Now that the turbine has been successfully commissioned, a few teething troubles have been fixed, and it is generating power effectively and efficiently, the Board is turning our attention to the next Share Offer.
We expect to launch this in Spring 2020. This will give us several months’ generation data so we can ensure the project is performing on or above target.
The construction costs were met by a combination of Grant Funding from the Welsh Government; the proceeds of our first share offer in 2018, which attracted investment from 129 individuals who raised £368,406; with the balance underwritten by a loan from Development Bank of Wales. The second share offer will enable us to repay some of the debt, which will increase the profitability of the turbine and therefore the size of the community benefit fund.
Since our last share offer was launched in June 2018, there has been a noticeable step change in public awareness of the Climate Emergency and the need to decarbonise our energy supplies.
We will be giving local people and supporters of community energy a second chance to own a stake in a project which is tackling these issues head on, without having to take on the risks of construction. Existing investors will also be able to increase their shareholdings if they wish.
Thanks to people like Greta Thunberg, Extinction Rebellion and Sir David Attenborough (to name just a few!) there is now a strong desire for people to use their money to make a positive difference. We therefore expect the second offer to attract a lot of interest.
Please keep watching this space for information about the new share offer. You can also register your interest with no commitment.