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After 10 years of development, Fyne Homes has announced plans to build a three-turbine development in Argyll and Bute that will generate £15.6 million of community and charitable benefit over the next 20 years.
The 6.9-megawatt wind farm will produce enough clean energy to power around 4,000 households and is only the second project of its kind.
The wind energy project will be built with a £11.4 million investment from Triodos Bank, which was chosen as financial supporter for the project due to its experience in renewable and social lending and its mission to make money work for social, environmental and cultural change.
The Scottish Investment Bank has also provided £2.82 million of investment for the project via the Renewable Energy Investment Fund. Initial support for the project was provide by the Community and Renewable Energy Scheme.
Colin Renfrew, chief executive at Fyne Homes, said: ‘The Fyne Group is delighted that this innovative project is about to start. We are appreciative that Triodos Bank and Scottish Investment Bank recognise the economic, social and environmental value of our three-turbine development, providing essential investment to make the project a reality.’
Fyne Energy’s three turbines have a projected 6.9-megawatt output, which is anticipated to generate an average of £750,000 community benefit income per annum. The community benefit funding will be distributed equally to three community initiatives:
• One third will support social housing charitable objectives led by Fyne Homes;
• One third will support charitable employability and environmental priorities led by Fyne Futures;
• One third will be invested in local priorities identified by the local community.
Glenbarr residents will also be encouraged to be involved in developing the local investment strategy.
The development at Auchadaduie, Glenbarr, in the Kintyre Peninsula, was initially conceived by Alan Hobbit, previously of Isle of Gigha Heritage Trust. It has been developed by Fyne Futures, with support from Fyne Homes.
The community will be supported to develop an investment strategy to maximise the value of the renewable income locally. From initial consultation with Glenbarr residents, priorities which were identified included support for employment opportunities, developing woodlands and environmental projects, as well as village hall improvements.
Further community engagement is planned over the coming weeks and an outline of the construction phase will be provided.