Ambitious plans will see the community benefit from the three turbine development
Housing association Fyne Homes has announced plans to build a three-turbine development in Argyll and Bute.
Plans submitted by Rothesay-based Fyne Group says the turbines could generate £15.6 million of community and charitable benefit over the next 20 years.
The 6.9-megawatt windfarm will produce enough clean energy to power around 4000 households and is only the second project of its kind.
A £11.4m investment from Triodos Bank is backing the development, which was chosen as financial supporter due to the its experience in renewable and social lending. Triodos was also involved in the BHA project.
The Scottish Investment Bank, the investment arm of Scotland’s enterprise agencies, has also provided £2.82m of investment for the project via the Renewable Energy Investment Fund.
Initial support for the project was provided by the Community and Renewable Energy Scheme.
Colin Renfrew, chief executive at Fyne Homes, said: “Fyne Homes and the Fyne Group are 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.
"The long term income from the three turbines will ensure the Fyne Group can continue to reinvest in our charitable objectives for social housing, local employment and sustainability, as well as providing investment for local priorities.”
Fyne Energy’s three turbines have a projected 6.9-megawatt output, which is anticipated to generate an average of £750k community benefit income per annum.
Energy minister Paul Wheelhouse said: “Community benefit is a valuable source of income for local communities located near renewable developments, and it is fantastic that this project will generate significant benefits for Argyll and Bute residents for many years to come, while also providing new revenue to support Fyne Homes’ investment programme to meet local housing priorities.”
It is the second development of its kind by a housing association in Scotland.
A wind farm in the Scottish Borders announced last year will create enough revenue for Berwickshire Housing Association (BHA) to build 500 new homes over the next 25 years.
