit in our communities.

“Ynni Cymru will complement the great work already being undertaken by the Welsh Government Energy Service and Community Energy Wales, especially around scaling up and increasing the impact of renewable energy assets across Wales.”

She added: “We are taking the lead in shaping the energy system to drive Wales towards meeting its net zero targets and delivering on wellbeing goals for a more prosperous future.”

Plaid Cymru designated member Siân Gwenllian hailed the “ambitious project” which she said “aims to give local people and communities control over local resources and renewable energy initiatives”.

She continued: “As we face multiple challenges of a climate crisis and high energy bills, it is more important than ever that we develop renewable energy projects that have local benefit and ownership as a core aim.

“How we produce and consume energy is an essential part of achieving net zero and establishing Ynni Cymru is a key development in our ambitions.”

Ms Gwenllian said Ynni Cymru’s “investment in expanding community-owned renewable energy generation will help decarbonise our energy supply with sustainable green energy and directly benefit people who live in those communities”.

During a visit to a community-owned hydro electric plant in Gwynedd, Ms James and Ms Gwenllian confirmed that £750,000 in grants are being given to 11 projects across Wales over the next three years.