Carmarthenshire Energy Limited (CEL) has launched its second community share offer, offering the opportunity to invest in a £1.5m community-owned wind generator in Salem.
Carmarthenshire Energy is a not-for-profit Community Benefit Society that works with communities to develop renewable energy projects and tackle fuel poverty. The share offer has been planned in partnership with Sharenergy, experts in this type of alternative funding model.
The scheme is the first of its kind in Carmarthenshire and will benefit communities as significant surpluses will be reinvested by CEL in carbon and money saving measures for local businesses and householders, predicted to be approximately £2m over the life of the project. Investors in the project will become members of the Society and have a say in how this money is distributed.
The Society raised over £350,000 through their first community Share Offer back in November and are now looking to raise at least £640,000 by 11th July.
Welsh Government have supported the group both through the Ynni’r Fro programme and with a loan of £785,000 and a £25,000 grant towards the building of the 500kw wind generator which was recently completed and will be generating electricity in the next few weeks.
Chair of CEL, Dr Neil Lewis, said:
“You can join us with a minimum investment of £100 and it’s a great time to invest in renewable energy. We are offering a good rate of return along with the tax reliefs offered by the government’s new Personal Savings Allowance scheme.
The more money we can raise through community shares, the less we have to borrow. We would much rather pay interest to local people than the banks as this will put even more from the project back in to the local economy.
Countries like Scotland have benefitted immensely from community energy projects and we hope to do the same for communities here in Wales.”
To find out more about the Carmarthenshire Energy Share Offer, please visit: http://bit.ly/1GPKXkS
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