Energy4All has set up a new co-operative and this co-operative will construct, own and operate the wind turbines that have been granted planning consent.
DWEC is governed by its rules and the co-op is currently run by a founding board. In the summer of 2012 the co-op, supported by Energy4All will raise the necessary finance by issuing a share offer document and will launch a share offer enabling members of the Northern Irish public and beyond to become members of the co-op by purchasing shares. Individuals, businesses or any organisation may invest between £250 and £20,000 in the co-op and receive shares. The Co-op is looking to raise around £4 million in total.
Priority is given to residents of Northern Ireland if the share offer is oversubscribed.
Once fully financed, the co-op and its founding board will construct the turbines with assistance from Energy4All and NRG Solutions. When operational all the electricity generated will be sold to the electricity markets and the co-op will receive an operating income.
After payment of the operating costs, the surplus profits will be available to distribute as a share interest payment to members.
There will also be a Community Fund available to support local community initiatives around each site.
At the end of the life of the wind farm, (normally 20 to 25 years), the co-op will oversee the repayment of each member’s original investment in full.
Throughout its life, the co-op will be supported by Energy4All, which will supply a comprehensive package of management services, including accountancy, share register management and general administration.
Each year the co-op will hold an Annual General Meeting – to which all members will be invited, and where the activities of the co-op and the performance of the wind farm will be discussed.