Plea made to raise final £30,000 of Uist Wind project
An urgent plea has been made to potential investors to buy shares in the UistWind community wind farm project to aid in helping the community project to reach its yearly fundraising total of £350,000.
The project is seeking to raise £2.33million for the community over the project’s projected lifespan of 22 years, with the profits going straight back to the community via North Uist Development Company’s charitable activities.
The total cost of the project is to cost around £3.5million with two turbines being placed at Criongrabhal, near Clachan-na-Luib, with the majority of the project being funded through £2.5 million loan coming from Triodos Bank. A further £650,000 has been made available through a loan from the Energy Investment Fund.
Mustapha Hocine, chairwoman of the North Uist Development Company, said: “It’s been years and years of work and struggle but hopefully we can see the light at the end of the tunnel – it’s just a question of that final push to get there. Although we can see it, we’re not there yet."
Celtic fusion band Shooglenifty have added their backing to the Uist community wind project in the Outer Hebrides of Scotland. Uist Wind is looking to raise £350,000 through a community share issue for the 1.8MW project.
The project has so far raised 75% of its target and the offer has been extended. Funds raised will be used to buy and install two 900kW Enercon E-44 wind turbines.
North Uist Development Company chair Mustapha Hocine said: “NUDC is fortunate that we are able to extend the deadline for completing the share offer.
“So please consider making an investment. Although £350,000 is our minimum and is now in sight, the more we raise from the share offer, the more profitable this project will be for our community – so it is really important that we keep pushing the share offer.
“Although much of the investment so far has come from the local community – and it is great to see that Uist is getting behind this project – you don’t have to be local to invest. The 4% annual return offered by this project is available to anybody who makes an investment, no matter where they are from.”
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