Go Zero

Shares have gone on sale for the first community-owned wind farm in the South of England. The pioneering co-operative venture is giving people an opportunity to invest their money in a greener future through a unique share issue. Westmill Wind farm Co-operative Ltd has planning permission to build the largest community-owned wind farm in the UK on a former airfield in Watchfield on the Oxfordshire/Wiltshire border. The turbines are expected to become operational by the end of 2006. Shares went on sale on 22nd November and are available to anyone. The minimum investment is £250 and the maximum is £20,000. The original investment will be returned in full when the wind farm is decommissioned at the end of the 25-year duration of the scheme. For more information go to www.westmill.coop

Well, the share offering has gone very well and has now reached +£2million:
A co-operative in Oxfordshire (UK) has raised £2 million towards its plan to build Britain’s largest community-owned windfarm. Westmill Wind Farm Co-op will fund five turbines in Watchfield, and the £2 million landmark means it is near the minimum funding requirements for the windfarm, although it needs another £1.7 million to proceed with the full plans. The co-op launched its share offer in November and will supplement member fees with a bank loan.

The public share offer is expected to remain open until the end of February, and the co-operative has promised that people living within a 50-mile radius of the site will have priority to buy shares if the scheme is over-subscribed. Interest will be paid from the surplus from the sale of green power, and rates will vary according to financial performance but are expected to be 5% a year in the first five years, rising to an average of 12% over the 25-year life of the windfarm. Each membership share is worth £1, with a minimum investment of £250 and a maximum of £20,000. The original investment will be returned in full when the windfarm is decommissioned at the end of the 25-year scheme.

What chance then for the Chew Magna Renewable Power Company?