The Spirit of Lanarkshire Wind Energy Co-operative has launched its second round of fundraising for a wind farm that is expected to begin generating electricity this month.
After the success of the first phase of funding, which attracted £1m worth of investment back in June, organisers are optimistic that it will raise a further £1.7m before March next year.
Investors and savers from across the community are invited to put their cash into two farms: Nutberry Wind Farm, near Coalburn, and West Browncastle Wind Farm, near Strathaven, both developed by Falck Renewables Wind Ltd.
The Nutberry Wind Farm is host to six turbines, which are expected to be generating electricity by late October, and Browncastle Wind Farm will host 12 turbines, and is expected to be operational by April.
The co-operative has been put together as the latest in a series of similar projects organised by non-profit organisation Energy4All. Investors have typically seen annual returns of 8.5% on their capital in previous projects.
Jim Lee, chair of Spirit of Lanarkshire said, “Following the outstanding success of the first phase of the public share offer, there is now the opportunity for people in South Lanarkshire and beyond to benefit, by becoming a member of the new co-op in the second phase.”
He added, “We think it’s good news when people in the community own a share in a local windfarm, it means that some of the wealth generated by the project flows back in to the community, rather than to remote financial institutions.”