Community schemes for wind turbines appear to be blowing away cries of “Not in my back yard” when those same communities are able to benefit.
Healthy returns are motivating people to invest their own time, energy and money into these projects. Investors of the UK’s first community funded wind farm in the Forest of Dean, South West England expect an 8% annual return for the next 20 years. Investors purchased debenture shares for a guaranteed share of the profits generated. They receive one twentieth of their original capital each year. This merely returns their investment over 20 year the life of the Feed in Tariff arrangements. There are other benefits though. They receive free electricity and revenue feeds a community trust fund which can double the parish’s income.
This high degree of community involvement and benefit can overcome local resistance whilst overcoming the challenge of getting development plans past local planning officials. The tangible benefits help the communities to gain physically and financially.
If you know of any community schemes needing help, get in touch with us. We offer advice as well as contacts. In fact, one of our Energy Team’s lawyers is also a director of Community Renewable Energy Limited, which is a social enterprise working with local communities to develop renewal energy projects.
For more information, help or advice on any Energy related issue please contact our Energy Team on 0191 211 7777 or email [email protected].