A UK fund manager has invested £1.4 million in the operators of a 500kw wind turbine in Gloucestershire to enable it to purchase the facility.
Social and Sustainable Capital (SASC) has provided the financing to Resilient Energy Alvington Court Renewable (REACR), which is a Community Benefit Society, to buy Resilient Energy Great Dunkilns (REGD), the owner of the 500kW wind turbine in the Forest of Dean.
REACR aims to donate approximately £1 million to the local community over 25 years with a particular focus on tackling fuel poverty – the Alvington turbine, which is generating clean, green electricity to help meet local demand, will also have a portion of its turnover donated to local communities.
The project was originally the UK’s first crowd-funded wind turbine when it was built in 2012.
Ben Rick, Managing Director of SASC said: “We’re delighted to invest in another community energy project that will benefit individuals and families in fuel poverty.
“Community energy projects are on the increase in the UK as communities look to provider greener energy solutions and surpluses for the benefit of their local area.”