Drumlin Co-op was formed in 2012 as a industrial & provident society and is governed by its Rules and run by a board of directors.
Drumlin Co-op, supported by Energy4All raised the required funds (£2.7 million) through a public share offer enabling local people in Northern Ireland and beyond to become members of the co-op by purchasing shares. The Co-op also secured a loan of £340,000 from Ulster Community Investment Trust to meet the total capital cost of £3.1 million for four separate 250kW wind turbines.
Income & Operating costs
The electricity generated os sold to the electricity markets through a Power Purchase Agreement. The actual level of income will depend on the level of wind at each site and the operational efficiency of the wind turbines.
After payment of operating costs such as maintenance, rent, insurance and administration costs, the surplus profits will be available to distribute as a share interest payment to members of the co-op.
There is a Community Fund available to support local community initiatives local to each wind turbine, starting at £2,000 per site.
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.
Annual General Meeting
Each year the co-op will hold an Annual General Meeting (AGM) – to which all members will be invited, and where the activities of the co-op and the performance of each wind turbine will be discussed.
The following motions will be put before the AGM:
Approve Annual Accounts
Approve the distribution of surplus funds (profits)
From year 4 the Co-op intends to repay a portion of share capital each year. It is expected all member’s original investment will be paid in full by year 21.