Work has begun on Scotland’s first 100% community-owned wind energy project in Dingwall.
Site preparation work is underway with trenches being dug and cables laid at the site at Knockbain Farm, just above the town of Dingwall.
The Dingwall Wind Co-op, which will own and manage a 250kW wind turbine, this week exceeded its target to sell £850,000 shares in the project.
The share offer has been over-subscribed and the co-op has raised nearly £1million from its 170 members, of whom more than 85% live within a ten-mile radius of Dingwall.
Originally launched at Dingwall Auction Mart on 20 September 2013, shares of between £250 and £20,000 in value were on offer. Estimated return on investment for members is around 7%.
The co-operative will contribute to a community fund a minimum of £2,000 a year, however this is likely to be around £8,000 in years of average wind speed.
“It is great news that the shares have sold so well and the fact that most have been bought by local folk makes this even better,” said co-op director John MacKenzie.
“It means that all the benefits will stay in the area and local people will be close to a renewable energy project in which they will have an ownership stake.”
The turbine will be installed in spring 2014.
Scottish-based RM Energy, who will supply the wind turbine, says the scheme demonstrates what can be achieved through the collaborative efforts of a local co-op board.
“This is an effective way for projects at this scale to be funded and provide a major contribution to the local community,” said the firm’s Mark Jennison.
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