Coigach Community CIC (community interest company) raised £1.75 million for its wind turbine project.
A community interest company in the north-west Highlands is working with Netherlands-based Triodos Bank to raise £1.75million through a bond issue to refinance its wind turbine.
Coigach Community CIC, which owns and runs the equipment, plans to use retained profits from its operation to fund projects on the peninsula north of Ullapool.
The 500kilowatt turbine was commissioned in 2017 to provide power and a regular income for the local community, which has a declining population of around 260. Over the next 20 years it is expected to generate surpluses of around £4.4million.
Coigach Community CIC director Iain Muir said: “Community energy is a great way of generating funds. By supporting our wind turbine project, investors are not only investing in an operating asset and the generation of renewable energy, but can also be assured that they are helping us to tackle some of the most pressing issues our community faces.”
Dan Hird, head of corporate finance at Triodos, added: “This bond issue perfectly aligns with our mission . . . to make money work for positive social, environmental and cultural change.”
