1st June 2018 – Grannell Community Energy (GCE) has today announced the launch of its Share Offer to the public. This is the first community benefit project of this size in Ceredigion where a 500kW wind turbine has been built and shares offered to the public.
Grannell Community Energy is managing the project and to date funding for the project has come from short term loans from the Development Bank of Wales and an Ynni Lleol Grant. The loan will be refinanced using the money raised from the share offers.
GCE is a Community Benefit Society, meaning that anyone aged 16 and over can become a member and purchase shares to become a part-owner of the wind turbine. This is the first time the public are being given the opportunity to become members and buy shares in this innovative local community energy project in the Lampeter area.
The Share Offer is part of a fundraising exercise by GCE to raise £700,000 in order to fund the initial build of the wind turbine. The community group is inviting people from the local area and beyond to buy shares and become members of the project.
Grannell Community Energy want to give as many local people as possible the opportunity to buy shares for themselves and family members. Therefore, if you are living in Ceredigion, SA40 and SY23 you are invited to invest £100 or more. Outside these areas the minimum investment is £250. The annual return for members is projected to average 5% per year over the next 20 years. Members will receive interest on their shares after a few years and will also be asked to vote at the yearly AGM.
The project will also generate a community fund which is expected to total approximately £5,000 a year (index-linked), this fund will support local projects bringing social, economic and environmental benefits to Llanwnnen, Llanfihangel Ystrad, and Lampeter.
Elly Foster, Chair of Grannell Community Energy, said: “It’s taken a lot of hard work to get this far and we are really excited to be able to offer shares in the wind turbine at last. The aim is to raise the funds within the next few months and hopefully if we reach the target to start building before Christmas 2018!”
The wind turbine is an Enercon E48 500kW machine which will be installed at Ffrwd Farm near Cribyn, Lampeter. The turbine, which has a 50-metre tower and 44-metre rotor diameter, will generate approximately 1700 MWh of electricity per year – enough for about 450 homes. It is estimated that it will prevent about 600 tonnes of CO2 from entering the atmosphere a year.
Lindsay Thomas, Treasurer of Grannell Community Energy said: “This is a unique opportunity for anyone with an interest in renewable energy and the environment, as well as the financial benefits of being involved, members who buy shares will know they are making a difference for generations to come, as well as supporting our local community.”
For more information and to download a copy of the Share Offer Document please visit www.grannellcoop.org.uk
Grannell Community Energy is supported by Sharenergy, based in Shrewsbury, who have facilitated over 30 community energy projects throughout the UK, and their extensive experience is being brought to bear on this project.