A renewable energy co-operative seeking investors to support two community-owned 500 kilowatt (kW) wind turbines has extended its public share offer.
The Four Winds Energy Co-op has now received sufficient funding to develop its first turbine in Duckmanton, near Chesterfield, having raised over £2.6 million. Construction will start imminently and the project is expected to begin powering local homes in December.
In order to gain further investment for a second turbine at Shafton, near Barnsley, the co-op has extended its share offer until August 21.
“To date we have attracted a wide range of investors, with the help of Energy4All, the country’s leading expert in community owned renewable energy schemes. We have over 600 individual investors,” said Paul Rea, chairman of Four Winds Co-op.
Although investors from anywhere in the UK are invited to participate, the Co-op has appealed in particular to local residents that live near the turbines, who can invest as little as £100.
“We are delighted with the response we have received from local people over recent weeks. It’s great to see the community getting involved,” Rea added.
“We would like to give more people, particularly those living locally, the opportunity to invest.”
The project is expected to generate appealing returns for investors, at around 6-8% over its lifetime. HMRC has given its assurance that the shares will qualify for an Enterprise Investment Scheme tax relief of 30%.
The co-op has also submitted planning applications for further sites at Riccall, near Selby, and Yorkshire Main, near Doncaster.
Photo: Attilio Lombardo via Free Images
Take our 2014 reader survey and you could win an iPad, Kindle or donation to a charity of your choice.