A renewable energy co-operative that launched a share offer on Monday, inviting investors to pledge towards two community-owned 500 kilowatt (kW) wind turbines in Derbyshire and Yorkshire, has raised nearly £100,000 in less than 24 hours.
Four Winds Energy Co-op hopes to raise £3.7m by the end of July through a mix of local people, clean energy supporters and ordinary investors. Renewables specialist Energy4All has developed the wind turbines.
Paul Rea, chairman of the Four Winds Energy Co-op, said, “This project is driven by the desire to retain the benefits from renewable energy for the local community. With the help of Energy4All, we’re confident that the £3.7m will be raised within the 60-day deadline. Energy4All have an excellent track record in making things happen.
“The project has been designed to allow small investors to get involved. From as little as £100, for those living closest to the turbines, ordinary investors can see returns that outstrip anything a high street bank or building society can offer.”
Under the project, the firms would develop a 500KW wind turbine at Duckmanton, near Chesterfield, and a similar one near Barnsley. In addition, they have submitted planning applications for sites at Riccall, near Selby, and Yorkshire Main, near Doncaster.
Marna McMillin, CEO of Energy4All, added, “We have a loyal membership base who invests small amounts in many of our projects. They are people looking for investment alternatives with better returns, and those who believe in the importance of renewable energy.
“Our share offers are well structured, transparent, and profitable. In a climate where public trust in our traditional banking system has been eroded, we offer something new that investors can really believe in.”
Photo: Hepburn Wind via Flickr