Fyne Homes has finally announced its plans to build a three turbine development in Argyll and Bute after ten years of development. This will generate a community and charitable benefit of £15.6 million over the next 20 years. Around 4,000 household will use the clean energy of the 6.9 megawatt wind farm.
Triodos Bank was chosen as the financial supporter due to its experience in renewable and social lending and it will invest £11.4 million in the wind energy project. Other supporters are the Scottish Investment Bank that provided £2.82 million via the Renewable Energy Investment Fund and the initial supporters, the Community and Renewable Energy Scheme.
“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,” said Colin Renfrew, Chief Executive at Fyne Homes.
The three turbines are expected to generate an average of £750k community benefit income per annum, which will be distributed equally to three community initiatives: social housing charitable objectives led by Fyne Homes, charitable employability and environmental priorities led by Fyne Futures, and the local priorities identified by the local community.
The Scottish Government has assisted the project, which is part of a model to develop renewable income for reinvestment in affordable housing and community priorities. Existing similar projects such as Islay Energy Trust and Tiree Community Development Trust have already proven the value of wind energy generation for community benefit.
The local community will benefit from the right support to develop an investment strategy that will maximise the value of the renewable income locally. The priorities that have already been identified include support for employment opportunities, developing woodlands and environmental projects, and village hall improvements.