A community share offer for the Auchrobert wind farm in South Lanarkshire, Sotland smashed its £1.5m target by more than £100,000.
The shares were issued by Auchrobert Community Energy Society, a community benefit society and was established in 2019 for the specific purpose of owning a stake in the Auchrobert wind farm in South Lanarkshire.
Managed by Energy4All, a social enterprise based in Cumbria, this offer was launched to enable local people to purchase shares from as little as £100.
Members are projected to receive a 5% return over approximately a 15-year period.
Developed and built by Falck Renewables Wind Limited, the site comprises twelve GE 3.2MW wind turbines with a total export capacity of 36MW. The wind farm is expected to produce enough clean energy to power approximately 26,000 homes.
Jim Lee, chair of Auchrobert Community Energy Society said: “We are overwhelmed by the support we have received from all the new members who have participated in our share offer.
“To have raised £1.5m and to be over-subscribed is an amazing outcome of which everyone involved can be rightly proud. As someone who lives in South Lanarkshire, I am looking forward to working in partnership with others to ensure that the community benefit which arises from this investment is put to good use and makes a difference to communities in the area.”
Bob Millar, who has purchased shares in the society, said: “I liked the way that Energy4All were trying to prioritise South Lanarkshire residents as members of Auchrobert Community Energy Society, giving them a long term stake in their local green energy development.”