We have partnered with community ownership experts Energy4All to help develop a community ownership model for Petroc wind farm, in partnership with local residents, community organisations and businesses, that allows local people in Devon and Cornwall to share in the value created by this project.
Petroc will be among the first community-owned offshore wind projects in the UK.
Renantis has worked with Energy4All for more than 15 years to successfully set up co-operatives around the UK that have enabled thousands of people to buy a stake in their local wind farm. Investors have earned attractive returns on investment, and their initial investment has been repaid in full. Through these co-operatives, around 6,000 people have invested £11 million into local wind farms, and have so far received £6 million in share interest.
Renantis is the only wind farm owner in the UK to adopt this approach for more than one wind farm. Renantis also supports Community Benefit Trusts at each of its 12 UK wind farms, which have invested in hundreds of projects across many sectors, including education, culture, leisure, social impact, environmental protection, sustainable energy and infrastructure with millions of pounds of investment, managed by local communities.
With this experience, the BlueFloat Energy and Renantis Partnership is now looking to extend our approach to community ownership for offshore wind as well.
We want to develop Petroc’s community ownership scheme in partnership with Devon and Cornwall’s local communities. When we launch our consultation later in the project, prior to applying for Development Consent, we will also be seeking your views on the community ownership scheme. We hope you will share your views with us as part of our consultation.
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Set up in 2002 to allow communities to own and operate their own renewable energy schemes, Energy4All now supports more than 30 successful community energy co-operatives in the UK with 17,000 members. They have raised over £80 million from their members to invest in renewable energy schemes.