Energy co-operative launched
Nigel Brady, director of Bryson Energy.
INVESTORS in the Londonderry area are being encouraged to think about investing in a new energy co-operative that has been launched in the Province.
Bryson Energy, which has offices in Londonderry is helping to get the novel energy concept, the Drumlin Wind Energy Co-operative, off the ground. It is an initiative that allows members of the public to join forces to own and operate a commercial wind project through the ‘tried and trusted co-operative’ model. The opportunity was originally created by Belfast company NRG Solutions in partnership with Cumbria based Energy4All, which has a proven track record in co-operative wind projects.
The Drumlin Wind Energy Co-operative consists of five turbines across Northern Ireland which feed into the National Grid generating an income for the Co-op.
Nigel Brady, representative of Bryson Energy, who is co-chairman of the new co-operative, said: “This is a Northern Ireland project for Northern Ireland people. We have just launched the official share offer document and are keen to ensure that Northern Ireland people get priority when the shares are issued. The minimum investment is £250, which is a small amount that would enable environmentally conscience individuals and businesses to become involved in a sustainable green energy project right on their doorstep”.
Although this is the first time the Co-op model has been used within Northern Ireland to finance a wind energy project it is hoped that this is just the beginning. Energy4All’s success in England and Scotland proves that the model works and local people do want to own part of a local energy project.
Surplus profits from the project will be available to distribute as a share interest payment to members and there will also be a Community Fund available to support local community initiatives around each site.
Investors should also be eligible for tax relief through the Governments Enterprise Investment Scheme, and their original investment returned at the end of 25 years.
By getting involved in the co-op investors will be supporting the growth of efficient renewable energy and creating a focus for environmental activity. Those interested in finding out more can log on at www.drumlin.coop or telephone 0845 373 3612.
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Weather for Londonderry
Tuesday 21 May 2013
Today
Sunny spells
Temperature: 8 C to 14 C
Wind Speed: 16 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 5 C to 12 C
Wind Speed: 25 mph
Wind direction: North west
