Neilston Joint Venture Wind Farm
COMMUNITY GROUP: NEILSTON DEVELOPMENT TRUST
DEVELOPER: CARBON FREE DEVELOPMENTS
DEVELOPMENT NAME: NEILSTON COMMUNITY WIND FARM
YEAR OF COMMISSION: 2013
SIZE: 10MW (4 TURBINES)
Neilston Community Wind Farm is a partnership between Neilston Development Trust (NDT) and Carbon Free Developments. The two partners form a Limited Liability Partnership, and this joint venture vehicle owns the £15.6m Neilston Community Windfarm. Following attainment of planning consent, Carbon Free offered NDT the right -with no obligation- to contribute up to 49.9% of project costs, including a pro-rata share of development costs.
Carbon Free funded the technical, development, planning and construction aspects of the project, and NDT contributed community consultation and PR. The Co-operative Bank provided 80% debt against a project capital expenditure of £15,600,000, and therefore to realise their potential 49.9% share in the project, NDT was required to source up to £1.5m equity. Through loans from Social Investment Scotland, Charities Aid Foundation, Big Issue Invest and West Scotland Loan Fund, NDT were able to secure £950,000. This equates to a 28.3% share in the windfarm, and consequently NDT now owns this proportion of the project.