Stewart Energy

Rural Business: Stewart Energy

Community Group: Lesmahagow Development Trust

Location: South Lanarkshire

Date of Completion: August 2015

 

The farm business received support from CARES in order to carry out the pre-planning work necessary to achieve planning for the Marshill Turbine. During this process, Lesmahagow Development Trust (LDT) were identified as the most suitable recipient of the community benefit payment provided through the revenue generated by the turbine. LDT were also offered the opportunity to invest in the Marshill Turbine and become a joint owner, increasing the benefit to the local area.

Discussions commenced between Stewart Energy, LDT, and the Renewable Energy Investment Fund (REIF) team. The community therefore explored the possibility of being a collaborative partner in the project, owning 25% of the three turbine development. The 2.3MW wind project is 75% owned by Stewart Energy as a rural business and 25% owned by LDT as the local community.

The deal between Stewart Energy and LDT at financial close in February 2015 was the exact deal as had been confirmed in December 2013. The LDT now have an annual six figure income for the next 20 years from their MW payment and dividends as part owners of the turbines with the possibility to match this figure.

 

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