Community wind turbine project powers ahead

MUCH HAS been made of the potential for community-owned renewable energy projects, but there are few examples which have been taken to fruition, writes Ewan Pate.

An exception is Dingwall Wind Co-op (DWC) which this week announced it had attracted 170 local investors in only 80 days

DWC’s share offer has achieved the target of £850,000, allowing it to progress with construction of a 250kW WTN turbine. Indeed the share offer has been over-subscribed and raised nearly £1m.

The instigators of the scheme say the response reinforces the benefits of such a scheme to locals. More than 85% of investors live within 10 miles of Dingwall.

The proposal was put to a public meeting as recently as September 20.

Although investors are obviously attracted by the potential financial return, there is also a community benefit. The contribution to a community fund has been set at a minimum of £2,000 a year, but is more likely to be around £8,000 in years of average wind speed.

The money will be reinvested into local projects.

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.”

Dingwall Wind Co-op was launched in front of a packed house at Dingwall Auction Mart on September 20, offering stakes ranging from £250 to £20,000.

RM Energy’s Mark Jennison, who introduced the idea of a community share offer to raise the funds, has been very impressed with the way the project has been run.

He said: “They have really delivered on all their promises.

“It demonstrates what can be achieved through the collaborative efforts of the local co-op board, ably supported by Sharenergy.

“This is an effective way for projects at this scale to be funded and provide a major contribution to the local community.”

DWC expect to offer investors a return on capital of around 7%.

The turbine site is at Knockbain just above Dingwall, and farm owner David Lockett and his son Richard are investors and sit on the co-op’s board along with other local directors.

Site preparation has started, with trenches being dug and cables laid.

The WTN 250kW turbine will be installed in spring.

Site preparation has started for Dingwall Wind Co-op’s turbine.