The initiative involves a number of multiple stakeholders providing £13 million of debt funding to allow the acquisition and development of the Pogbie wind farm site.
Once finalised, the 12-turbine scheme will generate 9.6 megawatts of energy. Nett surpluses from the project will then go towards communities that are suffering fuel poverty via not-for-profit energy supplier, Our Power, along with other local causes.
The wind farm is a collaboration between Our Power and Mongoose Energy, a majority-owned community group organisation set up in 2014 to develop and manage community energy systems. The company will be responsible for building the turbines and associated infrastructure, with ownership transferring to a community benefit company, Our Community Energy, on completion in 2018.
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Alister Steele, Chair of Our Power, said: "Our Power’s ambition includes securing a long-term supply of renewable energy. This innovative initiative will create the potential to not only secure local renewable energy in a cost effective way, which will help us deliver our social mission of tackling fuel poverty, but provides the potential for wider community investment in the assets. Directly linking renewable generation and not for profit ownership to addressing fuel poverty is a really exciting breakthrough."
Mark Kenber, Chief Executive Officer of Mongoose Energy, added: "Mongoose Energy’s mission is to drive community ownership and control of renewable energy generation to create a fair and sustainable energy system. We are delighted to be developing Pogbie wind farm which will offer local stakeholders the opportunity to invest directly in the project, contribute to addressing fuel poverty and provide tangible benefits to the local community."
Kerry Sharp, Director of the Scottish Investment Bank, said: "This innovative deal is a great example of how we can support initiatives that help deliver both commercial and societal benefits. Projects like Pogbie wind farm play an important part in helping grow Scotland’s renewable energy generation capability while addressing the issue of fuel poverty."
(LM)
