Wester Derry Wind Co-operative builds momentum
An innovative project designed to allow people to own and share in the benefits of local wind turbine is officially up and running. The Wester Derry Wind Co-operative launched on the 7th April and members of the public can now become members of the co-operative. They can buy shares from as little as £250 up to £50,000 and will receive a good return on their investment, along with substantial tax benefits.
The project is the brainchild of Glen Isla farmers Alastair and Diane Ramsay and aims to be the second wholly co-operatively owned wind turbine development in Scotland. The Co-operative will own a 250 kilowatt wind turbine at Wester Derry Farm, Kilry in the lower reaches of Glen Isla, Angus.
Speaking after the launch Diane Ramsay said “It’s great to be up and running and selling shares. We’re really pleased with the Share Offer Document which details everything about the share offer including projected financial returns. The document is on our web-site and also available for collection from outlets in Alyth, Blairgowrie and Coupar Angus.”
The project received a further boost recently when HMRC confirmed that the application for Advanced Assurance of Enterprise Investment Scheme (EIS) tax relief has been successful. This means that most taxpayers will be able to claim at least 30% of their investment back against tax.
People interested in investing in the project are invited to come to a drop in session at the Alyth hotel, Alyth on Saturday 10th May. The session will run from 10am – 2pm and co-op Directors will be on hand to answer any questions.
The co-operative is being developed in collaboration with Sharenergy, a not-for-profit organisation which helps community groups develop renewable energy co-ops throughout the UK.
Jon Halle of Sharenergy says “We are really keen that as many shares as possible are bought by local people. The drop in session is great opportunity for people to learn more about the offer and I’d encourage anyone interested in investing to come along.”
We are really keen that as many shares as possible are bought by local people. The drop in session is great opportunity for people to learn more about the offer and I’d encourage anyone interested in investing to come along.