Intervention: Alvington, St Briavels, Forest of Dean
Fund: Community Investment Fund
Date of Investment: April 2019
Impact Area: Conservation of the Natural Environment
Beneficiary Group: People living in poverty and/or financial exclusion
Resilient Energy Forest of Dean Renewables (REFD) is a Community Benefit Society (CBS) that owns and operates two 500kW wind turbines near Alvington, Forest of Dean. A share of operational turnover and any surpluses are allocated to local community resilience initiatives, including fuel poverty.
REFD is one of several projects managed by The Resilience Centre (TRC), a social-purpose business that helps to build resilience in communities in response to climate change and diminishing resources.
The loan financed the acquisition of Resilient Energy Great Dunkilns (REGD) (500kW wind turbine). The acquisition allowed the conversion of REGD from a Public Limited Company (PLC) to a wholly- owned subsidiary of a CBS, thereby releasing additional funds for community benefit
Improved access to affordable energy and energy saving and support community projects
Individuals and families faced with fuel poverty in the local community
A minimum of 4% of annual revenue, and any excess cash, to be distributed to community projects
The loan brings a more cost- efficient structure, strengthens the CBS’ financial position; and generates more surpluses for community initiatives
Wind energy is reliable. Risk to revenue and 4% surplus generation for community benefit, is low
It makes sense to bring REGD into an established community benefit society structure with similar aims and the REFD board were delighted to secure SASC support for the society to enable the acquisition. Combining the two projects, with the help of the SASC loan to buy back the debentures, results in a number of cost efficiencies and will generate a significant increase in the society’s surplus over the life of the two projects, increasing the community benefits achievable.
Sue Clarke, Director
