We’ve now launched the second tranche of shares to fund farm-scale wind turbines at Wemyss Bay, Inverclyde and in Ceredigion, Wales.
Over 80,000 shares have already been subscribed. This follows our successful share offer this summer which smashed through its target to raise over £1 million, attracting over 300 members from throughout the UK. We’re now aiming to raise another £550,000, with priority for local applicants. People who live in postcodes within 20 miles of the projects will benefit from £100,000 of shares set aside for locals until 1 November. The minimum investment is just £100 and projected average annual returns are 6.5% over 20 years.
“Over 300 people joined us to help raise over £1 million this summer which means the groundwork is now getting underway in Scotland and the turbine has been ordered for Wales. We’re building on that momentum with our second offer and we really want to encourage those living in the vicinity of the turbines to join our supporters from across Scotland and the UK.”
Jon Halle, Director, Small Wind Co-op
As well as offering a stable return for members, supported by the government-guaranteed Feed-in Tariff, the project will generate a community fund of £3,000 a year (index-linked) for 20 years at each site in Scotland and Wales. The project has attracted support from politicians across the political spectrum in both Scotland and Wales.
“It’s great news that work is about to start on the Kellybank turbines, supporting initiatives that improve employment prospects and grow a further sense of community in Inverclyde. And now local people have a second chance to join the co-operative and benefit directly from owning a share in these wind turbines. The impressive levels of electricity generated from wind recently are evidence that we should be investing in Scotland’s enviable potential for a clean and reliable source of energy for our future. “The Scottish Government will ensure that by 2020 at least half of newly consented renewable energy projects will have an element of shared ownership like this one. And we will argue for Scottish control of our share of feed-in tariffs to help promote community ownership schemes.”
Stuart McMillan, MSP, SNP
“Congratulations to everyone involved with the Small Wind Co-op. Initiatives like this give local people a chance to invest in their communities and a clean energy future. To have raised £1 million already is a fantastic achievement, and it’s exciting that people are being given another opportunity to support this great project.”
Alice Hooker Stroud, leader of the Wales Green Party
It’s great to have such good support. We’ve already had lots of interest so if you’re thinking of joining us don’t wait too long – the offer closes on December 2nd or earlier if it’s fully subscribed. For all the details download our share offer document or call 0800 043 4133 for a hard copy