RESILIENT ENERGY MOUNTENEYS RENEWABLES

Resilient Energy Mounteneys Renewables Limited (REMR) is a community benefit society established to deliver renewable energy and community benefits to the local communities of Kingswood, Hillesley and Wickwar in Gloucestershire.  The society owns and operates two 500kW wind turbines.  From a direct share of its operational turnover, it will issue local community grants to help to build community resilience. Additionally, once project income exceeds essential outgoings, the society will reinvest 100% of the surplus in other resilience  initiatives, including helping to alleviate fuel poverty.

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REMR’s roots lie in a collaboration between an established community energy developer (The Resilience Centre) and a community minded landowner; both motivated to make a positive difference through community based renewable energy generation. With planning permissions and required due diligence achieved, the development of the two wind turbines was due to be financed through a community share raise, transferring ownership of the project to REMR. However, despite considerable local support, sudden changes to eligibility criteria led to removal of tax incentives for community investors in renewable energy, resulting in a shortfall in the required investment target. SASC saw this as an opportunity to support an innovative renewable energy project, helping meet local demand, and creating a positive difference to the quality of life and resilience of the community.

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SASC’s investment has supported REMR with the remaining capital requirement. Alongside the initial investment from the project pioneers and the £1.2m of funding from community investors, our £1.6m loan has provided the funding necessary to enable the purchase, construction and installation of the two wind turbines within the required project timescale.

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SASC’s investment will enable REMR to generate clean energy for 880 homes and reduce 1,342 tonnes of CO2 emissions per year for 25 years.  The society aims to establish a community resilience fund within the first year of turbine operation, based on a 4% share of turnover (averaging £15k-£20k/yr over the project’s lifetime).

As the project develops, and income exceeds essential costs, all project surplus will be allocated to an additional rolling community fund which will support further resilience initiatives, including the society’s  aim to remove 200 homes from fuel poverty, reducing energy bills by 25%. This additional rolling fund is estimated at £1.8m over the project’s lifetime.