Energy4All, the co-operative behind the creation of seven successful wind power co-operatives in England and Scotland, has announced the creation of a new community wind farm development fund – Energy Prospects.Energy Prospects will provide capital to community projects to take them through the costly stages leading to obtaining planning permission for a wind farm. Upon receiving planning permission, the projects will raise share capital through their own share offers.
The intention is that this will overcome a major barrier to the further expansion of community energy co-operatives in the UK –the lack of access to funds and resources to take a potential project through the planning process.
Through this initiative, funds will now be available to finance environmental surveys, archaeological assessments, wind energy assessments, and all the other component stages that go into what is typically a very full and detailed planning application.
Energy Prospects will itself be co-operatively owned and run, and a share issue is now underway offering investors the opportunity to invest between £500 and £20,000 in the co-operative. Importantly, approval has been given by HMRC to this investment qualifying for Enterprise Investment Scheme tax relief.
Rod Blunden, Chairman of Energy Prospects, says that “We have the best wind resource in Europe, but progress in community ownership of this resource is slow. The major obstacle in the UK is the substantial cost of seeking planning permission, and the unpredictability of the outcome, with the risk of rejection.
“Energy Prospects will take a pooled approach – where the intention is that successful projects pay a fee that both covers the costs of projects that are not successful, and deliver a profit to investors.”
The share offer will close on 26th May 2010 – earlier if the maximum capital sum of £1 million is reached, or later if extended at the board’s discretion.
Prospective investors may obtain a detailed Offer Document from Energy4All by visiting http://www.energy4all.co.uk/
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