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Good Energy is issuing a local bond to help finance its planned Big Field windfarm in North Cornwall.
Individuals living in Cornwall can invest as little as £50 and receive a “competitive” interest rate, if plans for the windfarm are approved. Those living closest to the proposed 11-turbine windfarm site will get higher returns.
The amount to be raised and precise terms have yet to be decided. Chief executive Juliet Davenport said the interest rate would be “comparable to” the 7.25 per cent offered by Good Energy Bonds issued last year.
Davenport said: “We believe in a 100% renewable future and Cornwall is leading the way. We think that the communities helping to make this happen, by hosting new wind and solar projects in their area, should share in the benefits. One way of achieving this is to enable people to make a financial investment in those developments.”
The Department of Energy and Climate Change is encouraging developers to offer local residents the chance to invest as part of its community energy strategy.
Good Energy is also proposing to fund a discounted tariff and community projects for those near the Big Field site worth around £125,000 a year.
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