A pioneering co-operative venture which is striving to put the development and benefits of renewable energy projects into the hands of Cornish communities is urging potential investors to come forward to help ensure that the financial, social and environmental benefits of the initiative are kept within the county.
In the past twelve weeks Community Power Cornwall has raised over £30,000 through its public share issue but with the share offer deadline of 12th June looming, the co-operative is keen to encourage more individuals to commit their investment to help the community-ownership model achieve its objectives.
Community Power Cornwall’s initial share offer aims to secure funding for three wind turbines, with funding for additional developments to be secured from future share issues and other sources.
Shares in the co-operative are available until 5pm on 12th June at £1 per share with a minimum investment of £50 and a maximum of £20,000. Community Power Cornwall will take advantage of the financial incentives offered by the Feed-in Tariff and expects to pay shareholders a return of 1% in year one rising to 7% in year five. Surpluses made through the venture will also be allocated to re-investment in further local renewable generation capacity and community grants.
Neil Farrington, Co-Director of Community Power Cornwall said: “The more money that we raise through our share offer means that we need to borrow less from commercial lenders, ensuring that the financial benefits are enjoyed by shareholders in Cornwall. We’ve been successful in attracting investment from individuals who have knowledge of renewable energy technologies and investments but we’d really like to work with a broader group of investors united by a desire to support the development of community led renewable energy projects in Cornwall.”
Community Power Cornwall will be at the Royal Cornwall Show in the Green Energy Village, stand 256 on 9th to 11th June when they hope to attract additional support from sustainably minded show visitors.
Neil Farrington continued: “The final push is on to bring in another £40,000 through the share issue and ensure that the financial benefits for Cornwall aren’t diluted.”
For a copy of Community Power Cornwall’s share offer brochure visit www.communitypowercornwall.coop