Albion Community Power invests GBP1.5m in South Wales wind turbine
Albion Community Power (ACP) has invested GBP1.5m in partnership with Welsh developer Infinite Renewables to fund the development of a 500kw single wind turbine in Blaencilgoed, in South Wales.
The wind turbine, which is the first investment made by ACP, will supply electricity to a local quarry. It is expected to produce its first power in September and is predicted to generate over 1,700,000 kWh of electricity per year.
ACP aims to be a major producer of community scale renewable energy by raising up to GBP100m in due course to power some 35,000 homes, targeting sites where power can be sold to the community at a discount of up to 50 per cent. The ACP team will invest in a range of renewable energy projects using proven technologies including brownfield wind, solar, hydroelectricity, biogas and biomass.
Volker Beckers, chairman of ACP, says: “The energy industry is changing, and smaller scale schemes will be playing an increasingly important role. We are excited by our first investment and are looking forward to backing other new projects in the coming months.”
David Gudgin, managing director of Albion Community Power, says: “We are delighted to have completed ACP’s first investment with Infinite Renewables. The ACP team has considerable experience in managing successful renewable energy projects, and are experts in brownfield wind – putting single turbines on industrial estates.
“ACP has already generated over GBP3m from retail investors since November and we are pleased to have been able to put their capital to work so quickly in this highly exciting project that is well placed to generate attractive long term returns.”
ACP’s projects will qualify for government subsidies such as Feed in tariffs (FiTs). As FiTs are RPI-linked, investors stand to benefit from protection against inflation. The company is targeting a return of approximately six per cent pa of which around half is expected to be paid by way of dividend, and which may be reinvested into new shares.
- By Category
- News from other sites
- Special Reports
- Partner events