The UK’s renewable energy industry is today launching a new initiative, supported by the Energy Secretary Edward Davey, to give local communities the opportunity to invest in local renewable energy projects such as onshore wind farms, as well as solar and hydro power.
When Mr Davey published the Community Energy Strategy in January, he asked the renewables industry and the community energy sector to work together to establish a voluntary agreement on shared ownership. The Shared Ownership Taskforce, led by RenewableUK, working alongside stakeholders from the energy industry and community groups has published its report to the Secretary of State explaining how shared ownership will be achieved. The report is available here.
Developers will work with local communities to explore ways in which between 5% and 25% of a new projects might be owned by a local community. Discussions will begin at an early stage of a projects life, during the planning or pre-planning phase, with final investment coming at a later stage. Developers will continue to pay into community benefit funds as usual, which for newer projects are worth £5000+ per installed MW of capacity.