As the YnNi Teg wind turbine community share offer goes ‘live’ two Directors have completed a 90 mile charity bike ride. The wind turbine is located in the beautiful Carmarthenshire countryside. The bike ride took place from the wind turbine in Meidrim, Carmarthenshire to Cardiff.
Rob Proctor, Director of YnNi Teg Cyf (Welsh for Fair Energy Ltd) a Community Benefit Society says:
“Our recent bike ride has raised over £600 for the climate change charity, Size of Wales. Now our greater task is to raise £1.8M in shares. We are offering opportunities for people to become part-owners of the project. YnNi Teg are projecting a return of about 5%, which is very impressive.”
The team at YnNi Teg are committed to developing a clean energy future and mitigating climate change. The turbine is a 900kW EWT machine, located 8 miles (13 km) west of Carmarthen, and is estimated to be preventing 827 tonnes of CO2 from entering the atmosphere a year. The electricity generation is anticipated to be around 2100 MWh per year, enough to power 650 homes. The scheme would not have happened without YnNi Teg’s intervention, as changes to the Feed In Tariffs (FITs) would have made the project unviable. However, the turbine is now up and running and the FITs secured.
“As YnNi Teg is dedicated to building stronger and more resilient communities in Wales, spreading the benefit of energy generation across society rather than in the hands of the few. All profit above the projected 5% return to shareholders, will be used to support the development of community energy throughout Wales and create a local fund for the benefit of the local community close to the turbine.”
Anyone aged 16 or over can apply for between £100 and £100,000 in shares. Shareholder are automatically become a members, helping to make decisions about what YnNi Teg, a registered society, should be doing. This form of Registered Society has a set of rules, which have been approved and registered with the Financial Conduct Authority.
More information about the YnNi Teg community share offer and an application form is available online at http://www.ynniteg.cymru/share-offer/.