The local co-operative formed to own a stake in the new Boyndie wind farm is celebrating a successful launch. The share offer closed on 14th August and the directors are delighted to report that the target of £730,000 has been exceeded, with the greater majority of investors coming from the local area. Chairman of the co-op Andrew King commented: “This is Scotland’s first community co-operative to own a stake in a commercial wind farm and we are absolutely delighted that so many local people have joined and will share directly in the environmental and financial benefits of the wind farm, which is now in full production.”
Over 700 members have bought shares in the Boyndie wind farm co-op, with 95% of them living in Aberdeenshire. The Directors have worked hard to attract local support, with a high profile presence at the Portsoy Boat Festival and the Turriff Show recently. These efforts have paid off and Aberdeenshire is now the proud location of Scotland’s first wind farm co-op.
The co-op will now purchase its stake in the wind farm from the operators, Falck Renewables, and all the members will share in the financial benefits over the life of the project. The co-op is democratically managed and the Directors are considering a programme of local environmental initiatives aimed at local schools.
As Director Ross Balharry commented: “This wind farm is going to be with us for the next 20 years or so. With the help of Energy4All (who specialise in helping communities benefit from renewable energy projects) we have proved that local initiatives can be successful. Now we want to maximise the benefits to the local area in both financial and environmental terms. We also hope that our example will be followed by many other Scottish communities who have wind farm projects on their doorstep!”