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.”