The energy co-op is Northern Ireland’s first community-owned renewable energy venture and launched its public share offer in June. The share offer has now raised £1.6 million which will fund two 250kW wind turbines.
The scheme allows members to invest between £250 and £20,000 in the project and is open to community members, businesses and organisations. It has now been extended until November in order to give more local people a chance to get involved in the project. The extra money will be used to construct a third turbine and more if funds permit.
The share offer is eligible for Enterprise Investment Scheme (EIS) tax relief at 30% and offers investors the chance to earn an average annual return of 10% over 20 years. There has been a very high level of interest in the investment opportunity according to Director Paul Phare.
“Whilst this is a new concept for Northern Ireland, similar schemes in the UK and across Europe have been hugely successful” he said. “The 'on-the-ground' response from Northern Ireland has gained significant momentum over recent weeks and in response, we're extending the public share offer period in order to maximise local involvement, as this is a vital part of the Drumlin ethos.”
Investors have so far included the Fermanagh Trust and Bryson Energy as well as environmentalist Jonathan Porritt who has publicly invested in and supported the scheme. The project is a joint venture between Co Armagh entrepreneur Andrew McMurray and social enterprise Energy4All which is already involved in seven other wind energy co-operatives in the UK.
Further information: www.drumlin.coop.
