Energy co-op hits £1m target

June 07 2010

A pioneering energy co-operative established to overcome the shortage of up-front finance needed to develop community wind farms has raised £1 million — the maximum amount it was seeking — through an innovative share issue supported by 500 organisations and individuals.

Working on behalf of community projects, the Energy Prospects co-op undertakes the costly and risky stages leading to obtaining planning permission.

Chairman Rod Blunden said: “Hitting our target in such a short time demonstrates the real enthusiasm for co-operatively owned renewable energy generation in the UK. We have the best wind resource in Europe, but progress in community ownership of this resource has been slow.

“We are already examining taking three wind farm projects through the planning system, each of around five MW in size, which would be a major step forward for what is currently a family of seven renewable energy co-ops created since 1997.

“We’re looking forward to hearing from other viable community energy projects needing assistance with obtaining planning consent.”

Andrew King, chair of Energy4All, the social enterprise behind the creation of Energy Prospects, added “We’re looking forward to adding to the family of seven wind energy co-operatives already launched. Energy Prospects now makes this possible.

“The success of the share launch underlines the latent demand for this form of ownership, and the potential for repeating this venture in the future. I would like to thank the Co-operative Group for giving generous help in supporting the share offer. They have provided valuable practical assistance and have enabled us to open a new chapter in co-operative ownership of renewable energy in the UK, working closely with the board of the new Energy Prospects co-operative.”