United Kingdom

United Kingdom

Community investment scheme set up for proposed wind farm

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National Wind Power (NWP) and Baywind Energy Co-operative (BECo-op) have joined forces to set up a community investment scheme linked to NWP's proposed Wharrels Hill wind farm in Cumbria. Investors will be able to buy new shares in BECo-op to secure an interest in one or more of the turbines. "BECo-op has had tremendous success with similar schemes at two wind farms in south Cumbria," says the company's Harvey Tordoff. "We now have over 1300 shareholders who between them own three wind turbines." He adds that BECo-op's members are eager to invest in more wind. "From past experience a scheme like this will generate enough interest to allow investors to own at least one full turbine." If NWP gets consent for Wharrels Hill, shares in the project will be offered in a range of investment levels from £300 to £20,000. BECo-op says that since it was created in 1996, rates of return in excess of those on most building society accounts have been achieved.

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