24-03-2014
Ethical Investors required to join NI renewable energy cooperative
Northern Ireland’s only wind energy cooperative, Drumlin Wind Energy today (4th March) launched its second public share offer. In 2012 the cooperative raised £2.7m to build 4 turbines across Northern Ireland and this year is seeking to raise a further £1.2m to construct two more community owned and managed turbines at Ballyclare, Co. Antrim and Newtownhamilton, Co. Armagh. The share offer is only open until 30th April, 2014.
Drumlin Wind Energy Cooperative is open to any individual or organisation to make an investment from £250 up to £20,000 with predicted average annual returns of 12% per year over 20 years with EIS tax relief. HMRC have given advance assurance that coop members will qualify for 30% tax relief on their investment in Drumlin Wind Energy, making this form of ethical, sustainable scheme even more attractive to first time as well as experienced investors.
Nigel Brady, Chairman of Drumlin Wind Energy Cooperative said, “The second of the four turbines from the first phase of Drumlin’s development will be generating electricity this week and our 753 coop members are excited to see the remaining two sites well underway. Our new sites at Ballyclare and Newtownhamilton are expected to be even more productive than the first four sites, so further investment may be of interest to current shareholders as well as new ethical investors who missed the opportunity in 2012.”
The project has been created by Belfast company, NRG Solutions in partnership with Cumbria-based not-for-profit social enterprise Energy4All. The cooperative ownership model is new to the renewable energy sector in Ireland but is much more widespread throughout Europe. In Germany, 80% of renewable energy is community-owned but Drumlin is the first organisation to make the model work in Ireland. The new turbines will make Drumlin the 3rd largest energy coop in the UK.
The coop will donate £2,000 annually per turbine to each of their local communities for good causes. This ‘community fund’ is the most generous per kilowatt donation of any renewable energy scheme in Ireland and is part of the co-op’s commitment to socially responsible growth.
Anyone interested in finding out more can attend the co-op’s information evening at Malone House, Belfast in 20th March, 2014. Visit the website at drumlin.coop to download a copy of the share offer document and register for the event.
