Energy Prospects Co-operative Ltd
A Fund for Community Wind Farm Development
Total Raised to Date: £1,000,000.00
As you may recall, Energy4All was founded back in 2002 with the support of the members of Baywind Co-op. Since then, the company has developed a unique success story in facilitating community ownership of renewable energy in the UK with the aim of combining ethical and financial benefits. We now have a family of seven co-ops trading successfully; four in Scotland with our partners Falck Renewables, and three in England owning their own turbines. The loyalty, enthusiasm and support of the members of these co-ops have been crucial in this process.
Over the past year or two it has become increasingly clear to Energy4All that although there is considerable demand for community ownership of renewables, the number of suitable projects is very limited. One crucial reason for this is that our share offers have always been launched only when there is a definite project to invest in i.e. when there is full planning permission. We are frequently approached by landowners keen on community ownership but as we do not have the resources necessary to gain planning consent, we are unable to take on these projects. As a result, community ownership has been very limited in this country. It is to address this problem that we are launching Energy Prospects Co-operative.
The aim of the new co-op is distinctly different from our existing co-ops; it is designed to fund an earlier stage in a projects development and thereby to expand the number of projects available for community ownership. The immediate aim is to raise development capital for a portfolio of projects selected by the (completely independent) board of Energy Prospects Co-operative. The idea is that once a project has achieved planning consent, the project co-op will run its own share issue in the usual way, to pay Energy Prospects Co-operative its fee and subsequently build and operate the project.