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Local communities could have a stake in renewable energy projects |
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7 Nov 2014, 6:35 PM
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Communities are to be be offered the chance to invest in new local renewable energy projects - such as onshore wind farms, as well as solar and hydro power - as part of a new shared ownership scheme designed to counter Nimbyism.
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In a report published for the government, the Shared Ownership Taskforce, led by RenewableUK, has explained how the renewables industry and the community energy sector can work together to establish a voluntary agreement on shared ownership.
How will it work? Developers working on significant new schemes (those costing £2.5m or more) will consult with local people to ask if they would be interested in community ownership and investment in commercial projects. The stakes offered by developers are expected to vary in size and type and from scheme to scheme, but could range between 5% and 25% of a project.
There are different ways in which local people can invest. Developers of schemes will work with communities to explore what type of shared ownership best suits them. These include joint venture, split ownership or shared revenue approaches to shared ownership, or through other methods such as the purchase of bonds or debentures in a project.
Developers will start discussions with communities at an early stage in a project’s development - during planning or pre-planning consultation on each scheme - with final arrangements likely to be confirmed at a later phase, so that local investors aren’t exposed to the risks of a project not going ahead.
RenewableUK’s chief executive and chair of the Shared Ownership Taskforce, Maria McCaffery, said: “The report we’ve published today shows how the renewable energy sector and communities can work together to ensure that local people have a real and valuable stake in the projects we’re bringing to fruition in partnership with them.
“We’re democratising the benefits of the renewable energy revolution even further, giving people a stake in generating clean electricity at grass roots level. It’s clear that local authorities will look more favourably on projects where local people are fully engaged and wholeheartedly supportive.”
Energy and climate change secretary Ed Davey, added: “Community energy is revolutionising renewable energy development in the UK, and shared ownership will offer people the opportunity to buy in to the green energy that their own communities are producing.
“By giving communities the opportunity to buy in and benefit from renewable energy developments in their area, they can play their part in generating power at a local level which could supply enough electricity for 1 million homes by 2020."
Credits:: Energy and Environment Management
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