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Construction has begun
We have successfully reached financial close, and construction is underway with UIst based MacInnnes Bros as the civil contractor. Uist Wind raised £452,850 through the community share offer - a great result! The Enercon wind turbines have also been delivered to Uist early due to Brexit concerns and will be stored until the site is fully prepared. Keep an eye out on social media for updates. Community Wind Turbine Project
SHARE OFFER LAUNCH TO RAISE FINANCE FOR NUDC'S WIND TURBINE PROJECT A Community Share Offer was launched to raise funding to get our wind turbine project up and running. This is an essential element of project funding, and community support is really important. It will also be a unique opportunity to ensure that more of the project revenue comes back to North Uist, both to the individuals who invest and to the wider community. Community Shares have been created specifically to help projects that are designed to bring concrete benefits to their community. They are used to raise money for anything from community pubs to large-scale energy projects and are an increasingly popular way to raise money to fund a project. Community Shares are particularly suitable for community energy projects due to the long-term nature of such projects and their guaranteed income, which helps reduce any risks to investors. The project, which is aiming to reach completion by August 2019, is expected to generate over £2 million in profit for the North Uist community over the next 22 years. The two 900kW turbines, to be sited on Criongrabhal, near Clachan, will cost a projected £3.5 million to construct, with 70% of this covered through a commercial loan. As well as providing a substantial return to each investor, the more money that NUDC is able to raise, the less it will have to borrow commercially. This will then mean paying less in interest, which means more money coming back to the local community. NUDC has set up a community benefit society to run the Share Offer and the project going forward, called North Uist Development Company (Trading) Limited (NUDC-T). Community shares differ from normal shares traded on the stock market – they can’t be sold or transferred and each shareholder, regardless of how many shares they buy, has one vote in the company. Visit the Uist Wind website for full details on www.uistwind.com |
Project Facts:
What benefits will the project bring?
Why did we want to run a community share offer?
Share offers are seen as a safe, long-term investment. It’s a way to bring more money into the local economy:
Other successful share offers...
There have been a number of successful share offers elsewhere for community energy schemes.
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