SNP MSP launches funding second round for Wemyss Bay community wind farm

Stuart McMillan
Stuart McMillan

Stuart McMillan, MSP for Greenock, is due to launch the second tranche of shares in the Small Wind Co-op tomorrow in Glasgow’s Quaker Meeting House after the first phase raised more than £1 million to fund the installation of farm-scale wind turbines at Wemyss Bay, Inverclyde.

As well as offering a stable return for members, supported by the government-guaranteed Feed-in Tariff, the 2 x 100kW project will generate a community fund of £3,000 a year (index-linked) for 20 years.

For this second tranche, which aims to raise £500,000, people who live within postcodes which are within 20 miles of the projects have the opportunity to invest in £100,000 of shares set aside for local investment for the first two weeks of the offer period – until 1 November.  

The minimum investment is just £100 and projected average annual returns are 6.5% over 20 years.

McMillan said: Well done to everyone involved with the Small Wind Co-op. £1 million is a fantastic achievement and I’m delighted that work can now go ahead on the Kellybank turbines, supporting initiatives that improve employment prospects and grow a further sense of community in Inverclyde.”

Jon Halle, Director, Small Wind Co-op, said: More than 300 people joined us to help raise over £1 million this summer, which means the groundwork is now getting underway at Kellybank and we’re now building on that momentum with our second offer.”

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