Adam Twine

Energy Cooperatives - what they can do for you?

Transcript

1. Adam Twine, Director, Westmill Solar Co-operative
2. Adam Twine, Director, Westmill Solar Co-operative
3. Introduction  Mixed arable and dairy farm Oxfordshire  Founding director of Westmill Wind Farm co- operative 2005 and Westmill Solar co-operative 2011  Also Director of the Farm Carbon Cutting Toolkit, a not for profit initiative to help farmers save resources and reduce emissions
4. Why Co-operative/Community?  Planning support – community benefit from local ownership  ROC/ FiT banding for community owned projects  Mechanism for raising finance  Retain substantially greater degree of control over process and outcomes
5. Why Co-operative/Community?  Alternative business model – ethical, inclusive  Profits retained within community  Proven and growing model  Support from established organisations such as Energy 4 All to set up and administer co-op
7. Community/Cooperative renewable benefits  Ownership of basic asset – power generation  Local democracy and engagement  Ability to buy cheaper ‘own’ electricity  Changes attitude to energy use  Strengthens community – direct financial benefits
8. A proven model  Denmark – 23% of all energy is co-operatively owned Over 150,000 members owning 3,000 wind turbines  Germany – Co-ops have grown from 60 renewable energy co-ops in 2003, to over 600 in 2012. Some local grid companies also community owned. 65% of renewables are community owned 80,000 members raised € 800 million in 10 years
9. UK Examples  Wind – Cwmni Gwynt Teg co-op – Llanrwst, North Wales 1997 – 3.9 MW, commissioned 2003 - Westmill Wind co-op - Oxfordshire, 6.5MW, 2008  Hydro – Torrs Hydro, Derbyshire 63 kW, 2008  Biomass – Woolhope Woodheat, Shropshire – sustainable heating and new business model using sustainably managed local woodland
10. Westmill Solar Farm- Oxfordshire 5MW – 30 acres - 20,000 panels Largest community owned solar farm in the world
11. Westmill Solar farm process  2010 – landowner approached by developer for 2 - 5MW solar farm  Agreed development of site subject to call back option for community ownership  Call back option agreed – May 2010, contractors move on  5MW site commissioned July 2011
12. Westmill Co-op process  Registered Wesmill Solar Co-op – 2010  Recruited board of 5 directors  Launched share offer to raise £2.5 - £4m – June 2011  £6m raised in 6 weeks - converted to A and B shares  Appointed Investec plc to secure debt finance £10.5m
13. Westmill Solar Co-op 1,650 members invested between £250 - £75k Priority for local members (>50%) 25 year investment IRR – 9-11% Project purchased Oct 2011
14. Benefits for Landowner  Control over process and ongoing use of land  Connection with local community  Retain independence  Build relationships with community for future developments
15. Contact Email: info@westmillsolar.coop Twitter: @WestmillSolar @renewables_uk Web: www.westmillsolar.coop