Turbines project puts £15.6m into community
Mock-up of the Auchadaudie turbines
Three wind turbines are to be built in Argyll and Bute that will be capable of powering 4,000 households.
The 6.9-megawatt windfarm will be built by Fyne Homes, an Argyll-based social landlord and housing association
It is expected to generate £15.6 million of community and charitable benefit over the next 20 years.
It will be built with an £11.4m investment from Triodos Bank which was chosen because of its environmental mission and experience in renewable and social lending.
The Scottish Investment Bank, the investment arm of Scotland’s enterprise agencies, has also provided £2.82m for the project via the Renewable Energy Investment Fund. Initial support for the project was provide by the Community and Renewable Energy Scheme.
Colin Renfrew, chief executive at Fyne Homes, said: “Fyne Homes and the Fyne Group are delighted that this innovative project is about to start.
“We are appreciative that Triodos Bank and Scottish Investment Bank recognise the economic, social and environmental value of our three turbine development, providing essential investment to make the project a reality.
“The long term income from the three turbines will ensure the Fyne Group can continue to reinvest in our charitable objectives for social housing, local employment and sustainability, as well as providing investment for local priorities.”
Glenbarr residents will also be encouraged to be involved in developing the local investment strategy.
Norrie Cruickshank, account manager at Triodos Bank, said: “Fyne Energy is an exciting project that is going to tackle two pressing issues at the same time—affordable housing and clean energy.”
The project has been assisted by the Scottish Government, as part of a pilot to develop renewable income for reinvestment in affordable housing and community priorities.
Existing examples of community renewables are Islay Energy Trust and Tiree Community Development Trust.
The development at Auchadaduie, Glenbarr in the Kintyre Peninsula was initially conceived by Alan Hobbit, previously of Isle of Gigha Heritage Trust.
It has been developed by Fyne Futures, with support from Fyne Homes, the parent company. Fyne Homes are also recognised for their role in supporting communities in Argyll and Bute.