Thursday 12 December 2013

Scottish wind co-op beats target, selling £1m of shares

Scottish wind co-op beats target, selling £1m of shares

A community energy group in Scotland announced it has sold £1 million of shares to 170 investors.

Dingwall Wind Co-op beat its £850,000 target and building the 250kW turbine can now begin.

Work has already begun on the site, with trenches being dug and cables laid (pictured). The turbine itself is due to be installed in spring next year.

More than 85% of shareholders live with 10 miles of Dingwall. Co-op director John MacKenzie said: “It is great news that the shares have sold so well and the fact that most have been bought by local folk makes this even better. It means that all the benefits will stay in the area and local people will be close to a renewable energy project in which they will have an ownership stake.”

The co-op was launched in September, offering a 7% return on investment and stakes ranging from £250 to £20,000.

Income from the turbines will also be used pay for more local energy projects, through a community fund.  At least £2,000 of the income from the turbine will be put into the pot each year but the co-op said the contribution is more likely to be around £8,000.

Written by

Bruna Pinhoni

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